Financial Results : Mufeed profit down 43% to SAR 18.3M in H1 2024

Mufeed profit down 43% to SAR 18.3M in H1 2024

13/10/2024 Argaam Exclusive

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Mufeed Co., on track to list on the Nomu-Parallel Market, reported a bottom line of SAR 18.3 million in H1 2024, compared to SAR 32.2 million during the same period in 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 99.91 76.62 (23.3 %)
Gross Income 40.90 29.09 (28.9 %)
Operating Income 32.96 16.53 (49.9 %)
Net Income 32.17 18.27 (43.2 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 5.36 3.05 (43.2 %)

The annual profit decline was attributed to the 23% year-on-year (YoY) revenue slump to SAR 23.3 million in the first six months of this year. This came due to a significant drop in revenues from government and quasi-government customers of 37.7% from SAR 92.2 million in H1 2023 to SAR 57.5 million in H1 2024.

 

Moreover, the gross profit margin decreased to 38% in the current period, compared to 41% in the corresponding period last year, resulting from an increase in the cost of sales ratio.

 

The operating profit margin also plunged to 22% in the first half of this year, from 33% in H1 2023. This was due to a 45% YoY uptick in general and administrative expenses, besides allocating a provision for bad debts of SAR 1.4 million, compared to SAR 243,000 in the corresponding period of the previous year.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 99.91 76.62 (23.3 %)
Gross Income 40.90 29.09 (28.9 %)
Operating Income 32.96 16.53 (49.9 %)
Net Income 32.17 18.27 (43.2 %)
Average Shares 6.00 6.00 -
EPS (Riyals) 5.36 3.05 (43.2 %)

Shareholders' equity, with no minority interest, amounted to SAR 102.75 million by the end of June 30, 2024, compared to SAR 73.05 million in the prior-year period.

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