Neft Alsharq’s H1 2024 profit dives 91% to SAR 317,000

25/08/2024 Argaam Exclusive

Neft Alsharq Co. reported a 91% tumble in H1 2024 net profit to SAR 317,000, from SAR 3.4 million in the prior-year period

 



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 33.84 23.45 (30.7 %)
Gross Income 5.59 4.29 (23.4 %)
Operating Income 3.68 0.48 (87.0 %)
Net Income 3.43 0.32 (90.8 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.17 0.02 (90.8 %)

The company’s profit slumped as revenue dropped 31% year-on-year (YoY) as average selling prices and sales volumes declined by 13% and 18% YoY, respectively.

 

Neft Alsharq recorded an increase in general and administrative expenses, on the advisory and administrative fees incurred on the company’s listing.

 

Selling and marketing expenses also rose by 150% YoY.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 33.84 23.45 (30.7 %)
Gross Income 5.59 4.29 (23.4 %)
Operating Income 3.68 0.48 (87.0 %)
Net Income 3.43 0.32 (90.8 %)
Average Shares 20.00 20.00 -
EPS (Riyals) 0.17 0.02 (90.8 %)

Shareholders’ equity, no minority interest, increased to SAR 46.64 million as of June 30, 2024, from SAR 28.33 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2023

33.84

3.43

0.17

H2 2023

28.21

0.97

0.05

H1 2024

23.45

0.32

0.02

 

View more financial results

 

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Share Price

Neft Alsharq Company for Chemical Industries
4.92
0.12 2.50 %

Neft Alsharq Company for Chemical Industries (NEFT ALSHARQ)

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Financial Ratios
Current
Market Cap (M Riyal) 123.00
Enterprise Value (EV) (M) 118.64
Shares Outstanding ((M)) 25.00
Book Value (BV) ( Riyal) 1.42
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 27.98
Price/book 4.34
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