Financial Results : Al Arabia Q1 2024 profit rises 11% to SAR 100.8M

Al Arabia Q1 2024 profit rises 11% to SAR 100.8M

19/05/2024 Argaam Exclusive

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Arabian Contracting Services Co. (Al Arabia) reported a net profit rise of 11% to SAR 100.8 million in Q1 2024, compared to SAR 90.8 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 312.37 439.07 40.6 %
Gross Income 143.56 203.54 41.8 %
Operating Income 114.72 158.96 38.6 %
Net Income 90.82 100.82 11.0 %
Average Shares 50.00 50.00 -
EPS (Riyals) 1.82 2.02 11.0 %

Revenues from both outdoor and indoor advertisements sectors rose by 39% and 92%, respectively, due to operating the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Co. This is in addition to implementing several advertising campaigns related to seasonal activities and events such as the holy month of Ramadan, Saudi Foundation Day, and completing the Riyadh calendar activities during the quarter.

 

Digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums also contributed to expanding advertising spaces and increasing the capacity to accommodate a larger segment of campaigns and advertisers.

 

Operating profits jumped by 39% year-on-year (YoY) to SAR 159 million in Q1 2024.

 

Q1 2024 net earnings leapt 26.9% from SAR 79.44 million in Q4 2023 as topline grew by 19% quarter-on-quarter (QoQ). Operating profits also increased 20% QoQ.

 

Total shareholders' equity, after minority interest, reached SAR 1.21 billion at the end of Q1 2024, up from SAR 906.36 million a year earlier.

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