It’s a calmer day on the earnings front, as Bank Albilad published its 2024 results, while Argaam reported a snapshot of Umm Al Qura’s earnings ahead of IPO.

BANK ALBILAD-

Bank Albilad’s net income grew 18.5% y-o-y in 2024 to SAR 2.8 bn, driven by a 7% increase in total operating income at SAR 5.7 bn and a 4% fall in total operating expenses, the lender said in a disclosure to Tadawul. Bank Albilad’s total income from financing rose 13% y-o-y during the period to SAR 7.1 bn, while total income from investments increased 15.7% to SAR 1.5 bn.

UMM AL QURA FOR DEVELOPMENT AND CONSTRUCTION-

PIF-backed Umm Al Qura for Development and Construction came out of red territory in 3Q 2024, logging SAR 116.9 mn in net income compared to a net loss of SAR 41.3 mn during the same quarter last year, according to an earnings report Argaam says it has seen. Meanwhile, revenues recorded SAR 266.7 mn during the period.

In 9M 2024, the company recorded a SAR 309.1 mn bottomline, up from SAR 6.7 mn y-o-y. Meanwhile, revenues increased to SAR 1 bn during the same period from 647.2, driven by land plot sales worth SAR 1.1 bn.

ICYMI- The Makkah-based developer is taking a 9.1% stake to Tadawul’s main market, with some 130.8 mn in newly-issued shares up for grabs. While no official details have been provided so far on the timeline or potential value of the IPO, previous reports suggested that the IPO “could raise a few hundred mn USD.”

Dividends on the way? Umm Al Qura plans to distribute dividends to shareholders within two to three years after its IPO, as Masar Makkah’s seven hotel towers and two malls begin generating returns following their completion in 2026, CFO Saeed Al-Ghamdi told Asharq Business. Projected revenues from the project will also help the company pare down its outstanding debts, which stood at SAR 10 bn as of 3Q 2024.

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