Qomel profit rises to SAR 11M in H1 2024

08/08/2024 Argaam Exclusive

Qomel Co.’s net profit more than doubled to SAR 11 million in H1 2024, up from SAR 5.2 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 44.03 58.56 33.0 %
Gross Income 11.99 19.64 63.9 %
Operating Income 7.16 12.60 75.9 %
Net Income 5.21 11.01 111.0 %
Average Shares 3.00 3.50 16.7 %
EPS (Riyals) 1.74 3.14 80.9 %

The company attributed this growth to higher revenues, which rose by SAR 14.5 million or 32.9% year-on-year (YoY) to SAR 58.56, primarily due to higher sales and the addition of newly registered products.

 

Additionally, operating profit improved due to increased sales of high-margin products, revenue from new products with favorable profit margins, an enhanced gross profit margin, and reduced financing costs compared to the year-ago period.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 44.03 58.56 33.0 %
Gross Income 11.99 19.64 63.9 %
Operating Income 7.16 12.60 75.9 %
Net Income 5.21 11.01 111.0 %
Average Shares 3.00 3.50 16.7 %
EPS (Riyals) 1.74 3.14 80.9 %

Total shareholders’ equity, no minority interest, jumped to SAR 94.10 million as of June 30, 2024, from SAR 37.85 million a year earlier.

 

Interim Data History

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

39.77

6.55

2.18

H2 2022

37.95

6.15

2.05

H1 2023

44.03

5.22

1.74

H2 2023

61.44

12.37

4.12

H1 2024

58.56

11.01

3.52

 

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Share Price

Qomel Co.
111.20
1.20 1.09 %

Qomel Co. (QOMEL)

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Financial Ratios
Current
Market Cap (M Riyal) 389.20
Enterprise Value (EV) (M) 398.04
Shares Outstanding ((M)) 3.50
Book Value (BV) ( Riyal) 15.17
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.12
Price/book 8.55
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