TAM’s net profit rises 45% to SAR 40.6M in 2023

27/03/2024 Argaam Exclusive

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TAM Development Co. reported a net profit of SAR 40.6 million for 2023, a 45% jump from SAR 27.9 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	147.07	188.40	28.1 %
Gross Income	54.82	89.76	63.7 %
Operating Income	30.05	43.30	44.1 %
Net Income	27.93	40.60	45.4 %
Average Shares	3.66	3.66	-
EPS (Riyals)	7.63	11.09	45.4 %

This was spurred by a 28.1% increase year-on-year (YoY) in revenue, 63.7% growth YoY in gross profit and a 46.9% rise in operating profit.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	108.82	125.59	15.4 %
Gross Income	42.40	65.33	54.1 %
Operating Income	26.75	36.62	36.9 %
Net Income	25.56	35.84	40.2 %
Average Shares	3.66	3.66	-
EPS (Riyals)	6.98	9.79	40.2 %

Item	H1 2023	H2 2023	Change‬
Revenues	62.81	125.59	100.0 %
Gross Income	24.43	65.33	167.4 %
Operating Income	6.69	36.62	447.7 %
Net Income	4.76	35.84	652.3 %
Average Shares	3.66	3.66	-
EPS (Riyals)	1.30	9.79	652.3 %

Total shareholders’ equity, no minority interest, stood at SAR 109.76 million by Dec. 31, 2023, compared to SAR 71.62 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2021	25.10	2.81	0.77
H2 2021	64.75	13.71	3.75
H1 2022	38.26	2.37	0.65
H2 2022	108.81	25.56	6.98
H1 2023	62.811	4.76	1.30
H2 2023	125.59	35.84	9.79

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