Riyal Investment & Development Co. posted SAR 9.9 million in net profit for H1 2024, a decline of 11% from SAR 11 million in H1 2023.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 61.06 | 68.89 | 12.8 % |
| Net Income | 11.02 | 9.86 | (10.6 %) |
| Average Shares | 8.00 | 8.00 | - |
| EPS (Riyals) | 1.38 | 1.23 | (10.6 %) |
The year-on-year (YoY) profit drop was ascribed to the 9.7% annual rise in financing costs to SAR 11.3 million due to an increase in lending and lease obligations.
The company also logged SAR 400,000 in impairment losses during the six-month period.
However, its top line climbed by 12.3% for the first half of 2024, compared to the same period in 2023. This was primarily driven by the expansion of the company’s operational vehicle fleet which boosted service capacity, resulting in higher overall sales. Further, the improved performance of the used car segment largely lifted revenues.
Shareholders' equity (no minority interest) rose to SAR 161.54 million by the end of H1 2024, compared to SAR 151.68 million a year ago.
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