Alwasail Industrial’s net profit rises to SAR 24.3M in H1 2024

25/08/2024 Argaam Exclusive

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Alwasail Industrial Co. reported a net profit of SAR 24.3 million in H1 2024, compared to SAR 17.7 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	207.61	220.07	6.0 %
Gross Income	51.02	59.20	16.0 %
Operating Income	21.32	18.40	(13.7 %)
Net Income	17.73	24.34	37.3 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.07	0.10	37.3 %

This was spurred by 10% higher sales year-on-year (YoY) from pipe products and a 23% increase YoY in sales of fittings products. The company also cited one-off gains on 100% investment disposal.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	207.61	220.07	6.0 %
Gross Income	51.02	59.20	16.0 %
Operating Income	21.32	18.40	(13.7 %)
Net Income	17.73	24.34	37.3 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.07	0.10	37.3 %

Item	H2 2023	H1 2024	Change‬
Revenues	238.40	220.07	(7.7 %)
Gross Income	56.92	59.20	4.0 %
Operating Income	20.73	18.40	(11.2 %)
Net Income	15.86	24.34	53.5 %
Average Shares	250.00	250.00	-
EPS (Riyals)	0.06	0.10	53.5 %

Total shareholders’ equity, no minority interest, amounted to SAR 359.37 million by June 30, 2024, compared to SAR 345.12 million in the prior-year period.

Development of Interim Financials
Period	Revenue (SAR mln)	Net Profit (SAR mln)	Earnings Per Share (SAR)
H1 2021	140.30	14.30	0.06
H2 2021	163.45	16.09	0.06
H1 2022	165.77	16.18	0.06
H2 2022	220.82	16.09	0.07
H1 2023	207.61	17.73	0.07
H2 2023	238.39	15.85	0.06
H1 2024	220.07	24.34	0.10

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