Ash-Sharqiyah Development turns profitable with SAR 8.8M in 9M 2024; Q3 at SAR 6M on acquisition profit

27/11/2024 Argaam Exclusive

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Ash-Sharqiyah Development Co. reported a net profit of SAR 8.8 million for the first nine months of 2024, compared to a net loss of SAR 1.9 million in the same period last year.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	0.00	51.53	51525700.0 %
Gross Income	0.00	3.96	395970.0 %
Operating Income	(4.62)	(6.72)	(45.4 %)
Net Income	(1.86)	8.78	573.0 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.06)	0.29	573.0 %

The company attributed the turnaround to operating profits generated by its fully owned subsidiary, SADU Al Arab, starting from the last month of Q2 2024. Additionally, higher deposit revenues and profits from a subsidiary’s acquisition of another company contributed to the improved performance.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	0.00	39.04	3904300.0 %
Gross Income	0.00	3.32	331590.0 %
Operating Income	(2.67)	(2.67)	0.1 %
Net Income	0.18	6.00	3309.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.01	0.20	3309.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	12.48	39.04	212.8 %
Gross Income	0.64	3.32	415.0 %
Operating Income	(2.06)	(2.67)	(29.6 %)
Net Income	1.59	6.00	277.4 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.05	0.20	277.4 %

The company’s profit skyrocketed to SAR 6 million in Q3 2024, from SAR 180,000 a year ago.

On a sequential basis, net profit increased 277% from SAR 1.59 million in Q2 2024.

Total shareholders’ equity, no minority interest, stood at SAR 374.6 million by the end of 9M 2024, compared to SAR 358.48 million in the prior-year period.

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