Tadweeer’s H1 2024 net profit grows 9% to SAR 11M

29/08/2024 Argaam Exclusive

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National Environmental Recycling Co. (Tadweeer) reported a net profit rise of 9% to SAR 11 million in the first half of 2024, compared to SAR 10.2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	257.99	396.89	53.8 %
Gross Income	17.14	20.07	17.1 %
Operating Income	13.11	13.98	6.7 %
Net Income	10.15	11.03	8.6 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.19	8.6 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	257.99	396.89	53.8 %
Gross Income	17.14	20.07	17.1 %
Operating Income	13.11	13.98	6.7 %
Net Income	10.15	11.03	8.6 %
Average Shares	58.08	58.08	-
EPS (Riyals)	0.17	0.19	8.6 %

Item	H2 2023	H1 2024	Change‬
Revenues	373.92	396.89	6.1 %
Gross Income	21.80	20.07	(7.9 %)
Operating Income	15.51	13.98	(9.9 %)
Net Income	13.67	11.03	(19.3 %)
Average Shares	58.08	58.08	-
EPS (Riyals)	0.24	0.19	(19.3 %)

The six-month net earnings were bolstered by higher sales, mainly due to the launch of several recycling lines, in addition to increased exports to Asia.

Total shareholders’ equity, no minority interest, stood at SAR 210.95 million by the end of H1 2024, compared to SAR 186.14 million in the year-earlier period.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	67.15	9.77	0.17
H2 2021	86.45	1.49	0.02
H1 2022	191.69	8.47	0.15
H2 2022	210.76	9.64	0.17
H1 2023	257.99	10.15	0.18
H2 2023	373.92	13.67	0.24
H1 2024	396.89	11.02	0.2

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