Financial Results : Tharwah’s 2024 net profit falls 24% to SAR 12.5M; H2 at SAR 7.7M

Tharwah’s 2024 net profit falls 24% to SAR 12.5M; H2 at SAR 7.7M

06/03/2025 Argaam Exclusive

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Altharwah Albashariyyah Co.’s (Tharwah) net earnings fell by 24% to SAR 12.5 million in 2024, from SAR 16.5 million in 2023. 



Financials (M)

Item 2023 2024 Change‬
Revenues 79.40 87.71 10.5 %
Gross Income 31.97 35.77 11.9 %
Operating Income 17.06 14.33 (16.0 %)
Net Income 16.54 12.49 (24.5 %)
Average Shares 1.61 4.23 -
Earnings Per Share before unusual items (Riyals) 10.29 2.95 (71.3 %)
EPS (Riyals) 10.29 2.95 (71.3 %)

Revenue rose 10.46% year-on-year (YoY) in 2024 to SAR 87.7 million due to the increase in consulting and advisory project earnings, as well as the growth in training course revenues. The positive performance was driven by the expansion of service offerings and training programs, an increase in executed contracts, and the development of marketing strategies, which enabled the company to reach a broader customer base.

 

However, 2024 net profit declined YoY due to costs associated with the company's listing process, in addition to increased investment in promotional activities to strengthen market presence. The conversion of certain projects under execution into intangible assets led to an increase in depreciation and amortization expenses.

 

Tharwah also reported higher Zakat expenses resulting from the increase in capital.

 

In H2 2024, net profit declined 35% to SAR 7.7 million from SAR 11.75 million in H2 2023.

 

Sequentially, the bottom-line grew 59.8% from SAR 4.81 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 48.42 51.80 7.0 %
Gross Income 18.30 21.28 16.3 %
Operating Income 12.07 9.06 (24.9 %)
Net Income 11.75 7.68 (34.6 %)
Average Shares 1.61 4.23 -
Earnings Per Share before unusual items (Riyals) 7.31 1.82 (75.1 %)
EPS (Riyals) 7.31 1.82 (75.1 %)

Total shareholders’ equity, no minority interest, reached SAR 77.26 million as of Dec. 31, 2024, compared to SAR 31.89 million a year earlier.

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