Al Kathiri’s profit down 37% to SAR 2M in 9M 2024; Q3 at SAR 1.6M

06/11/2024 Argaam Exclusive

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Al Kathiri Holding Co. reported a net profit of SAR 2 million for the first nine months of 2024, a decline of 37% from SAR 3.2 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	94.79	142.78	50.6 %
Gross Income	21.38	20.00	(6.5 %)
Operating Income	8.19	9.46	15.6 %
Net Income	3.23	2.03	(37.2 %)
Average Shares	226.04	226.04	-
EPS (Halala)	1.43	0.90	(37.2 %)

The profit drop was attributed to the higher cost of revenues and funding expenses.

This was partially offset by the growth in revenues of contracting, ready-mix concrete and cement segments, where the revenues of current period reached SAR 142 million, with a growth rate of 50%, compared to the same period of the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	30.00	54.68	82.3 %
Gross Income	8.48	7.38	(13.0 %)
Operating Income	3.27	4.17	27.4 %
Net Income	1.03	1.55	50.5 %
Average Shares	226.04	226.04	-
EPS (Halala)	0.46	0.69	50.5 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	42.46	54.68	28.8 %
Gross Income	6.76	7.38	9.1 %
Operating Income	2.66	4.17	56.6 %
Net Income	0.23	1.55	564.4 %
Average Shares	226.04	226.04	-
EPS (Halala)	0.10	0.69	564.4 %

Q3 2024 net earnings rose 50.5% YoY to SAR 1.55 million from SAR 1.03 million in Q3 2023, driven by higher sales revenue.

Sequentially, net profit surged 564.4% from SAR 230,000.

Total shareholders’ equity, after minority interest, stood at SAR 133.1 million by Sept. 30, 2024, compared to SAR 138.4 million in the prior-year period.

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