We continue with the earnings season this morning, as Saudi Awwal Bank, Bahri and Bank Al Jazira are out with their results for the past year. Amiantit also published its 2024 earnings, turning profitable after seeing losses in 2023.

SAUDI AWWAL BANK-

Saudi Awwal Bank (SAB) saw its net income grow 15.3% y-o-y to SAR 8.1 bn in 2024, it said in a disclosure to Tadawul. Total income from financing rose 23.9% y-o-y to SAR 15.9 bn in the same period, while total income from investments increased 8.1% y-o-y to SAR 4.6 bn.

BAHRI-

The National Shipping Company of Saudi Arabia (Bahri) posted a record net income of SAR 2.2 bn in 2024, up 34% y-o-y, on the back of higher global shipping rates, increased operating activities, and strong returns from Bahri’s subsidiaries — including Bahri Integrated Logistics, Bahri Chemicals, and Bahri Oil — it said in a statement (pdf). Revenues rose 8% y-o-y to another record of SAR 9.48 bn.

Bahri also saw solid quarterly results: Bahri’s net income increased 18.2% y-o-y in 4Q 2024 to SAR 474.3 mn, while its revenues went up 9.5% y-o-y to SAR 2.2 bn.

BANK AL JAZIRA-

Bank Al Jazira’s net income rose 20.7% y-o-y to SAR 1.2 bn in 2024, it said in a disclosure to Tadawul. The increase was driven by a 13% rise in operating income. Total income from financing rose 26.9% y-o-y to SAR 5.9 bn, while investment income grew 28.6% y-o-y to SAR 2.1 bn.

AMIANTIT-

The Saudi Arabian Amiantit Company turned profitable last year with a net income of SAR 439.8 mn, recovering from a net loss of SAR 174.7 mn in 2023, it said in a disclosure to Tadawul. The comeback was driven by a 77% reduction in debt and a 60% cut in finance expenses. Meanwhile, revenues increased 18% y-o-y to SAR 848.3 mn over the same period, driven by higher revenue from subsidiaries and increased sales volume.

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