Amwaj’s net profit sinks 59% to SAR 4.2M in H1 2024

01/09/2024 Argaam Exclusive

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Amwaj International Co. reported a net profit of SAR 4.2 million for H1 2024, a decline of 59% from SAR 10.2 million a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	154.89	158.65	2.4 %
Gross Income	27.56	28.93	5.0 %
Operating Income	14.04	12.86	(8.4 %)
Net Income	10.15	4.15	(59.1 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.69	0.69	(59.1 %)

The company attributed the profit drop in H1 2024 to rising interest rates (SAIBOR) and shipping costs, in addition to the lower profit margin on products. This came despite higher revenues due to the increase in sales volume.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	154.89	158.65	2.4 %
Gross Income	27.56	28.93	5.0 %
Operating Income	14.04	12.86	(8.4 %)
Net Income	10.15	4.15	(59.1 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	1.69	0.69	(59.1 %)

Item	H2 2023	H1 2024	Change‬
Revenues	147.04	158.65	7.9 %
Gross Income	36.41	28.93	(20.5 %)
Operating Income	19.90	12.86	(35.4 %)
Net Income	5.81	4.15	(28.5 %)
Average Shares	6.00	6.00	-
EPS (Riyals)	0.97	0.69	(28.5 %)

Total shareholders’ equity, no minority interest, reached SAR 133.84 million by June. 30, 2024, compared to SAR 132.65 million in the prior year.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	165.43	21.08	3.51
H2 2021	105.12	7.18	1.2
H1 2022	166.22	15.03	2.5
H2 2022	157.70	14.00	2.34
H1 2023	154.89	10.15	1.69
H2 2023	147.04	5.81	0.97
H1 2024	158.65	4.15	0.69

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