Financial Results : TALCO 9M 2024 profit up 4% to SAR 60.7M; Q3 at SAR 16.8M

TALCO 9M 2024 profit up 4% to SAR 60.7M; Q3 at SAR 16.8M

06/11/2024 Argaam Exclusive

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Al Taiseer Group Talco Industrial Co. (TALCO) reported a 4% rise in the first nine months of 2024 net earnings to SAR 60.7 million, compared with SAR 58.7 million a year before.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 498.16 494.42 (0.7 %)
Gross Income 105.15 112.14 6.6 %
Operating Income 66.86 71.84 7.5 %
Net Income 58.68 60.74 3.5 %
Average Shares 40.00 40.00 -
EPS (Riyals) 1.47 1.52 3.5 %

The positive performance was driven by a decrease in the percentage of revenue costs, lower administrative and general expenses, and an increase in other revenues.

 

This came despite higher impairment losses on accounts receivable, along with higher sales and distribution expenses, financing expenses, and Zakat expenses.

 

Meanwhile, the company reported a decrease in sales value during the current period to SAR 494.42 million from SAR 498.15 million a year earlier, due to a decline in selling prices in the primary aluminum segment. This followed a decrease in prices of certain raw materials, as well as lower sales volume in the accessories segment.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 159.31 167.25 5.0 %
Gross Income 33.93 35.72 5.3 %
Operating Income 22.35 20.11 (10.1 %)
Net Income 18.85 16.77 (11.0 %)
Average Shares 40.00 40.00 -
EPS (Riyals) 0.47 0.42 (11.0 %)

In Q3 2024, net earnings fell 11% to SAR 16.8 million, compared with SAR 18.85 million a year earlier.

 

The company's third-quarter earnings dropped 19.7% from SAR 20.87 million in Q2 2024.

 

Total shareholders’ equity, no minority interest, grew to SAR 543.69 million as of Sept. 30, 2024, from SAR 483.44 million a year earlier.

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