Al Rasheed profit leaps 81% to SAR 80.7M in 2024; Q4 at SAR 44.7M

11/03/2025 Argaam Exclusive

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Mohammad Hadi Al Rasheed Co.'s earnings reached SAR 80.7 million in 2024, up 81% from SAR 44.7 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	215.23	307.02	42.7 %
Gross Income	70.82	108.85	53.7 %
Operating Income	49.35	86.16	74.6 %
Net Income	44.71	80.75	80.6 %
Average Shares	12.00	12.00	-
Earnings Per Share before unusual items (Riyals)	3.83	6.73	75.9 %
EPS (Riyals)	3.73	6.73	80.6 %

Revenues leapt 42.65% year-on-year (YoY), thanks to an increase in sales and customers amid expansion in line with the company's strategy.

The company also cited an improvement in operational efficiency, as well as an increase by 60% YoY in earnings before interest, taxes, depreciation, and amortization (EBITDA), financing expenses and Zakat to SAR 99.4 million.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Revenues	124.04	176.39	42.2 %
Gross Income	47.31	59.93	26.7 %
Operating Income	35.45	48.08	35.6 %
Net Income	32.91	44.67	35.7 %
Average Shares	12.00	12.00	-
Earnings Per Share before unusual items (Riyals)	2.74	3.72	35.7 %
EPS (Riyals)	2.74	3.72	35.7 %

Item	H1 2024	H2 2024	Change‬
Revenues	130.63	176.39	35.0 %
Gross Income	48.92	59.93	22.5 %
Operating Income	38.08	48.08	26.2 %
Net Income	36.08	44.67	23.8 %
Average Shares	12.00	12.00	-
Earnings Per Share before unusual items (Riyals)	3.01	3.72	23.8 %
EPS (Riyals)	3.01	3.72	23.8 %

Total shareholders' equity, no minority interest, climbed to SAR 230.66 million at the end of 2024, compared with SAR 147.11 million a year before.

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