Entaj posts 56% profit leap in 9M 2024 to SAR 33.4M; Q3 at SAR 4.4M

Arabian Co. for Agricultural and Industrial Investments (Entaj), set to be listed on the Main Market (TASI), reported net earnings of SAR 33.4 million for the first nine months of 2024, leaping 56% compared with SAR 21.4 million a year earlier.

Revenues increased 17.3% year-on-year (YoY) to SAR 928.5 million, driven by higher poultry and table egg sales.

Operating profit margin increased to 5.8% in the nine-month period, compared to 3.9% a year before. Other revenues also rose from SAR 1.8 million to SAR 7.1 million. In addition, financial revenues reached SAR 1.8 million, compared to none for the same period last year.

Net profit margin increased from 2.7% to 3.6% in 9M 2024.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to SAR 103.2 million, compared to SAR 61.3 million in the same period of 2023.

Meanwhile, credit loss provision increased to SAR 11.6 million from SAR 3.5 million a year earlier.

Finance costs rose also to SAR 22.5 million from SAR 12.7 million.

The company posted a 42% fall in Q3 2024 net earnings to SAR 4.4 million from SAR 7.56 million in Q3 2023.

Total shareholders' equity, no minority interest reached SAR 468.1 million as of Sept. 30, 2024, up from SAR 145.9 million a year before.