Qomel profit rises to SAR 11M in H1 2024

08/08/2024 Argaam Exclusive

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Qomel Co.’s net profit more than doubled to SAR 11 million in H1 2024, up from SAR 5.2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	44.03	58.56	33.0 %
Gross Income	11.99	19.64	63.9 %
Operating Income	7.16	12.60	75.9 %
Net Income	5.21	11.01	111.0 %
Average Shares	3.00	3.50	16.7 %
EPS (Riyals)	1.74	3.14	80.9 %

The company attributed this growth to higher revenues, which rose by SAR 14.5 million or 32.9% year-on-year (YoY) to SAR 58.56, primarily due to higher sales and the addition of newly registered products.

Additionally, operating profit improved due to increased sales of high-margin products, revenue from new products with favorable profit margins, an enhanced gross profit margin, and reduced financing costs compared to the year-ago period.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	44.03	58.56	33.0 %
Gross Income	11.99	19.64	63.9 %
Operating Income	7.16	12.60	75.9 %
Net Income	5.21	11.01	111.0 %
Average Shares	3.00	3.50	16.7 %
EPS (Riyals)	1.74	3.14	80.9 %

Item	H2 2023	H1 2024	Change‬
Revenues	61.44	58.56	(4.7 %)
Gross Income	20.68	19.64	(5.0 %)
Operating Income	13.45	12.60	(6.3 %)
Net Income	12.38	11.01	(11.1 %)
Average Shares	3.00	3.50	16.7 %
EPS (Riyals)	4.13	3.14	(23.8 %)

Total shareholders’ equity, no minority interest, jumped to SAR 94.10 million as of June 30, 2024, from SAR 37.85 million a year earlier.

Interim Data History
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	39.77	6.55	2.18
H2 2022	37.95	6.15	2.05
H1 2023	44.03	5.22	1.74
H2 2023	61.44	12.37	4.12
H1 2024	58.56	11.01	3.52

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