TAM net profit rises to SAR 11.4M in H1 2024

01/09/2024 Argaam Exclusive

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TAM Development Co.’s s net profit rose to SAR 11.4 million in H1 2024, compared to SAR 4.8 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	62.81	120.70	92.2 %
Gross Income	24.43	37.75	54.5 %
Operating Income	6.69	12.32	84.3 %
Net Income	4.76	11.43	139.9 %
Average Shares	3.66	3.66	-
EPS (Riyals)	1.30	3.12	139.9 %

The company's growth was driven by increased revenues and sales.

Gross profit rose 54.5% to SAR 37.74 million, from SAR 24.43 million a year earlier.

Operating profit also increased by 85.8% to SAR 12.4 million in H1 2024, compared to SAR 6.6 million in the same period of 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	62.81	120.70	92.2 %
Gross Income	24.43	37.75	54.5 %
Operating Income	6.69	12.32	84.3 %
Net Income	4.76	11.43	139.9 %
Average Shares	3.66	3.66	-
EPS (Riyals)	1.30	3.12	139.9 %

Item	H2 2023	H1 2024	Change‬
Revenues	125.59	120.70	(3.9 %)
Gross Income	65.33	37.75	(42.2 %)
Operating Income	36.62	12.32	(66.3 %)
Net Income	35.84	11.43	(68.1 %)
Average Shares	3.66	3.66	-
EPS (Riyals)	9.79	3.12	(68.1 %)

Total shareholders’ equity, no minority interest, stood at SAR 117.71 million by June 30, 2024, compared to SAR 76.89 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	62.81	24.43	6.68
H2 2023	125.59	16.17	4.41
H1 2024	120.70	37.75	10.31

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