Financial Results : Al-Fakhera H1 2024 profit down 33% to SAR 8.5M

Al-Fakhera H1 2024 profit down 33% to SAR 8.5M

13/10/2024 Argaam Exclusive

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Al-Fakhera Men's Tailoring Co., which is in the process of listing on the Nomu-Parallel Market, posted a SAR 8.5 million net profit for H1 2024, a decline of 33% from SAR 12.8 million a year ago.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 51.14 54.53 6.6 %
Gross Income 29.45 30.97 5.2 %
Operating Income 13.65 9.88 (27.6 %)
Net Income 12.79 8.54 (33.2 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.43 0.28 (33.2 %)

The profit decline was driven by a fall in gross profit margin to 57% in H1 2024 from 58% in H1 2023, as the cost-to-revenue ratio increased to 43%. Additionally, the company reported reduced operating profit margins, lower earnings before interest, taxes, depreciation and amortization (EBITDA).

 

The net profit margin also fell to 16% in H1 2024 from 25% a year earlier. Financing costs rose to SAR 1.4 million in the first six months of the year, compared to SAR 848,000 in H1 2023.

 

Despite these challenges, revenues for H1 2024 rose by 6.6% year-on-year (YoY), driven by higher sales of fabric and supplies.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 51.14 54.53 6.6 %
Gross Income 29.45 30.97 5.2 %
Operating Income 13.65 9.88 (27.6 %)
Net Income 12.79 8.54 (33.2 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.43 0.28 (33.2 %)

Shareholders' equity, no minority interest, fell to SAR 46.3 million by the end of H1 2024, compared to SAR 50.7 million in the same period a year earlier.

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