Astra net profit up 34% to SAR 318.5M in H1 2024; Q2 at SAR 168.8M

05/08/2024 Argaam Exclusive

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Astra Industrial Group posted a net profit of SAR 318.5 million in the first half of 2024, marking a 34% increase from SAR 237.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,399.67	1,652.13	18.0 %
Gross Income	589.41	687.93	16.7 %
Operating Income	265.81	332.27	25.0 %
Net Income	237.63	318.49	34.0 %
Average Shares	80.00	80.00	-
EPS (Riyals)	2.97	3.98	34.0 %

The positive performance was driven by higher sales and gross profits from the steel industries and pharmaceuticals segments, in addition to better profit from discontinued operations.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	659.59	819.10	24.2 %
Gross Income	277.70	338.83	22.0 %
Operating Income	125.25	163.27	30.3 %
Net Income	114.74	168.75	47.1 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.43	2.11	47.1 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	833.04	819.10	(1.7 %)
Gross Income	349.10	338.83	(2.9 %)
Operating Income	169.01	163.27	(3.4 %)
Net Income	149.74	168.75	12.7 %
Average Shares	80.00	80.00	-
EPS (Riyals)	1.87	2.11	12.7 %

In Q2 2024, net earning leapt 47% to SAR 168.8 million, compared to SAR 114.7 million in Q2 2023, driven by higher sales from the steel industries, pharmaceuticals and specialty chemical segments.

Additionally, net profit rose 12.7% from SAR 149.7 million in Q1 2024, thanks to improved profit from discontinued operations despite lower top line.

Shareholders’ equity, excluding minority interest, stood at SAR 2.24 billion as of June 30, 2024, up from SAR 1.88 million a year earlier.

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