Financial Results : ITMAM profit rises 16% to SAR 20.3M in 2024; H2 at SAR 13.7M

ITMAM profit rises 16% to SAR 20.3M in 2024; H2 at SAR 13.7M

03/03/2025 Argaam Exclusive

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ITMAM Consulting Co. reported a net profit of SAR 20.3 million in 2024, up 16% from SAR 17.5 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 78.80 68.70 (12.8 %)
Gross Income 24.40 30.76 26.1 %
Operating Income 18.68 22.12 18.4 %
Net Income 17.49 20.30 16.1 %
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyals) 0.87 1.02 16.1 %
EPS (Riyals) 0.87 1.02 16.1 %

The profit increase is primarily due to improved operational efficiency and a reduction in cost of revenue.

 

This was partially offset by a 12.8% decline in revenues to SAR 68.69 million from SAR 78.79 million in the previous year, mainly due to focusing on higher-profitability projects by management.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 42.34 40.98 (3.2 %)
Gross Income 16.26 17.70 8.8 %
Operating Income 14.28 13.50 (5.5 %)
Net Income 13.35 13.65 2.3 %
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyals) 0.67 0.68 2.3 %
EPS (Riyals) 0.67 0.68 2.3 %

Net earnings for H2 2024 rose 2% to SAR 13.7 million, compared to SAR 13.35 million a year before.

 

Compared with H1 2024, H2 net earnings doubled from SAR 6.65 million.

 

Shareholders’ equity, with no minority interest, stood at SAR 68.71 million at the end of 2024, from SAR 48.65 million a year before.

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