iOud H1 2024 profit dips to SAR 528,000

01/09/2024 Argaam Exclusive

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Intelligent Oud Company for Trading’s (iOud) net profit fell to SAR 528,000 by the end of H1 2024, compared to SAR 721,000 in in the year before.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	7.89	10.35	31.1 %
Gross Income	6.09	7.00	15.0 %
Operating Income	1.71	2.26	32.4 %
Net Income	0.72	0.53	(26.7 %)
Average Shares	1.56	1.95	25.0 %
EPS (Riyals)	0.46	0.27	(41.4 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	7.89	10.35	31.1 %
Gross Income	6.09	7.00	15.0 %
Operating Income	1.71	2.26	32.4 %
Net Income	0.72	0.53	(26.7 %)
Average Shares	1.56	1.95	25.0 %
EPS (Riyals)	0.46	0.27	(41.4 %)

Item	H2 2023	H1 2024	Change‬
Revenues	17.31	10.35	(40.2 %)
Gross Income	11.78	7.00	(40.6 %)
Operating Income	6.03	2.26	(62.5 %)
Net Income	4.56	0.53	(88.4 %)
Average Shares	1.95	1.95	-
EPS (Riyals)	2.34	0.27	(88.4 %)

The 26.7% year-on-year (YoY) profit drop was attributed to a higher Zakat provision due to the issuance premium in H1 2025.

This was despite a 31.1% YoY increase in revenue from new products and the enhancement of existing ones.

Shareholders’ equity, no minority interest, grew to SAR 41.60 million by the end of June 30, 2034, versus SAR 22.73 million in the prior-year period.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	7.13	0.32	0.20
H2 2022	15.96	3.40	2.18
H1 2023	7.89	0.72	0.46
H2 2023	17.31	4.56	2.34
H1 2024	10.34	0.52	0.27

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