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.
| 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.
| 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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