WSM profit down 54% to SAR 1.5M in H1 2024

01/09/2024 Argaam Exclusive

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WSM for Information Technology Co. reported a net profit of SAR 1.5 million in H1 2024, a 54% decline compared to SAR 3.3 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	12.18	14.99	23.1 %
Gross Income	7.10	4.31	(39.3 %)
Operating Income	3.50	0.40	(88.5 %)
Net Income	3.33	1.54	(53.6 %)
Average Shares	1.95	1.95	-
EPS (Riyals)	1.71	0.79	(53.6 %)

The profit drop is mainly attributed to a year-on-year increase in total costs of revenues as the company’s contracts mainly involve providing human resources with specialized skills, which led to an increase in direct costs for projects.

This was despite the increase in revenues due to signing and entry into force of new contracts, in addition to the ongoing contracts from previous periods.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	12.18	14.99	23.1 %
Gross Income	7.10	4.31	(39.3 %)
Operating Income	3.50	0.40	(88.5 %)
Net Income	3.33	1.54	(53.6 %)
Average Shares	1.95	1.95	-
EPS (Riyals)	1.71	0.79	(53.6 %)

Item	H2 2023	H1 2024	Change‬
Revenues	15.85	14.99	(5.4 %)
Gross Income	5.42	4.31	(20.5 %)
Operating Income	1.98	0.40	(79.7 %)
Net Income	2.33	1.54	(33.7 %)
Average Shares	1.95	1.95	-
EPS (Riyals)	1.19	0.79	(33.7 %)

Total shareholders’ equity, no minority interest, reached SAR 35.63 million as of June 30, 2024, compared to SAR 31.89 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	3.85	1.23	0.63
H2 2022	6.68	2.99	1.53
H1 2023	12.18	3.33	1.71
H2 2023	15.84	2.33	1.19
H1 2024	14.99	1.54	0.79

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