Al Kathiri’s profit dives 79% to SAR 472,000 in H1 2024; Q2 at SAR 238,000

08/08/2024 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit slump of 79% to SAR 472,000 in H1 2024, from SAR 2.2 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	64.78	88.10	36.0 %
Gross Income	12.89	12.62	(2.1 %)
Operating Income	4.91	5.30	7.8 %
Net Income	2.20	0.48	(78.4 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.97	0.21	(78.4 %)

The profit fall was attributed to higher selling and distribution expenses, as well as financing costs (FCs) despite better sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	32.67	42.46	30.0 %
Gross Income	7.29	6.76	(7.2 %)
Operating Income	2.47	2.66	7.6 %
Net Income	0.64	0.23	(63.5 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.28	0.10	(63.5 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	45.64	42.46	(7.0 %)
Gross Income	5.85	6.76	15.5 %
Operating Income	2.64	2.66	0.9 %
Net Income	0.24	0.23	(3.6 %)
Average Shares	226.04	226.04	-
EPS (Halala)	0.11	0.10	(3.6 %)

In Q2 2024, net earnings dived 64% to SAR 240,000, from 670,000 in the second quarter of 2023 on increased selling and distribution expenses, as well as FCs.

On the other hand, cement and readymix concrete sales saw growth.

Shareholders’ equity, after minority rights, reached SAR 131.50 million as of June 30, 2024, compared to SAR 137.41 million a year earlier.

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