Al Mawarid H1 2024 profit up 11% to SAR 49.6M; Q2 at SAR 23.2M

The group’s revenues increased 32% year-on-year (YoY) (or by SAR 190.07 million) in H1 2024 due to higher average number of workforces for the current period.

In addition, the total profit improved by SAR 16.15 million, or 23% YoY on higher revenues.

Other revenues jumped 75% or by SAR 1.47 million on rising gains from investments at fair value through profit or loss and certain other miscellaneous items.

This was despite higher general, administrative and marketing expenses by SAR 4.56 million (or 21% YoY), in addition to increased provision for expected credit losses from trade receivables by SAR 6.52 million in line with rising value trade receivables in general as the group revenue increased, as well as higher value of trade receivables overdue for period exceeding one year.

Q2 2024 net rose 3.5% to SAR 23.2 million from SAR 22.5 million in the year earlier period.

On a quarterly basis, Q2 2024 net earnings retreated 12% from SAR 26.4 million in Q1 2024.

Shareholders’ equity, after excluding minority interest, reached SAR 378.8 million by June 30, 2024, compared to SAR 321.8 million a year ago.

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