Ash-Sharqiyah Development turns to profit of SAR 2.8M in H1 2024; Q2 at SAR 1.6M

06/08/2024 Argaam Exclusive

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Ash-Sharqiyah Development Co. turned to a net profit of SAR 2.8 million in H1 2024, against a net loss of SAR 2 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	0.00	12.48	1248100.0 %
Gross Income	0.00	0.64	64300.0 %
Operating Income	(1.96)	(4.06)	(107.5 %)
Net Income	(2.03)	2.78	236.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.07)	0.09	236.9 %

The positive performance came as the company started to realize operating profits from its wholly-owned subsidiary Sado Al Arab as of the last month of Q2 2024, in addition to the increase in deposit revenues year-on-year (YoY).

The company swung to a profit of SAR 1.6 million in Q2 2024, versus a loss of SAR 1.2 million a year ago.

On a sequential basis, net profit increased 33.3% from SAR 1.19 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	0.00	12.48	1248100.0 %
Gross Income	0.00	0.64	64300.0 %
Operating Income	(1.16)	(2.06)	(76.8 %)
Net Income	(1.22)	1.59	230.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.04)	0.05	230.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	0.00	12.48	1248100.0 %
Gross Income	0.00	0.64	64300.0 %
Operating Income	(2.00)	(2.06)	(2.7 %)
Net Income	1.19	1.59	33.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.04	0.05	33.3 %

Total shareholders’ equity, no minority interest, stood at SAR 368.63 million by the end of H1 2024, compared to SAR 358.31 million in the prior-year period.

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