Financial Results : ARTEX cuts losses to SAR 12.4M in 9M 2024, SAR 4.8M in Q3

ARTEX cuts losses to SAR 12.4M in 9M 2024, SAR 4.8M in Q3

05/11/2024 Argaam Exclusive

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ARTEX Industrial Investment Co. narrowed net losses to SAR 12.4 million in the first nine months of 2024, from SAR 64.1 million a year earlier.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 381.49 408.13 7.0 %
Gross Income (18.91) 20.63 209.1 %
Operating Income (40.38) (0.15) 99.6 %
Net Income (64.06) (12.44) 80.6 %
Average Shares 81.25 81.25 -
EPS (Riyals) (0.79) (0.15) 80.6 %

The company attributed the positive results to a 7% year-on-year (YoY) rise in gross sales, as the local and export sales grew by 9% and 4% YoY, respectively.

 

Additionally, the ratio of the cost of sales to sales saw a decline. ARTEX recorded gains from the land sale of real estate investments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 117.69 125.11 6.3 %
Gross Income (9.45) 0.67 107.1 %
Operating Income (16.45) (6.52) 60.4 %
Net Income (24.30) (4.83) 80.1 %
Average Shares 81.25 81.25 -
EPS (Riyals) (0.30) (0.06) 80.1 %

In Q3 2024, ARTEX net losses declined by 80.1% to SAR 4.8 million, from SAR 24.3 million in Q3 2023 as sales jumped 6% YoY, with the local sales rising by 10%.

 

Net losses also shrank by 46.5% from SAR 9 million in the previous quarter on a 21% sequential increase in export sales, leading to a 4% rise in sales.

 

Total shareholders’ equity, after minority interest, decreased to SAR 1.18 billion as of Sept. 30, 2024, from SAR 1.21 billion a year earlier.

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