Al-Omran narrows 9M 2024 loss to SAR 1.8M; Q3 at SAR 941,000

06/11/2024 Argaam Exclusive

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Al-Omran Industrial Trading Co. logged SAR 1.8 million in net loss for the first nine months of 2024, compared to SAR 6.9 million incurred in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	109.63	118.29	7.9 %
Gross Income	16.56	19.79	19.5 %
Operating Income	(1.23)	0.43	134.5 %
Net Income	(6.91)	(1.82)	73.6 %
Average Shares	6.00	12.00	100.0 %
EPS (Riyals)	(1.15)	(0.15)	86.8 %

The improved results year-on-year (YoY) were driven by an 8% increase in revenues compared to the same period a year earlier, in addition to adding new customers and opening new markets, the company said in a statement to Tadawul.

In Q3 2024, Al-Omran cut net losses to SAR 941,000 from SAR 2.7 million in Q3 2023 as financing costs dropped by 51% YoY.

Losses also decreased from SAR 1 million in Q2 2024, thanks to a 9% rise quarter-on-quarter (QoQ) in revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	39.24	36.76	(6.3 %)
Gross Income	6.83	6.46	(5.3 %)
Operating Income	0.10	0.00	(99.7 %)
Net Income	(2.75)	(0.94)	65.8 %
Average Shares	6.00	12.00	100.0 %
EPS (Riyals)	(0.46)	(0.08)	82.9 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	33.61	36.76	9.4 %
Gross Income	6.04	6.46	7.0 %
Operating Income	(0.54)	0.00	100.1 %
Net Income	(1.01)	(0.94)	6.6 %
Average Shares	12.00	12.00	-
EPS (Riyals)	(0.08)	(0.08)	6.6 %

Shareholders’ equity (after minority interest) amounted to SAR 156.200 million as of Sept. 30, 2024, compared to SAR 107.93 million in the same period a year earlier.

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