Tharwah profit rises marginally to SAR 4.8M in H1 2024

29/09/2024 Argaam Exclusive

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Altharwah Albashariyyah Co. (Tharwah) reported a net profit of SAR 4.81 million for the six-month period ended June 30, 2024, compared to SAR 4.79 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	30.97	35.91	15.9 %
Gross Income	13.66	14.49	6.1 %
Operating Income	4.99	5.27	5.6 %
Net Income	4.79	4.81	0.4 %
Average Shares	1.06	4.00	-
EPS (Riyals)	4.53	1.20	(73.5 %)

The company reported revenue growth of 15.9% year-on-year (YoY) to SAR 35.9 million during the first six months of 2024, primarily driven by increased company activities and higher sales volume.

Meanwhile, direct costs associated with some of the company's projects increased during this period.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	30.97	35.91	15.9 %
Gross Income	13.66	14.49	6.1 %
Operating Income	4.99	5.27	5.6 %
Net Income	4.79	4.81	0.4 %
Average Shares	1.06	4.00	-
EPS (Riyals)	4.53	1.20	(73.5 %)

Item	H2 2023	H1 2024	Change‬
Revenues	48.42	35.91	(25.9 %)
Gross Income	18.30	14.49	(20.8 %)
Operating Income	12.07	5.27	(56.4 %)
Net Income	11.75	4.81	(59.1 %)
Average Shares	4.00	4.00	-
EPS (Riyals)	2.94	1.20	(59.1 %)

The company’s H1 2024 net profit jumped 59.1% YoY from SAR 11.75 million in H2 2023.

Total shareholders’ equity, no minority interest, reached SAR 36.70 million by June 30, 2024, compared to SAR 15.23 million in the prior-year period.

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