Aqaseem’s net profit down 13% to SAR 5M in H1 2024

28/08/2024 Argaam Exclusive

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Aqaseem Factory for Chemicals and Plastics Co. reported a net profit of SAR 5 million for the first six months of 2024, a 13% decline from SAR 5.8 million in the same period a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	74.62	93.48	25.3 %
Gross Income	17.81	22.49	26.3 %
Operating Income	6.46	7.54	16.6 %
Net Income	5.77	5.01	(13.2 %)
Average Shares	2.50	2.50	-
EPS (Riyals)	2.31	2.00	(13.2 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	74.62	93.48	25.3 %
Gross Income	17.81	22.49	26.3 %
Operating Income	6.46	7.54	16.6 %
Net Income	5.77	5.01	(13.2 %)
Average Shares	2.50	2.50	-
EPS (Riyals)	2.31	2.00	(13.2 %)

Item	H2 2023	H1 2024	Change‬
Revenues	76.21	93.48	22.7 %
Gross Income	21.46	22.49	4.8 %
Operating Income	6.20	7.54	21.6 %
Net Income	4.37	5.01	14.7 %
Average Shares	2.50	2.50	-
EPS (Riyals)	1.75	2.00	14.7 %

The annual profit slump was due to the increase in selling & marketing expenses amid the company’s foray into new markets. This is addition to the rise in general & administrative expenses and financing costs.

Total shareholders’ equity (no minority interest) advanced to SAR 60.89 million as of June 30, 2024, from SAR 51.54 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	45.58	3.96	1.58
H2 2021	53.14	3.26	1.31
H1 2022	61.24	1.71	0.69
H2 2022	79.27	4.31	1.72
H1 2023	74.62	5.77	2.31
H2 2023	76.21	4.37	1.75
H1 2024	93.48	5.00	2.00

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