Alsaif Gallery 2024 profit falls 62% to SAR 37.5M; Q4 at SAR 2.6M on one-off

Alsaif Gallery 2024 profit falls 62% to SAR 37.5M; Q4 at SAR 2.6M on one-off

12/03/2025 Argaam Exclusive

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AlSaif Stores for Development and Investment Co. (Alsaif Gallery) reported a net profit of SAR 37.5 million in 2024, down 62% compared to SAR 98.2 million in the year-earlier period.



Financials (M)

Item 2023 2024 Change‬
Revenues 719.78 731.55 1.6 %
Gross Income 210.42 145.67 (30.8 %)
Operating Income 94.13 13.47 (85.7 %)
Net Income 98.19 37.54 (61.8 %)
Average Shares 350.00 350.00 -
Earnings Per Share before unusual items 0.28 (0.02) (105.6 %)
EPS (Riyals) 0.28 0.11 (61.8 %)

The profit decline is attributed to higher cost of goods sold, impact of exceptional promotional offers and a rise in financing interest expenses.

 

Meanwhile, sales rose by 1.6% driven by an increase in promotional sales.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 192.73 147.28 (23.6 %)
Gross Income 53.28 2.77 (94.8 %)
Operating Income 16.49 (34.37) (308.4 %)
Net Income 17.09 2.55 (85.1 %)
Average Shares 350.00 350.00 -
Earnings Per Share before unusual items 0.05 (0.12) (336.7 %)
EPS (Riyals) 0.05 0.01 (85.1 %)

Q4 2024 net profit dropped 85% to SAR 2.6 million from SAR 17.09 million a year earlier.

 

Compared with Q3 2024, net earnings fell 70.5% from SAR 8.62 million.

 

Total shareholders’ equity, no minority interest, increased to SAR 439.21 million by the end of 2024 from SAR 402.55 million a year earlier.

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