Financial Results : Al Hammadi profit rises 12% to SAR 338.8M in 2024; Q4 at SAR 77.8M

Al Hammadi profit rises 12% to SAR 338.8M in 2024; Q4 at SAR 77.8M

02/03/2025 Argaam Exclusive

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Al Hammadi Holding Co.’s net profit jumped 12% to SAR 338.8 million in 2024, compared to SAR 303.3 million in the year before.



Financials (M)

Item 2023 2024 Change‬
Revenues 1,176.76 1,153.88 (1.9 %)
Gross Income 433.14 382.45 (11.7 %)
Operating Income 342.57 365.63 6.7 %
Net Income 303.33 338.80 11.7 %
Average Shares 160.00 160.00 -
Earnings Per Share before unusual items (Riyals) 1.86 1.77 (4.5 %)
EPS (Riyals) 1.90 2.12 11.7 %

The profit growth was due to realizing non-recurring gains of SAR 55.27 million from the sale of a vacant land plot in Al Rayan district of Riyadh during Q2 2024.

 

Selling and marketing expenses decreased from SAR 9.26 million in 2023 to SAR 4.19 million in 2024 on lower sales from the subsidiary company.

 

Financing income amounted to SAR 6.14 million during 2024, reflecting an increase in the company's cash balance during the year and improved collection efficiency.

 

The share of profits from the associate company increased to SAR 6.72 million, compared to SAR 4.18 million in the previous year.

 

The Zakat expense for 2024 decreased to SAR 15.88 million from SAR 17.62 million in 2023. This is due to a decrease in the estimated Zakat base for the current year.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 303.68 322.79 6.3 %
Gross Income 106.44 109.60 3.0 %
Operating Income 71.04 78.64 10.7 %
Net Income 65.19 77.76 19.3 %
Average Shares 160.00 160.00 -
Earnings Per Share before unusual items (Riyals) 0.37 0.49 32.4 %
EPS (Riyals) 0.41 0.49 19.3 %

In Q4 2024, the company’s bottom line grew by 19% to SAR 77.8 million, compared to SAR 65.2 million in the year-ago period.

 

On a quarterly basis, net income fell 1.7% from SAR 79.13 million in the third quarter of 2024.

 

Total shareholders’ equity, no minority interest, grew to SAR 1.96 billion by the end of Dec. 31, 2024, from SAR 1.84 billion in the year-earlier period.

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