ARTEX narrows H1 2024 net loss to SAR 7.6M; Q2 at SAR 9M

11/08/2024 Argaam Exclusive

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ARTEX Industrial Investment Co. trimmed its H1 2024 net loss to SAR 7.6 million, from SAR 39.8 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	263.80	283.02	7.3 %
Gross Income	(9.46)	19.96	311.1 %
Operating Income	(26.88)	0.64	102.4 %
Net Income	(39.76)	(7.60)	80.9 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.49)	(0.09)	80.9 %

The company reported a net loss of SAR 9 million for Q2 2024, compared to SAR 19.76 million in Q2 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	123.53	120.44	(2.5 %)
Gross Income	(4.62)	0.99	121.3 %
Operating Income	(13.95)	(4.92)	64.7 %
Net Income	(19.76)	(9.04)	54.3 %
Average Shares	81.25	81.25	-
EPS (Riyals)	(0.24)	(0.11)	54.3 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	162.57	120.44	(25.9 %)
Gross Income	18.98	0.99	(94.8 %)
Operating Income	8.42	(4.92)	(158.4 %)
Net Income	1.43	(9.04)	(730.1 %)
Average Shares	81.25	81.25	-
EPS (Riyals)	0.02	(0.11)	(730.1 %)

On a quarterly basis, ARTEX turned to a loss in Q2 2024, from a net profit of SAR 1.43 million in Q1 2024.

Total shareholders’ equity, no minority interest, fell to SAR 1.19 billion by June 30, 2024, compared to SAR 1.24 billion a year ago.

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