Financial Results : Mufeed profit down 41% to SAR 34.6M in 2024; H2 at SAR 16.3M

Mufeed profit down 41% to SAR 34.6M in 2024; H2 at SAR 16.3M

16/03/2025 Argaam Exclusive

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Mufeed Co. reported a bottom line of SAR 34.6 million in 2024, down 41% compared to SAR 58.3 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 178.94 165.57 (7.5 %)
Gross Income 83.08 54.88 (33.9 %)
Operating Income 60.91 32.82 (46.1 %)
Net Income 58.26 34.59 (40.6 %)
Average Shares 6.00 6.06 1.0 %
Earnings Per Share before unusual items (Riyals) 9.71 5.13 (47.2 %)
EPS (Riyals) 9.71 5.71 (41.2 %)

The annual profit decline was attributed to the 7.5% year-on-year (YoY) revenue slump due to the decrease in revenues from screens and advertising, even as events and exhibitions topline continued to grow.

 

Meanwhile, there was an increase in general and administrative expenses, financing costs and Zakat.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 79.04 88.95 12.5 %
Gross Income 42.18 25.78 (38.9 %)
Operating Income 27.94 16.30 (41.7 %)
Net Income 26.09 16.32 (37.5 %)
Average Shares 6.00 6.06 1.0 %
Earnings Per Share before unusual items (Riyals) 4.35 2.69 (38.1 %)
EPS (Riyals) 4.35 2.69 (38.1 %)

In H2 2024, net profit fell 38% to SAR 16.3 million from SAR 26.1 million in H2 2023.

 

Sequentially, H2 2024 profit dropped 10.7% from SAR 18.27 million in H1 2024.

 

Shareholders' equity, with no minority interest, amounted to SAR 129.91 million by the end of Dec. 31, 2024, compared to SAR 84.48 million in the prior-year period.

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