Al Kathiri widens 2024 loss to SAR 18.1M; Q4 at SAR 20.1M

30/03/2025 Argaam Exclusive

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Al Kathiri Holding Co. reported losses of SAR 18.1 million (after minority interest) for 2024, compared with SAR 4.1 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 129.18 183.87 42.3 %
Gross Income 22.75 20.82 (8.5 %)
Operating Income 3.32 (9.21) (377.0 %)
Net Income (4.14) (18.08) (336.9 %)
Average Shares 226.04 226.04 -
Earnings Per Share before unusual items (Halala) (1.83) (8.00) (336.9 %)
EPS (Halala) (1.83) (8.00) (336.9 %)

The losses (before minority interest) increased to SAR 19 million from SAR 4.1 million in 2023.

 

Al Kathiri reported higher provisions for credit losses, which impacted operating profit. In addition, it recorded higher financing costs and administrative expenses resulting from the establishment costs of Luxury Yacht Factory and Saraya Al-Diyar Co.

 

However, the company generated higher revenue from the concrete segment due to increased demand and new projects.

 

It also cited growth in the contracting segment's revenue, driven by the execution of new contracts and business expansion. This was in addition to increased cement sales due to higher prices, which contributed to the overall revenue growth.

 

Q4 2024 losses reached SAR 20.1 million, compared with SAR 7.37 million in Q4 2023.

 

The company had posted SAR 1.55 million net earnings in Q3 2024.

 

Sequentially, net profit surged 564.4% from SAR 230,000.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 34.40 41.09 19.5 %
Gross Income 1.38 0.82 (40.4 %)
Operating Income (4.86) (18.67) (284.2 %)
Net Income (7.37) (20.11) (172.9 %)
Average Shares 226.04 226.04 -
Earnings Per Share before unusual items (Halala) (3.26) (8.90) (172.9 %)
EPS (Halala) (3.26) (8.90) (172.9 %)

Total shareholders’ equity, after minority interest, stood at SAR 112.12 million by the end of 2024, compared to SAR 131.03 million in 2023.

 

Accumulated losses reached SAR 13.38 million by the end of the current period, representing 11.84% of capital.

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Share Price

Al Kathiri Holding Co.
2.31
0.03 1.32 %

Al Kathiri Holding Co. (ALKATHIRI)

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Financial Ratios
Current
Market Cap (M Riyal) 522.15
Enterprise Value (EV) (M) 509.77
Shares Outstanding ((M)) 226.04
EPS (Halala) (TTM) (8.00)
Book Value (BV) ( Riyal) 0.50
Par Value ( Halala) 50.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 4.66
Return on Average Assets (%) (TTM) (5.99 )
Return on Average Equity (%) (TTM) (8.76 )
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