Multi Business secures SAR 214M contracts in 2024: Chairman 

Adel Al Basri, Chairman of Multi Business Group Co.

Adel Al Basri, Chairman of Multi Business Group Co., said the company successfully secured new contracts worth SAR 214 million in 2024, a 41% increase compared to the previous year. He added that the company aims to secure additional contracts in 2025, exceeding the value of those in 2024.

In an interview with Argaam, Al Basri noted that Multi Business’ backlog reached SAR 145 million by the end of 2024, up 184% year-on-year (YoY), with projects extending until the end of 2025.

On financial results, he said that while 2024 net profit increased from the previous year, the second-half earnings declined to SAR 16 million due to a 196% surge year-on-year (YoY) in Zakat expenses. The increase stemmed from a higher Zakat base following the company’s IPO in November, alongside a 2% drop in the second-half revenue.

Despite 2024 revenue rising to SAR 135 million, it fell in the second half as most new projects were awarded during the period, Al Basri added.

Contracting procedures with clients typically take time from the awarding phase to contract signing and site preparation, sometimes extending up to three months, he explained.

Al Basri highlighted strong growth in the finishing contracting sector, driven by Saudi Arabia’s Vision 2030, the relocation of global firms’ regional headquarters, and substantial investments in projects and infrastructure from both the government and private sectors.

The sector faces some challenges, the Chairman noted, adding that any economic slowdown could directly impact investment volumes and reduce them. Additionally, there is intense competition among companies specializing in finishing contracts, which requires providing high-quality services at competitive prices within limited timeframes.

He emphasized that Multi Business is looking forward to continued revenue growth from sports club projects in 2025, which is expected to positively impact its performance according to its strategic plan. This growth will allow the company to capitalize on available opportunities by expanding into new promising sectors, in addition to its ongoing specialization in its current sectors.

This aligns with the Kingdom’s vision to develop the sports sector into a key economic contributor and enhance quality of life, backed by substantial planned investments, Al Basri added.

He expects positive results and sustained revenue growth in the first half of 2025, supported by the company’s backlog.

The company plans to expand into complementary sectors, including building materials, to boost its overall revenue contribution.

Multi Business reported a 19% rise in 2024 net profit to SAR 20.6 million, compared to SAR 17.3 million a year earlier. Meanwhile, H2 2024 profit amounted to SAR 16.1 million, Argaam data showed.