Ghida Al-Sultan H1 2024 profit rises 9% to SAR 6.8M

26/08/2024 Argaam Exclusive

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Ghida Al-Sultan Co. reported a net profit of SAR 6.8 million for H1 2024, an increase of 9% from SAR 6.2 million in a year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	80.49	87.10	8.2 %
Gross Income	34.30	34.89	1.7 %
Operating Income	6.48	7.06	9.0 %
Net Income	6.24	6.78	8.7 %
Average Shares	3.20	3.20	-
EPS (Riyals)	1.95	2.12	8.7 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	80.49	87.10	8.2 %
Gross Income	34.30	34.89	1.7 %
Operating Income	6.48	7.06	9.0 %
Net Income	6.24	6.78	8.7 %
Average Shares	3.20	3.20	-
EPS (Riyals)	1.95	2.12	8.7 %

Item	H2 2023	H1 2024	Change‬
Revenues	85.84	87.10	1.5 %
Gross Income	29.20	34.89	19.5 %
Operating Income	0.56	7.06	1171.3 %
Net Income	1.76	6.78	286.0 %
Average Shares	3.20	3.20	-
EPS (Riyals)	0.55	2.12	286.0 %

The profit rise was driven by sales revenues that increased by SAR 6.6 million during the first half of 2024 compared to a year earlier due to an increase in average POS sales and the opening of new branches.

Gross profit increased by SAR 600,000 but was not as much as the rise in sales, due to higher raw material costs affected by the Red Sea shipping crisis.

Administrative and general expenses decreased by SAR 900,000 on efforts to use existing resources more efficiently.

However, selling and distribution expenses grew by SAR 900,000 on higher sales.

Total shareholders’ equity, no minority interest, reached SAR 66.77 million by the end of June 30, 2024, compared to SAR 57.99 million in a year-earlier period.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	44.46	6.51	2.04
H2 2021	62.62	8.76	2.73
H1 2022	67.11	7.15	2.23
H2 2022	79.00	12.32	3.85
H1 2023	80.49	6.24	1.95
H2 2023	85.84	1.76	0.55
H1 2024	87.10	6.78	2.12

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