Enma AlRawabi profit rises to SAR 39.8M in H1 2024

18/08/2024 Argaam Exclusive

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Enma AlRawabi Co. reported an increase in H1 2024 net profit to SAR 39.8 million from SAR 12.2 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	21.52	90.79	322.0 %
Gross Income	16.02	44.76	179.5 %
Operating Income	12.97	38.55	197.3 %
Net Income	12.20	39.80	226.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.99	226.2 %

The positive performance was primarily driven by a 321.97% increase in total revenues, which was mainly due to higher rental revenues as a result of the rise in rental contracts, initiation of rental contracts for units in new projects and higher real estate sales revenues.

In addition, gross profit grew by 179.45% to SAR 44.76 million and bank returns from Shariah-complaint investments rose to SAR 1.29 million.

This came despite the increase in general and administrative expenses, and an increase in the provision for expected credit losses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	21.52	90.79	322.0 %
Gross Income	16.02	44.76	179.5 %
Operating Income	12.97	38.55	197.3 %
Net Income	12.20	39.80	226.2 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.31	0.99	226.2 %

Item	H2 2023	H1 2024	Change‬
Revenues	40.22	90.79	125.7 %
Gross Income	34.66	44.76	29.1 %
Operating Income	31.93	38.55	20.7 %
Net Income	29.98	39.80	32.7 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.75	0.99	32.7 %

Total shareholders’ equity, no minority interest, reached SAR 586.02 million as of June 30, 2024, compared to SAR 536.52 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings Per Share (SAR)
H1 2020	17.15	10.23	0.26
H2 2020	25.38	13.11	0.32
H1 2021	19.60	12.82	0.32
H2 2021	19.38	9.17	0.23
H1 2022	20.05	12.38	0.31
H2 2022	28.08	19.46	0.49
H1 2023	21.52	12.20	0.31
H1 2024	40.22	29.98	0.74

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