Saudi Top profit drops 8% to SAR 2.9M in H1 2024

08/08/2024 Argaam Exclusive

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Saudi Top for Trading Co. reported a net profit of SAR 2.9 million for H1 2024, a drop of 8% from SAR 3.2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	67.66	73.98	9.4 %
Gross Income	10.53	10.80	2.6 %
Operating Income	3.79	3.84	1.1 %
Net Income	3.16	2.91	(7.8 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.08	0.07	(7.8 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	67.66	73.98	9.4 %
Gross Income	10.53	10.80	2.6 %
Operating Income	3.79	3.84	1.1 %
Net Income	3.16	2.91	(7.8 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.08	0.07	(7.8 %)

Item	H2 2023	H1 2024	Change‬
Revenues	74.51	73.98	(0.7 %)
Gross Income	10.95	10.80	(1.4 %)
Operating Income	2.21	3.84	73.9 %
Net Income	1.12	2.91	160.1 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.03	0.07	160.1 %

The company cited increased finance costs (FCs), offset by better revenue due to a 9% year-on-year (YoY) rise in sales volumes.

Shareholders’ equity, no minority interest, declined to SAR 71.02 million by the end of the six-month period, from SAR 74.17 million a year earlier.

Interim Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2021	92.93	6.62	0.16
H2 2021	98.84	10.48	0.26
H1 2022	105.80	23.45	0.58
H2 2022	80.74	9.33	0.23
H1 2023	67.66	3.16	0.08
H2 2023	74.50	1.12	0.03
H1 2024	73.98	2.91	0.07

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