Baazeem profit rises 3% to SAR 18.1M in 9M 2024; Q3 at SAR 5M

07/11/2024 Argaam Exclusive

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Baazeem Trading Co. reported a net profit of SAR 18.1 million for the first nine months of 2024, a rise of 3% from SAR 17.6 million in the same period last year.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	195.25	192.78	(1.3 %)
Gross Income	71.90	74.57	3.7 %
Operating Income	20.78	20.46	(1.6 %)
Net Income	17.56	18.13	3.2 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.17	0.18	3.2 %

Baazeem attributed the annual profit growth to improved cost of sales.

However, revenues fell 1% YoY to SAR 192.78 million, due to weak demand for some of the company’s categories in the first and second quarters of 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	60.46	64.79	7.2 %
Gross Income	20.24	23.17	14.5 %
Operating Income	4.90	5.90	20.5 %
Net Income	3.90	5.03	29.2 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.04	0.05	29.2 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	57.55	64.79	12.6 %
Gross Income	24.91	23.17	(7.0 %)
Operating Income	5.30	5.90	11.3 %
Net Income	4.57	5.03	10.0 %
Average Shares	101.25	101.25	-
EPS (Riyals)	0.05	0.05	10.0 %

In Q3 2024, net earnings leapt 29% to SAR 5 million, compared with SAR 3.90 million, driven by higher revenue for the three-month period.

On a quarterly basis, the bottom line also grew 10% from SAR 4.57 million in Q2 2024. This came as revenues increased sequentially as the company witnessed an uptick in sales of its newest brand.

Shareholders’ equity, no minority interest, reached SAR 193.96 million as of Sept. 30, 2024, up from SAR 189.72 million a year earlier.

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