Alqemam reports H1 2024 profit at SAR 4.6M

22/08/2024 Argaam Exclusive

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Alqemam for Computer Systems Co. reported a net profit of SAR 4.6 million in H1 2024, compared to SAR 1.4 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	16.09	16.48	2.4 %
Gross Income	10.03	8.62	(14.1 %)
Operating Income	2.27	5.57	145.4 %
Net Income	1.41	4.59	225.1 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.47	1.53	225.1 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	16.09	16.48	2.4 %
Gross Income	10.03	8.62	(14.1 %)
Operating Income	2.27	5.57	145.4 %
Net Income	1.41	4.59	225.1 %
Average Shares	3.00	3.00	-
EPS (Riyals)	0.47	1.53	225.1 %

Item	H2 2023	H1 2024	Change‬
Revenues	35.80	16.48	(54.0 %)
Gross Income	23.67	8.62	(63.6 %)
Operating Income	18.98	5.57	(70.6 %)
Net Income	17.47	4.59	(73.7 %)
Average Shares	3.00	3.00	-
EPS (Riyals)	5.82	1.53	(73.7 %)

This was attributed to revenue growth of 2.40% year-on-year (YoY). Also, expected credit losses dropped by 80% YoY in the same period.

Meanwhile, gross profit fell 14% YoY in H1 2024.

Total shareholders’ equity, no minority interest, amounted to SAR 75.3 million by June 30, 2024, compared to SAR 53.4 million in the prior-year period.

Development of Interim Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2022	7.30	0.75	0.25
H2 2022	20.87	13.17	4.39
H1 2023	16.09	1.41	0.47
H2 2023	35.79	17.47	5.82
H1 2024	16.48	4.59	1.53

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