Thob Al Aseel 9M 2024 profit up 11% to SAR 72.3M; Q3 at SAR 5.6M

Thob Al Aseel 9M 2024 profit up 11% to SAR 72.3M; Q3 at SAR 5.6M

24/10/2024 Argaam Exclusive

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Thob Al Aseel Co. reported an 11% rise in net profit to SAR 72.3 million for the first nine months of 2024, compared to SAR 65.4 million a year ago.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 426.71 406.16 (4.8 %)
Gross Income 170.00 165.10 (2.9 %)
Operating Income 81.08 84.86 4.7 %
Net Income 65.44 72.31 10.5 %
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items 0.16 0.18 10.5 %
EPS (Riyals) 0.16 0.18 10.5 %

The profit increase is driven by lower provision for credit losses during the current period due to improved collection rates. This came despite a decline in sales volume due to the credit policy update.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 73.13 78.56 7.4 %
Gross Income 33.76 31.83 (5.7 %)
Operating Income 10.41 9.83 (5.6 %)
Net Income 5.16 5.59 8.4 %
Average Shares 400.00 400.00 -
Earnings Per Share before unusual items 0.01 0.01 8.4 %
EPS (Riyals) 0.01 0.01 8.4 %

The third-quarter net profit grew 8% to SAR 5.6 million from SAR 5.16 million in Q3 2023.

 

Sequentially, the Q3 bottom line dropped 79% from SAR 26.67 million in Q2 2024, attributed to lower sales resulting from seasonality of activity.

 

Shareholders’ equity, no minority interest, stood at SAR 581.7 million by the end of Sept. 30, 2024, compared to SAR 573.3 million in the year-earlier period.

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