Saudi firms announce 2024 financial results amid Eid trading break

02/04/2025 03:44 AST

Multiple companies have released their financial results for 2024 despite the Saudi market remaining closed for trading due to the Eid Al-Fitr holiday, which lasts until April 2.

Red Sea International Co. reported a turnaround in profitability, announcing a net profit of SR4 million ($1.07 million), compared to a net loss of SR23.1 million in 2023.

In a statement on Tadawul, the organization attributed the improvement to the full-year impact of its First Fix acquisition, along with stronger revenues and performance. Operating profit surged to SR70 million from SR6 million in the previous year.

Raydan Food Co. posted a net loss of SR73.1 million in 2024, widening from SR30.8 million in 2023, a 136.6 percent increase.

The company attributed the losses to declining sales, lower revenues from contracts and franchises, higher selling and marketing expenses, and impairment costs related to right-of-use assets and land.

Foreign currency valuation adjustments and investment impairments also contributed to the decline. Sales fell 12.4 percent to SR155.3 million due to weaker branch performance and lower contract revenues.

Osool and Bakheet Investment Co. remained profitable despite a drop in net income. The firm's profits dropped to SR19.8 million from SR25.4 million in 2023, largely due to a 24 percent fall in total revenues.

A 31 percent reduction in expenses and a 55 percent decrease in financing costs did help offset the impact. Other income surged 152 percent to SR4.2 million, though zakat expenses rose 58 percent to SR3.8 million.

Maharah Human Resources Co. reported a robust earnings gain, with net profits rising 27.1 percent to SR127.4 million, driven by an 18 percent revenue increase and a 6 percent improvement in gross profit, supported by corporate services sector growth.

The organization benefited from an SR20 million reduction in expected credit losses and an SR11 million boost in other operating income, mainly from increased government incentives for Saudi employment.

However, higher investments in human capital pushed general and administrative expenses up by SR3.5 million, while financing costs rose by SR4 million.

Additionally, profits from associate companies, including Care Shield Holding Co. and Saudi Medical Systems Co., fell 30 percent, amounting to an SR12.2 million decline, due to weaker results from Care Shield Holding Co. and the absence of Saudi Medical Systems Co.'s financial data for the last six months of 2024.