Aqaseem profit sinks 87% to SAR 1.3M in 2024; H2 losses at SAR 3.7M

Aqaseem Factory for Chemicals and Plastics Co. reported an 87% drop in the 2024 net profit to SAR 1.3 million from SAR 10.1 million a year earlier.

The profit decline is attributed to the increase in sales and marketing expenses to open new markets and regions to cover all parts of the Kingdom and abroad, in addition to the rise in the cost of sales and the cost of financing.

This came despite the increase in sales for 2024 to SAR 164.77 million compared to SAR 150.83 million in 2023, with a growth rate of 9%. This is due to the introduction of new products that contributed to increasing sales volume, in addition to increasing the sales of the subsidiary company and opening new markets inside and outside the Kingdom.

In H2 2024, the company turned to a net loss of SAR 3.7 million against a profit of SAR 4.37 million in the second half of 2023.

On a half-on-half basis, the company turned to a net loss against a profit of SAR 5.01 million in H1 2024.

Shareholders’ equity, no minority interest, reached SAR 52.31 million as of Dec. 31, 2024, up from SAR 55.97 million a year earlier.

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