Horizon Food profit jumps 70% to SAR 4.4M in H1 2024

22/08/2024 Argaam Exclusive

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Horizon Food Co. posted a net profit of SAR 4.4 million in H1 2024, a 70% increase from SAR 2.6 million a year earlier, as revenue rose on higher sales.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	26.33	30.13	14.4 %
Gross Income	7.88	9.40	19.3 %
Operating Income	2.67	4.50	68.4 %
Net Income	2.61	4.44	70.1 %
Average Shares	8.00	8.00	-
EPS (Riyals)	0.33	0.55	70.1 %

The company also noted a decrease in operating costs and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	26.33	30.13	14.4 %
Gross Income	7.88	9.40	19.3 %
Operating Income	2.67	4.50	68.4 %
Net Income	2.61	4.44	70.1 %
Average Shares	8.00	8.00	-
EPS (Riyals)	0.33	0.55	70.1 %

Item	H2 2023	H1 2024	Change‬
Revenues	28.79	30.13	4.7 %
Gross Income	8.59	9.40	9.4 %
Operating Income	4.31	4.50	4.3 %
Net Income	6.64	4.44	(33.1 %)
Average Shares	8.00	8.00	-
EPS (Riyals)	0.83	0.55	(33.1 %)

Shareholders’ equity, excluding minority interest, stood at SAR 106.79 million as of June 30, 2024, compared to SAR 95.66 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	22.11	3.62	1.17
H2 2021	31.64	6.55	0.82
H1 2022	35.70	4.68	0.59
H2 2022	30.95	4.21	0.53
H1 2023	26.33	2.61	0.33
H2 2023	28.78	6.64	0.83
H1 2024	30.12	4.44	0.55

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