Financial Results : Shmoh Almadi H1 2024 net profit down 44% to SAR 5.2M

Shmoh Almadi H1 2024 net profit down 44% to SAR 5.2M

05/12/2024 Argaam Exclusive

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Shmoh Almadi Co., which is in the process of listing its shares on the Nomu-Parallel Market, posted a net profit of SAR 5.2 million for H1 2024, a decline of 44% from SAR 9.2 million.

The profit decline was attributed to a decrease in revenues to SAR 64.9 million in H1 2024, compared to SAR 71.9 million a year earlier. In addition, the operating profit margin fell to 9% from 14% in H1 2023, due to an increase in operating expenses amid rise in administrative and marketing costs.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) fell to SAR 9.7 million in H1 2024, from SAR 13.5 million in the same period last year. However, this was partially offset by a higher profit margin, which rose to 38% from 37% a year earlier, and lower Zakat expenses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 71.91 64.94 (9.7 %)
Gross Income 26.82 24.92 (7.1 %)
Operating Income 10.13 5.90 (41.8 %)
Net Income 9.21 5.17 (43.8 %)
Average Shares 8.00 8.00 -
Earnings Per Share before unusual items (Riyals) 1.15 0.65 (43.8 %)
EPS (Riyals) 1.15 0.65 (43.8 %)

Shareholders' equity, no minority rights, fell to SAR 44.69 million by the end of H1 2024, compared to SAR 54.49 million a year earlier.

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