Financial Results : National Building H1 2024 profit dips 41% to SAR 15.4M

National Building H1 2024 profit dips 41% to SAR 15.4M

28/08/2024 Argaam Exclusive

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National Building and Marketing Co.’s net profit (excluding minority interest) dropped to SAR 15.4 million in the first half of 2024, down 41% from SAR 26.2 million in the year before.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 316.46 345.86 9.3 %
Gross Income 42.00 52.14 24.1 %
Operating Income 32.50 40.89 25.8 %
Net Income 26.24 15.38 (41.4 %)
Average Shares 12.00 12.00 -
EPS (Riyals) 2.19 1.28 (41.4 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 316.46 345.86 9.3 %
Gross Income 42.00 52.14 24.1 %
Operating Income 32.50 40.89 25.8 %
Net Income 26.24 15.38 (41.4 %)
Average Shares 12.00 12.00 -
EPS (Riyals) 2.19 1.28 (41.4 %)

This earnings decline was mainly due to a 39.29% year-on-year (YoY) rise in financing costs in the first six months of the year.

 

However, sales in the iron, billet, and reinforcement segments improved by 12.43% YoY in the same period.

 

Shareholders’ equity, after minority interest, reached SAR 311.21 million as of June 30, 2024, compared to SAR 291.45 million a year earlier.

 

Historical Data

Period

Revenues

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

298.03

25.09

2.09

H2 2021

380.39

48.31

4.03

H1 2022

320.75

32.65

2.72

H2 2022

331.44

6.09

0.51

H1 2023

316.46

26.24

2.19

H2 2023

384.15

4.37

0.36

H1 2024

345.86

15.24

1.27

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