TALCO H1 2024 profit up 10% to SAR 44M; Q2 at SAR 20.9M

05/08/2024 Argaam Exclusive

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Al Taiseer Group Talco Industrial Co. (TALCO) reported a 10% rise in H1 2024 net earnings to SAR 44 million, compared with SAR 39.8 million a year before.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	338.85	327.17	(3.4 %)
Gross Income	71.22	76.41	7.3 %
Operating Income	44.50	51.74	16.3 %
Net Income	39.84	43.97	10.4 %
Average Shares	40.00	40.00	-
EPS (Riyals)	1.00	1.10	10.4 %

The profit growth was driven by higher sales volume, a lower cost of sales, and an increase in other income. In addition, the company reported a decline in general and administrative expenses, as well as lower impairment losses on trade receivables.

However, sales value declined to SAR 327.2 million, compared to SAR 338.8 million a year earlier, due to lower sales volume of the main segment, aluminum, as well as a decrease in the cost of raw materials on lower selling prices of some materials.

Selling and distribution expenses, as well as Zakat charges, increased during the six-month period.

In Q2 2024, net earnings leapt 37% to SAR 20.9 million, compared with SAR 15.28 million a year earlier, driven mainly by higher sales value and revenues, as well as lower general and administrative expenses.

However, the company's second-quarter earnings fell 9.7% from SAR 23.10 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	156.47	164.80	5.3 %
Gross Income	31.47	37.94	20.5 %
Operating Income	17.42	25.22	44.8 %
Net Income	15.28	20.87	36.6 %
Average Shares	40.00	40.00	-
EPS (Riyals)	0.38	0.52	36.6 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	162.37	164.80	1.5 %
Gross Income	38.47	37.94	(1.4 %)
Operating Income	26.52	25.22	(4.9 %)
Net Income	23.10	20.87	(9.6 %)
Average Shares	40.00	40.00	-
EPS (Riyals)	0.58	0.52	(9.6 %)

Total shareholders’ equity, no minority interest, grew to SAR 525.71 million as of June 30, 2024, from SAR 440.2 million a year earlier.

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