Multi Business 2024 profit jumps 19% to SAR 20.6M; H2 at SAR 16.1M

02/02/2025 Argaam Exclusive

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Multi Business Group reported a 19% rise in net profit to SAR 20.6 million for 2024, compared to SAR 17.3 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	124.83	135.05	8.2 %
Gross Income	27.19	30.51	12.2 %
Operating Income	20.05	24.00	19.7 %
Net Income	17.26	20.55	19.1 %
Average Shares	11.28	12.24	8.5 %
Earnings Per Share before unusual items	1.53	1.68	9.7 %
EPS (Riyals)	1.53	1.68	9.7 %

The annual profit rise was spurred by an 8% increase year-on-year (YoY) in total revenue. Gross profit jumped 12% YoY on cost of sales control. On the other hand, general and administrative expenses (G&A) declined 8% YoY as the credit losses expected from contract assets fell.

Moreover, the company recorded a 45% drop YoY in finance costs due to reduced dependence on external debt and better liquidity.

However, Zakat expenses increased 161% YoY.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Revenues	83.32	81.91	(1.7 %)
Gross Income	20.38	20.52	0.7 %
Operating Income	18.10	18.27	0.9 %
Net Income	17.27	16.09	(6.9 %)
Average Shares	11.28	12.24	8.5 %
Earnings Per Share before unusual items	1.53	1.31	(14.2 %)
EPS (Riyals)	1.53	1.31	(14.2 %)

Item	H1 2024	H2 2024	Change‬
Revenues	53.14	81.91	54.1 %
Gross Income	9.99	20.52	105.5 %
Operating Income	5.74	18.27	218.5 %
Net Income	4.47	16.09	260.3 %
Average Shares	12.24	12.24	-
Earnings Per Share before unusual items	0.36	1.31	260.3 %
EPS (Riyals)	0.36	1.31	260.3 %

The second-half net profit declined 7% to SAR 16.1 million, from SAR 17.2 million in H2 2023.

Compared to H1 2024, net earnings skyrocketed 260.3% from SAR 4.47 million.

Shareholders’ equity, no minority interest, reached SAR 88.29 million as of Dec. 31, 2024, up from SAR 28.36 million a year earlier.

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