Financial Results : ASG profit surges 43% to SAR 32.2M in 2024; H2 at SAR 13.6M

ASG profit surges 43% to SAR 32.2M in 2024; H2 at SAR 13.6M

03/03/2025 Argaam Exclusive

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ASG Plastic Factory Co. reported a net profit of SAR 32.2 million in 2024, a 43% rise from SAR 22.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 107.38 142.73 32.9 %
Gross Income 43.49 60.59 39.3 %
Operating Income 22.08 32.33 46.4 %
Net Income 22.52 32.21 43.0 %
Average Shares 4.89 6.60 34.9 %
Earnings Per Share before unusual items (Riyals) 4.60 4.88 6.0 %
EPS (Riyals) 4.60 4.88 6.0 %

The annual profit growth was driven by a 33% increase in revenues to SAR 142.7 million, from SAR 107.4 million in 2023. This was supported by production line expansions, higher capacity, product diversification, and new market entries.

 

Further, ASG’s enhanced marketing strategies widened its customer base. This is in addition to emphasizing focus on e-commerce, starting with retail sales, which boosted online sales by 54% year-on-year (YoY) in 2024.

 

Additionally, cost reductions and improved operational efficiency further strengthened financial performance.

 

In H2 2024, net profit surged 58% to SAR 13.6 million, from SAR 8.60 million a year earlier.

 

However, on a biannual basis, ASG’s bottom line shed 27.1% from SAR 18.62 in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 51.40 74.30 44.6 %
Gross Income 19.84 28.95 45.9 %
Operating Income 8.36 14.90 78.3 %
Net Income 8.60 13.58 57.9 %
Average Shares 4.89 6.60 34.9 %
Earnings Per Share before unusual items (Riyals) 1.76 2.06 17.0 %
EPS (Riyals) 1.76 2.06 17.0 %

Total shareholders’ equity, no minority interest, rose to SAR 131.04 million as of Dec. 31, 2024, compared to SAR 72.86 million a year ago.

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