Sure profit grows 2% to SAR 16.2M in H1 2024

27/08/2024 Argaam Exclusive

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Sure Global Tech Co. reported a net profit rise of 2% to SAR 16.2 million for the first half of 2024, compared to SAR 15.9 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	82.67	102.42	23.9 %
Gross Income	28.88	32.07	11.0 %
Operating Income	16.98	18.79	10.7 %
Net Income	15.92	16.17	1.6 %
Average Shares	7.69	7.69	-
EPS (Riyals)	2.07	2.10	1.6 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	82.67	102.42	23.9 %
Gross Income	28.88	32.07	11.0 %
Operating Income	16.98	18.79	10.7 %
Net Income	15.92	16.17	1.6 %
Average Shares	7.69	7.69	-
EPS (Riyals)	2.07	2.10	1.6 %

Item	H2 2023	H1 2024	Change‬
Revenues	111.62	102.42	(8.2 %)
Gross Income	27.58	32.07	16.3 %
Operating Income	13.09	18.79	43.5 %
Net Income	12.76	16.17	26.8 %
Average Shares	7.69	7.69	-
EPS (Riyals)	1.66	2.10	26.8 %

The profit rise was spurred by better revenue, as the company won new contracts in the six-month period. Sure’s top line jumped 23.89% year-on-year (YoY) to SAR 102.42 million.

The operating profit ratio stood at 8.44% in the first half, due to the increased cost of goods sold, as well as declines in other income and return on investment in an associate, in which Sure incurred a loss of SAR 877,000.

Total shareholders’ equity, no minority interest, rose to SAR 109.11 million by June 30, 2024, compared to SAR 101.72 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	55.95	5.18	0.69
H2 2020	78.85	10.23	1.36
H1 2021	52.38	8.69	1.13
H2 2021	133.05	9.44	1.23
H1 2022	112.45	13.18	1.71
H2 2022	95.22	10.90	1.42
H1 2023	82.67	15.92	2.07
H2 2023	111.62	12.75	1.66
H1 2024	102.42	16.17	2.10

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