Al Majed Oud’s profit up 23% to SAR 141.9M in 9M 2024; Q3 at SAR 22.4M

03/11/2024 Argaam Exclusive

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Al Majed Oud Co.’s net profit jumped 23% to SAR 141.9 million in the first nine months of 2024, from SAR 115.1 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	544.80	683.74	25.5 %
Gross Income	366.40	462.80	26.3 %
Operating Income	125.04	155.40	24.3 %
Net Income	115.10	141.93	23.3 %
Average Shares	25.00	25.00	-
EPS (Riyals)	4.60	5.68	23.3 %

The nine-month earnings were buoyed by the great success in the performance of the branches that were opened in 2023, which contributed significantly to the increase in sales for the current period of 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	120.99	170.62	41.0 %
Gross Income	87.88	117.90	34.2 %
Operating Income	16.02	28.05	75.1 %
Net Income	14.07	22.42	59.3 %
Average Shares	25.00	25.00	-
EPS (Riyals)	0.56	0.90	59.3 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	257.04	170.62	(33.6 %)
Gross Income	172.39	117.90	(31.6 %)
Operating Income	58.96	28.05	(52.4 %)
Net Income	55.47	22.42	(59.6 %)
Average Shares	25.00	25.00	-
EPS (Riyals)	2.22	0.90	(59.6 %)

The third-quarter net profit climbed 59% to SAR 22.4 million, from SAR 14 million in Q3 2023, thanks to better sales due to increased number of stores and improved operational performance.

Compared to Q2 2024, net earnings fell 59.6% from SAR 55.4 million hurt by a decline in sales due to seasonal factors, such as the Hajj season and Eid holidays.

Shareholders’ equity, after minority interest, stood at SAR 444.29 million as of Sept. 30, 2024, up from SAR 392.98 million a year earlier.

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