Enma AlRawabi profit rises to SAR 39.8M in H1 2024

18/08/2024 Argaam Exclusive

Enma AlRawabi Co. reported an increase in H1 2024 net profit to SAR 39.8 million from SAR 12.2 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 21.52 90.79 322.0 %
Gross Income 16.02 44.76 179.5 %
Operating Income 12.97 38.55 197.3 %
Net Income 12.20 39.80 226.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.99 226.2 %

The positive performance was primarily driven by a 321.97% increase in total revenues, which was mainly due to higher rental revenues as a result of the rise in rental contracts, initiation of rental contracts for units in new projects and higher real estate sales revenues.

 

In addition, gross profit grew by 179.45% to SAR 44.76 million and bank returns from Shariah-complaint investments rose to SAR 1.29 million.

 

This came despite the increase in general and administrative expenses, and an increase in the provision for expected credit losses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 21.52 90.79 322.0 %
Gross Income 16.02 44.76 179.5 %
Operating Income 12.97 38.55 197.3 %
Net Income 12.20 39.80 226.2 %
Average Shares 40.00 40.00 -
EPS (Riyals) 0.31 0.99 226.2 %

Total shareholders’ equity, no minority interest, reached SAR 586.02 million as of June 30, 2024, compared to SAR 536.52 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

Earnings Per Share

(SAR)

H1 2020

17.15

10.23

0.26

H2 2020

25.38

13.11

0.32

H1 2021

19.60

12.82

0.32

H2 2021

19.38

9.17

0.23

H1 2022

20.05

12.38

0.31

H2 2022

28.08

19.46

0.49

H1 2023

21.52

12.20

0.31

H1 2024

40.22

29.98

0.74

 

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Share Price

Enma AlRawabi Co.
18.50
0.46 2.55 %

Enma AlRawabi Co. (ENMA ALRAWABI)

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Financial Ratios
Current
Market Cap (M Riyal) 740.00
Enterprise Value (EV) (M) 690.07
Shares Outstanding ((M)) 40.00
Book Value (BV) ( Riyal) 13.91
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 17.54
Price/book 1.33
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