Baazeem H1 2024 net profit down 4% to SAR 13.1M; Q2 at SAR 4.6M

06/08/2024 Argaam Exclusive

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Baazeem Trading Co. posted SAR 13.1 million in net profit for H1 2024, down 4% from SAR 13.7 million in the same period a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	134.79	127.98	(5.1 %)
Gross Income	51.66	51.40	(0.5 %)
Operating Income	15.88	14.56	(8.3 %)
Net Income	13.66	13.10	(4.1 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.13	0.13	(4.1 %)

The annual profit slump was attributed to the 5.05% topline drop to SAR 127.98 million by the end of the first half of this year, versus SAR 134.92 million in H1 2023 amid weaker demand for some of the company’s product categories.

Q2 2024 net profit amounted to SAR 4.6 million, down 3% from SAR 4.72 million.

On a quarterly basis, Baazeem’s bottom line shed 46.3% from SAR 8.52 million in the first quarter of 2023, when sales soared amid the Ramadan seasonality.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	59.35	57.55	(3.0 %)
Gross Income	24.93	24.91	(0.1 %)
Operating Income	5.75	5.30	(7.9 %)
Net Income	4.72	4.57	(3.1 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.05	(3.1 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	70.43	57.55	(18.3 %)
Gross Income	26.49	24.91	(5.9 %)
Operating Income	9.26	5.30	(42.8 %)
Net Income	8.52	4.57	(46.3 %)
Average Shares	101.25	101.25	-
EPS (Riyals)	0.08	0.05	(46.3 %)

Shareholders' equity (no minority interest) expanded to SAR 196.01 million, compared to SAR 192.90 million in the prior-year period.

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