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

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.

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.

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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