Al Hammadi 9M 2024 profit up 10% to SAR 261M, Q3 at SAR 79.1M

Al Hammadi Holding reported a net profit of SAR 261million in 9M 2024, a rise of 10% from SAR 238.1 million in the year-earlier period.

The company attributed the profit growth to an increase in net profit margin to 31.4% compared to 27.3% a year before.

It also cited recognition of non-recurring gains of SAR 55.27 million from the sale of a vacant land plot in Riyadh's Al Riyan district during the second quarter of 2024.

General and administrative expenses dropped by 13.5% year-on-year (YoY), resulting from the company's efforts to enhance operational efficiency and control spending.

In addition, other income grew by SAR 3.92 million compared to the same period of the previous year.

Finance income leapt SAR 3.93 million in the third quarter of 2024, reflecting an improvement in the company's cash balance during the period.

Q3 2024 net profit increased 6% to SAR 79.1 million, compared with SAR 74.87 million a year before, mainly due to the recognition of non-recurring gains from the sale of a land plot in Al Riyan district.

Sequentially, Q3 net profit fell 32.9% from SAR 117.87 million in Q2 2024.

Shareholders’ equity, no minority interest, increased to SAR 1.93 billion as of Sept. 30, 2024, from SAR 1.83 billion a year earlier.

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