ARTEX deepens 2024 loss to SAR 144.5M; Q4 at SAR 132M on provision allocation

27/03/2025 Argaam Exclusive

Content Summary:

Loading data...

Comments Analysis:

Positive: 0%
Neutral: 0%
Negative: 0%
Comments Summary:Loading data...
Please note that this news summary has been generated using artificial intelligence. It is recommended to review the original sources for complete details and to verify the accuracy of the information.

ARTEX Industrial Investment Co. deepened its net losses to SAR 144.5 million in 2024, compared to SAR 74.8 million a year ago.



Financials (M)

Item 2023 2024 Change‬
Revenues 522.61 562.17 7.6 %
Gross Income (10.85) 10.20 194.0 %
Operating Income (40.34) (113.29) (180.8 %)
Net Income (74.79) (144.45) (93.1 %)
Average Shares 81.25 81.25 -
Earnings Per Share before unusual items (Riyals) (0.92) (0.67) 26.9 %
EPS (Riyals) (0.92) (1.78) (93.1 %)

The wider losses were mainly due to the allocation of a SAR 100 million provision for the warranty liability of a Saudi Industrial Development Fund (SIDF) loan to Al Reef Sugar Refining Co. (RESRECO).

 

The company’s share of this guarantee, given its 15% stake, amounted to SAR 100 million.

 

RESRECO had defaulted on loan repayments in previous years, but SIDF did not formally call on the guarantee until Nov. 17, 2024. In response, and following Tadawul disclosure, the company booked a provision under IFRS 9, reflecting recent developments that were previously unclear.

 

Offsetting these pressures, ARTEX’s 2024 revenues rose 8% year-on-year (YoY), primarily driven by an 11% YoY increase in domestic sales, with export sales also up 2% YoY.

 

The company posted a gross profit of SAR 10.2 million in 2024, reversing a SAR 10.85 million gross loss in 2023. The turnaround was fueled by stronger sales, better raw material pricing, improved margins, and cost-control measures.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 141.12 154.04 9.2 %
Gross Income 8.06 (10.43) (229.4 %)
Operating Income 0.04 (113.14) (282950.0 %)
Net Income (10.73) (132.02) (1,130.8 %)
Average Shares 81.25 81.25 -
Earnings Per Share before unusual items (Riyals) (0.13) (0.39) (198.5 %)
EPS (Riyals) (0.13) (1.62) (1,130.8 %)

The Q4 2024 net loss widened to SAR 132 million, from SAR 10.73 million in the year-earlier period.

 

On a sequential basis, the three-month losses deepened from SAR 4.83 million in Q3 2024.

 

Total shareholders’ equity, no minority interest, shrank to SAR 1.03 billion by Dec. 31, 2024, compared to SAR 1.20 billion a year ago.

 

As of Dec. 31, 2024, ARTEX’s accumulated losses totaled SAR 3.16 million, accounting for 0.39% of capital.

View More Financial Results

 

View other reports

Share Price

ARTEX Industrial Investment Co.
14.46
(0.04) (0.28 %)

ARTEX Industrial Investment Co. (ARTEX)

More


Financial Ratios
Current
Market Cap (M Riyal) 1,174.88
Enterprise Value (EV) (M) 1,371.18
Shares Outstanding ((M)) 81.25
EPS ( Riyal) (TTM) (1.78)
Book Value (BV) ( Riyal) 12.78
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.13
Return on Average Assets (%) (TTM) (9.39 )
Return on Average Equity (%) (TTM) (11.11 )
more

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2025, Argaam Investment, All Rights Reserved
Call Request