Naas Petrol H1 2024 net profit rises 36% to SAR 5.1M

28/08/2024 Argaam Exclusive

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Naas Petrol Factory Co. posted a SAR 5.1 million net profit for H1 2024, an increase of 36% from SAR 3.8 million a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	45.12	40.44	(10.4 %)
Gross Income	8.16	10.20	25.0 %
Operating Income	4.15	5.44	31.2 %
Net Income	3.74	5.07	35.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	1.25	1.69	35.8 %

The profit growth was driven by an annual decline in cost of sales by 18%, which led to higher gross profit. In addition, the company reported lower selling, distribution and Zakat expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	45.12	40.44	(10.4 %)
Gross Income	8.16	10.20	25.0 %
Operating Income	4.15	5.44	31.2 %
Net Income	3.74	5.07	35.8 %
Average Shares	3.00	3.00	-
EPS (Riyals)	1.25	1.69	35.8 %

Item	H2 2023	H1 2024	Change‬
Revenues	46.24	40.44	(12.5 %)
Gross Income	11.51	10.20	(11.4 %)
Operating Income	5.76	5.44	(5.5 %)
Net Income	4.96	5.07	2.2 %
Average Shares	3.00	3.00	-
EPS (Riyals)	1.65	1.69	2.2 %

Shareholders equity, no minority interest, rose to SAR 56.11 million by the end of June 30, 2024, compared to SAR 45.97 million in the year-ago period.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2023	45.12	3.74	1.25
H2 2023	46.24	4.96	1.65
H1 2024	40.44	5.07	1.69

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