Arabica Star H1 2024 net profit rises to SAR 1.7M

30/10/2024 Argaam Exclusive

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Arabica Star Co., which is in the process of an initial public offering on the Nomu-Parallel Market, posted SAR 1.7 million in net profit for H1 2024, up from SAR 67,000 in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	29.36	28.03	(4.5 %)
Gross Income	4.04	6.61	63.8 %
Operating Income	1.52	2.79	83.3 %
Net Income	0.07	1.71	2439.0 %
Average Shares	1.10	1.10	-
EPS (Riyals)	0.06	1.55	2439.0 %

The six-month profit rise was driven by the annual increase in the gross profit margin to 24%, coupled with the lower cost of revenue, as well as a decrease in financing costs and other revenues.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	29.36	28.03	(4.5 %)
Gross Income	4.04	6.61	63.8 %
Operating Income	1.52	2.79	83.3 %
Net Income	0.07	1.71	2439.0 %
Average Shares	1.10	1.10	-
EPS (Riyals)	0.06	1.55	2439.0 %

Shareholders’ equity (no minority interest) amounted to SR 21.8 million in H1 2024, compared to SAR 15.2 million in H1 2023.

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