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

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

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.

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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