Lamasat profit grows to SAR 17.2M in H1 2024

Lamasat Co., which provides cosmetics and beauty products, and aims to list shares on the Nomu-Parallel Market, posted a net profit of SAR 17.2 million in the first half of 2024, up from SAR 6.6 million a year earlier.

The higher profit was driven by a rise in revenue to SAR 69.9 million, from SAR 56.9 million in H1 2023, thanks to better revenue from beauty salons.

Gross profit margin also expanded to 29% in H1 2024, from 20% in the prior-year period.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased from SAR 10.3 million in H1 2023, to SAR 20.9 million in H1 2024.

Lamasat’s net operating margin rose from 10% to 23% in the first half of 2024. The company also reported lower Zakat charges despite higher financing costs and other income.

By segment, revenue from women’s cosmetics and beauty products jumped to SAR 56.6 million, from SAR 44.9 million. Topline from personal care products also grew to SAR 8.5 million, from SAR 6.7 million in H1 2023.

On the other hand, revenue from retail sales, studios and e-sales collectively declined to SAR 3.6 million, SAR 794,000 and SAR 399,000, respectively.

Lamasat’s net earnings also increased by 7.9% in H1 2024, from SAR 15.94 million in H2 2023. Revenue also saw growth of 8.1% to SAR 69.86 million, from SAR 64.61 million in H2 2023.

Shareholders’ equity, no minority interest, jumped to SAR 110.8 million by the end of the six-month period, compared to SAR 93.9 million a year earlier.