AlNaqool makes SAR 1.2M profit in H1 2024

26/08/2024 Argaam Exclusive

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Mohammed Hasan AlNaqool Sons Co. swung to a net profit of SAR 1.2 million in the first half of 2024, against a net loss of SAR 652,000 in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	18.77	29.23	55.7 %
Gross Income	2.21	4.71	112.5 %
Operating Income	0.10	2.33	2216.0 %
Net Income	(0.65)	1.20	284.2 %
Average Shares	2.90	2.90	-
EPS (Riyals)	(0.22)	0.41	284.2 %

The positive results were driven by higher revenues from subsidiaries.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	18.77	29.23	55.7 %
Gross Income	2.21	4.71	112.5 %
Operating Income	0.10	2.33	2216.0 %
Net Income	(0.65)	1.20	284.2 %
Average Shares	2.90	2.90	-
EPS (Riyals)	(0.22)	0.41	284.2 %

Item	H2 2023	H1 2024	Change‬
Revenues	24.52	29.23	19.2 %
Gross Income	3.77	4.71	24.8 %
Operating Income	2.16	2.33	7.5 %
Net Income	0.36	1.20	234.1 %
Average Shares	2.90	2.90	-
EPS (Riyals)	0.12	0.41	234.1 %

Shareholders’ equity, no minority interest, decreased to SAR 51.6 million as of June 30, 2024, from SAR 52.4 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings per Share (SAR)
H1 2021	23.25	4.04	1.39
H2 2021	30.07	5.17	1.78
H1 2022	23.11	0.29	0.10
H2 2022	20.12	(0.09)	(0.03)
H1 2023	18.77	(0.65)	(0.22)
H2 2023	24.52	(1.45)	(0.50)
H1 2024	29.23	1.20	0.41

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