Multi Business Group logs SAR 4.5M net profit in H1 2024

21/10/2024 Argaam Exclusive

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Multi Business Group (MBG), poised for listing on the Nomu-Parallel Market, posted SAR 4.5 million in net profit for H1 2024, against SAR 10,200 net losses in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	41.51	53.14	28.0 %
Gross Income	6.81	9.99	46.7 %
Operating Income	1.95	5.74	193.6 %
Net Income	(0.01)	4.47	43878.4 %
Average Shares	12.00	12.00	-
EPS (Riyals)	0.00	0.37	43878.4 %

The company ascribed the six-month profit-making to a rise in revenues from the contracting and construction segments, as well as higher gross and operating profit margins. This was coupled with lower general and administrative expenses, the company said in a statement to Tadawul today, Oct. 21.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	41.51	53.14	28.0 %
Gross Income	6.81	9.99	46.7 %
Operating Income	1.95	5.74	193.6 %
Net Income	(0.01)	4.47	43878.4 %
Average Shares	12.00	12.00	-
EPS (Riyals)	0.00	0.37	43878.4 %

Item	H2 2023	H1 2024	Change‬
Revenues	83.32	53.14	(36.2 %)
Gross Income	21.22	9.99	(52.9 %)
Operating Income	18.10	5.74	(68.3 %)
Net Income	17.27	4.47	(74.1 %)
Average Shares	12.00	12.00	-
EPS (Riyals)	1.44	0.37	(74.1 %)

Shareholders' equity (no minority interest) amounted to SAR 30.88 million in H1 2024, compared to SAR 11.03 million in H1 2023.

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