Neft Alsharq’s H1 2024 profit dives 91% to SAR 317,000

25/08/2024 Argaam Exclusive

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Neft Alsharq Co. reported a 91% tumble in H1 2024 net profit to SAR 317,000, from SAR 3.4 million in the prior-year period

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	33.84	23.45	(30.7 %)
Gross Income	5.59	4.29	(23.4 %)
Operating Income	3.68	0.48	(87.0 %)
Net Income	3.43	0.32	(90.8 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.17	0.02	(90.8 %)

The company’s profit slumped as revenue dropped 31% year-on-year (YoY) as average selling prices and sales volumes declined by 13% and 18% YoY, respectively.

Neft Alsharq recorded an increase in general and administrative expenses, on the advisory and administrative fees incurred on the company’s listing.

Selling and marketing expenses also rose by 150% YoY.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	33.84	23.45	(30.7 %)
Gross Income	5.59	4.29	(23.4 %)
Operating Income	3.68	0.48	(87.0 %)
Net Income	3.43	0.32	(90.8 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.17	0.02	(90.8 %)

Item	H2 2023	H1 2024	Change‬
Revenues	28.21	23.45	(16.9 %)
Gross Income	4.47	4.29	(4.1 %)
Operating Income	1.45	0.48	(67.2 %)
Net Income	0.96	0.32	(67.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	0.05	0.02	(67.1 %)

Shareholders’ equity, no minority interest, increased to SAR 46.64 million as of June 30, 2024, from SAR 28.33 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2023	33.84	3.43	0.17
H2 2023	28.21	0.97	0.05
H1 2024	23.45	0.32	0.02

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