Financial Results : Enma AlRawabi profit rises 60% to SAR 67.7M in 2024; H2 at SAR 27.9M

Enma AlRawabi profit rises 60% to SAR 67.7M in 2024; H2 at SAR 27.9M

23/03/2025 Argaam Exclusive

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Enma AlRawabi Co. reported a 60% increase in net profit to SAR 67.7 million in 2024, versus SAR 42.2 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 61.74 139.22 125.5 %
Gross Income 50.68 84.30 66.3 %
Operating Income 44.07 75.40 71.1 %
Net Income 42.18 67.69 60.5 %
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyals) 1.05 1.69 60.5 %
EPS (Riyals) 1.05 1.69 60.5 %

The positive performance was primarily driven by increased revenues amid higher rental revenues, paired with the addition of new rental properties. This is besides the rise in revenue from real estate sales, marking the highest annual revenue since the company's inception.

 

In H2 2024, the company posted net earnings of SAR 27.9 million, down 7% from SAR 29.98 million a year earlier.

 

However, the six-month net earnings declined 29.9% from SAR 39.80 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 40.22 48.43 20.4 %
Gross Income 34.66 39.54 14.1 %
Operating Income 31.10 34.67 11.5 %
Net Income 29.98 27.90 (7.0 %)
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyals) 0.75 0.70 (7.0 %)
EPS (Riyals) 0.75 0.70 (7.0 %)

Shareholders’ equity, no minority interest, advanced to SAR 604.06 million in 2024, compared to SAR 556.22 million a year earlier.

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