MOBI’s profit surges 23% to SAR 21.7M in H1 2024

08/08/2024 Argaam Exclusive

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MOBI Industry Co. reported a net profit leap of 23% to SAR 21.7 million in the first half of 2024 from SAR 17.6 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	100.41	117.58	17.1 %
Gross Income	35.50	44.47	25.3 %
Operating Income	18.14	22.11	21.9 %
Net Income	17.62	21.65	22.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.35	0.43	22.9 %

The profit rise was buoyed by a 17.10% rise in sales in H1 2024, due to improving promotional plans. Moreover, the cost of sales fell by 2.47 % compared to the same period of the previous year.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	100.41	117.58	17.1 %
Gross Income	35.50	44.47	25.3 %
Operating Income	18.14	22.11	21.9 %
Net Income	17.62	21.65	22.9 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.35	0.43	22.9 %

Item	H2 2023	H1 2024	Change‬
Revenues	98.44	117.58	19.4 %
Gross Income	33.27	44.47	33.7 %
Operating Income	12.36	22.11	78.9 %
Net Income	12.73	21.65	70.1 %
Average Shares	50.00	50.00	-
EPS (Riyals)	0.25	0.43	70.1 %

Shareholders’ equity, no minority interest, slipped to SAR 74.82 million as of June 30, 2024, from SAR 77.95 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	96.03	11.05	0.22
H2 2020	84.40	6.33	0.13
H1 2021	86.90	12.21	0.24
H2 2021	83.48	3.92	0.08
H1 2022	97.76	9.48	0.19
H2 2022	93.00	4.44	0.09
H1 2023	100.41	17.62	0.35
H2 2023	98.09	12.73	0.26
H1 2024	117.58	21.65	0.43

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