Riyal Investment H1 2024 profit down 11% to SAR 9.9M

15/08/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	61.06	68.89	12.8 %
Gross Income	25.30	26.00	2.8 %
Operating Income	18.75	18.59	(0.8 %)
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.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	61.06	68.89	12.8 %
Gross Income	25.30	26.00	2.8 %
Operating Income	18.75	18.59	(0.8 %)
Net Income	11.02	9.86	(10.6 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	1.38	1.23	(10.6 %)

Item	H2 2023	H1 2024	Change‬
Revenues	60.60	68.89	13.7 %
Gross Income	19.10	26.00	36.1 %
Operating Income	11.48	18.59	62.0 %
Net Income	7.25	9.86	36.0 %
Average Shares	8.00	8.00	-
EPS (Riyals)	0.91	1.23	36.0 %

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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