Derayah Financial 2024 profit jumps 35% to SAR 443.9M; Q4 at SAR 107.6M
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Derayah Financial Co. reported a net profit of SAR 443.9 million in 2024, an increase of 35% from SAR 329.7 million in 2023.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 623.53 | 876.68 | 40.6 % |
| Operating Income | 366.46 | 524.47 | 43.1 % |
| Net Income | 329.70 | 443.90 | 34.6 % |
| Average Shares | 249.74 | 249.74 | - |
| Earnings Per Share before unusual items (Riyals) | 1.32 | 1.78 | 34.6 % |
| EPS (Riyal) | 1.32 | 1.78 | 34.6 % |
Revenue increased by 40.6% to SAR 876.7 million for 2024 on the back of strong growth across all core business segments, including brokerage, asset and wealth management, as well as special commission income.
Operating profit increased by 41.3% to SAR 517.7 million, implying a strong operating profit margin of 59.1%.
The company reported a loss share from an associate at SAR 72 million, an increase of 157.7% year-over-year (YoY). This loss related to the company’s stake in the digital bank D360.
Operating expenses increased by 39.6% to SAR 358.9 million in line with the growth in revenues and on the back of continued investments in the business. Nevertheless, the company maintained a disciplined cost structure with cost-to-income ratio improving slightly, decreasing from 41.2% in 2023 to 40.9% in 2024.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 186.35 | 232.64 | 24.8 % |
| Operating Income | 116.25 | 134.63 | 15.8 % |
| Net Income | 114.98 | 107.59 | (6.4 %) |
| Average Shares | 249.74 | 249.74 | - |
| Earnings Per Share before unusual items (Riyal) | 0.46 | 0.43 | (6.4 %) |
| EPS (Riyal) | 0.46 | 0.43 | (6.4 %) |
Q4 2024 net earnings fell 6% to SAR 107.6 million from SAR 115 million in Q4 2023.
On a quarterly basis, net profit edged down 0.7% from SAR 108.3 million in Q3 2024.
Total shareholders’ equity, no minority interest, stood at SAR 957.8 million by Dec. 31, 2024, compared to SAR 811.8 million a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 221.90 | 80.7 % | - | - | 153.57 | 111.0 % |
| Q2 2024 | 212.30 | 48.5 % | - | - | 104.61 | 30.9 % |
| Q3 2024 | 209.84 | 22.4 % | - | - | 131.66 | 35.1 % |
| Q4 2024 | 232.64 | 24.8 % | - | - | 134.63 | 15.8 % |
| 2024 | 876.68 | 40.6 % | - | - | 524.47 | 43.1 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 136.15 | 109.6 % | 0.55 | - | 136.15 | 0.55 |
| Q2 2024 | 91.86 | 33.1 % | 0.37 | - | 91.86 | 0.37 |
| Q3 2024 | 108.31 | 34.2 % | 0.43 | - | 108.31 | 0.43 |
| Q4 2024 | 107.59 | (6.4 %) | 0.43 | - | 107.59 | 0.43 |
| 2024 | 443.90 | 34.6 % | 1.78 | - | 443.90 | 1.78 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | - | - | 52.88 % |
| 2023 | - | 60.97 % | 52.88 % |
| Q1 2024 | - | - | 55.48 % |
| Q2 2024 | - | 61.62 % | 53.50 % |
| Q3 2024 | - | 63.14 % | 54.35 % |
| Q4 2024 | - | 62.11 % | 50.63 % |
| 2024 | - | 62.11 % | 50.63 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 249.74 | 1.61 | 1.61 | 3.50 |
| Q2 2024 | 249.74 | 1.70 | 1.70 | 3.85 |
| Q3 2024 | 249.74 | 1.81 | 1.81 | 3.40 |
| Q4 2024 | 249.74 | 1.78 | 1.78 | 3.84 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | - | - | - |
Business Segments (Million)
Q3 2024
| Period | Brokerage | Asset Management | Investment | Murabaha | Advisory |
|---|---|---|---|---|---|
| Q1 2024 | 169.51 | 42.38 | 10.00 | - | - |
| Q2 2024 | 179.21 | 27.58 | 5.51 | - | - |
| Q3 2024 | 123.72 | 35.31 | 4.07 | 46.74 | - |
| Current | |
| Market Cap (M Riyal) | 5,993.77 |
| Enterprise Value (EV) (M Riyal) | 5,919.37 |
| Shares Outstanding ((M)) | 249.74 |
| EPS ( Riyal) (TTM) | 1.72 |
| Book Value (BV) ( Riyal) | 4.49 |
| Par Value ( Riyal) | 2.00 |
| Recurring P/E | 14.15 |
| P/E (TTM) | 13.97 |
| Price/book | 5.34 |
| Return on Average Assets (%) (TTM) | 33.8 |
| Return on Average Equity (%) (TTM) | 41.2 |
| EV/adj EBITDA | 10.54 |
| EV/Revenues | 6.67 |
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