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 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	290.59	322.79	11.1 %
Gross Income	96.05	109.60	14.1 %
Operating Income	81.92	78.64	(4.0 %)
Net Income	79.13	77.76	(1.7 %)
Average Shares	160.00	160.00	-
Earnings Per Share before unusual items (Riyals)	0.49	0.49	(1.7 %)
EPS (Riyals)	0.49	0.49	(1.7 %)

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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