Enma AlRawabi Co. reported an increase in H1 2024 net profit to SAR 39.8 million from SAR 12.2 million in H1 2023.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 21.52 | 90.79 | 322.0 % |
| 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.
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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