Al Hammadi earns SAR 181.9M in H1 2024, SAR 117.9M in Q2

04/08/2024 Argaam Exclusive

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Al Hammadi Holding Co. reported a net profit of SAR 181.9 million in H1 2024, compared with SAR 163.3 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	575.26	540.50	(6.0 %)
Gross Income	213.62	176.80	(17.2 %)
Operating Income	174.77	134.09	(23.3 %)
Net Income	163.27	181.91	11.4 %
Average Shares	160.00	160.00	-
EPS (Riyals)	1.02	1.14	11.4 %

This was driven primarily by non-recurring exceptional gains of SAR 55.27 million, resulting from the sale of a vacant land plot in the Al Riyan district, Riyadh, for SAR 124.6 million.

General, administrative, selling, and marketing expenses declined by 7.7% year-on-year (YoY) in the six-month period, reaching SAR 46.88 million.

Other income grew by SAR 4.29 million in H1 2024, compared with a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	276.66	263.46	(4.8 %)
Gross Income	93.42	85.74	(8.2 %)
Operating Income	87.53	65.93	(24.7 %)
Net Income	81.85	117.87	44.0 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.51	0.74	44.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	277.04	263.46	(4.9 %)
Gross Income	91.06	85.74	(5.8 %)
Operating Income	68.17	65.93	(3.3 %)
Net Income	64.04	117.87	84.1 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.40	0.74	84.1 %

In Q2 2024, net profit jumped 44% to SAR 117.9 million from SAR 81.85 million in Q2 2023, thanks to non-recurring gains of SAR 55.27 million, resulting from the sale of a vacant land plot in the Al Riyan district, Riyadh. In addition, net profit margin grew to 44.7% from 29.6% in Q2 2023.

The second-quarter net profit also leapt 84.1% from SAR 64.04 million in Q1 2024.

Shareholders’ equity, no minority interest, increased to SAR 1.91 billion as of June 30, 2024, from SAR 1.76 billion a year earlier.

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