Almajed Oud profit rises 18% to SAR 119.5M in H1 2024; dips to SAR 55.5M in Q2

07/10/2024 Argaam Exclusive

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Almajed Oud Co., which started trading on the Saudi Exchange (Tadawul) today, Oct. 7, posted a net profit of SAR 119.5 million in H1 2024 compared to SAR 101 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	423.81	513.12	21.1 %
Gross Income	278.52	344.90	23.8 %
Operating Income	109.03	127.35	16.8 %
Net Income	101.02	119.51	18.3 %
Average Shares	25.00	25.00	-
EPS (Riyals)	4.04	4.78	18.3 %

The rise in net profit came as sales grew year-on-year (YoY) driven by the increase in the number of stores and the Hajj season during the current period.

Net profit slumped 22% YoY to SAR 55.5 million in Q2 2024 due to an increase in operating expenses on new branch openings.

On a quarter-on-quarter (QoQ) basis, Almajed Oud’s net profit slipped 13.4% from SAR 64.03 in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	243.19	257.04	5.7 %
Gross Income	162.37	172.39	6.2 %
Operating Income	73.81	58.96	(20.1 %)
Net Income	70.99	55.47	(21.9 %)
Average Shares	25.00	25.00	-
EPS (Riyals)	2.84	2.22	(21.9 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	256.08	257.04	0.4 %
Gross Income	172.51	172.39	(0.1 %)
Operating Income	68.39	58.96	(13.8 %)
Net Income	64.03	55.47	(13.4 %)
Average Shares	25.00	25.00	-
EPS (Riyals)	2.56	2.22	(13.4 %)

Shareholders’ equity, no minority interest, amounted to SAR 372.4 million as of June 30, 2024, compared to SAR 411.9 million a year earlier.

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