Digital Research H1 2024 earnings fall 7% to SAR 3.2M

04/11/2024 Argaam Exclusive

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Digital Research Co., which is set to list its shares on the Nomu-Parallel Market, posted net earnings of SAR 3.2 million for H1 2024, down 7% from SAR 3.4 million a year before.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	22.61	27.73	22.6 %
Gross Income	8.37	10.54	25.9 %
Operating Income	3.65	4.01	9.9 %
Net Income	3.41	3.19	(6.5 %)
Average Shares	1.50	1.50	-
EPS (Riyals)	2.28	2.13	(6.5 %)

Operating profit margin declined to 14% in the six-month period from 16% a year before, due to higher administrative and marketing expenses.

In addition, net profit margin dropped to 12% from 15% in H1 2023.

The company also cited a rise in financing costs and Zakat provision.

However, revenues leapt 23% year-on-year (YoY), supported by a 16% increase in revenues from research and advisory services and a 54% surge in financial analysis revenues.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	22.61	27.73	22.6 %
Gross Income	8.37	10.54	25.9 %
Operating Income	3.65	4.01	9.9 %
Net Income	3.41	3.19	(6.5 %)
Average Shares	1.50	1.50	-
EPS (Riyals)	2.28	2.13	(6.5 %)

Item	H2 2023	H1 2024	Change‬
Revenues	31.68	27.73	(12.5 %)
Gross Income	13.21	10.54	(20.2 %)
Operating Income	8.20	4.01	(51.1 %)
Net Income	7.12	3.19	(55.2 %)
Average Shares	1.50	1.50	-
EPS (Riyals)	4.75	2.13	(55.2 %)

Total shareholders' equity, no minority interest, reached SAR 20.51 million by the end of H1 2024, compared with SAR 14.06 million a year earlier.

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