Yaqeen Capital earns SAR 8.9M in H1 2024

08/08/2024 Argaam Exclusive

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Yaqeen Capital reported a profit fall to SAR 8.9 million in the first half of 2024, compared to SAR 37.8 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	38.92	39.96	2.7 %
Gross Income	16.08	18.34	14.1 %
Operating Income	8.66	12.64	46.0 %
Net Income	37.76	8.94	(76.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	2.52	0.60	(76.3 %)

This was due to the non-recurring transaction of selling a building owned by the company in June 2023. The company also posted an 82% fall in gain on investments at fair value through profit or loss on disposal of investment in the first six months of 2023.

However, this was offset by a 3% rise in operating income and a 9% decrease in operating expenses, which was mainly due to lower general and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	38.92	39.96	2.7 %
Gross Income	16.08	18.34	14.1 %
Operating Income	8.66	12.64	46.0 %
Net Income	37.76	8.94	(76.3 %)
Average Shares	15.00	15.00	-
EPS (Riyals)	2.52	0.60	(76.3 %)

Item	H2 2023	H1 2024	Change‬
Revenues	38.89	39.96	2.8 %
Gross Income	19.19	18.34	(4.4 %)
Operating Income	8.86	12.64	42.7 %
Net Income	0.47	8.94	1822.6 %
Average Shares	15.00	15.00	-
EPS (Riyals)	0.03	0.60	1822.6 %

Shareholders’ equity, no minority rights, rose to SAR 267.7 million as of June 30, 2024, compared to SAR 260.1 million a year earlier.

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