Financial Results : Anaam earns SAR 4.2M in H1 2024, loses SAR 398,000 in Q2

Anaam earns SAR 4.2M in H1 2024, loses SAR 398,000 in Q2

04/08/2024 Argaam Exclusive

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Anaam International Holding Group posted a net profit of SAR 4.2 million in the first six months of 2024, down from SAR 5.5 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 22.88 23.26 1.7 %
Gross Income 13.65 14.11 3.3 %
Operating Income 4.63 4.11 (11.3 %)
Net Income 5.51 4.19 (23.9 %)
Average Shares 630.00 630.00 -
EPS (Halala) 0.87 0.67 (23.9 %)

This was due to the earnings generated from the re-evaluation of investment properties during the same period of last year. The company also posted higher selling, marketing, general and administrative expenses in H1 2024. Finance costs also increased compared with a year earlier.

 

Meanwhile, Anaam recorded higher revenues in H1 2024 compared to a year earlier due to a 2% year-on-year (YoY) rise in revenues from Saudi Wasit Factory for Entertainment & Beauty Systems Co.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 11.91 11.75 (1.4 %)
Gross Income 7.27 7.08 (2.6 %)
Operating Income 2.63 2.31 (12.1 %)
Net Income 2.18 (0.40) (118.3 %)
Average Shares 630.00 630.00 -
EPS (Halala) 0.35 (0.06) (118.3 %)

In Q2 2024, the company turned to a loss of SAR 398,000, against earnings of SAR 2.17 million a year earlier, mainly due to lower revenues on a 4% YoY fall in revenues from Saudi Wasit Factory for Entertainment & Beauty Systems Co.

 

Compared with the previous quarter, Anaam swung to a loss from SAR 4.59 million in Q1 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 290.23 million as of June 30, 2024, compared to SAR 280.17 million a year earlier.

 

Accumulated losses reached SAR 21.46 million, representing 7% of capital, as of June 30, 2024.

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