ELECTRICAL INDUSTRIES CO.-

Electrical Industries Co. (EIC) reported a 99.8% y-o-y increase in net income to SAR 401.7 mn in 2024 on the back of rising sales and an expanded and more profitable product offering, it said in a disclosure to Tadawul. Revenues rose by 27.4% y-o-y to SAR 2.0 bn in the same period on the back of rising demand.

ICYMI- EIC named Yousef Al Quraishi (LinkedIn) as its chairman back in December. Al Quraishi is also the CEO of Ali Zaid Al Quraishi and Brothers and chairman of the United Electronics Company (eXtra) and Starlinks.

SAUDI CHEMICAL COMPANY HOLDING-

Saudi Chemical Company Holding saw its net income rise 59.2% y-o-y to SAR 291.2 mn in 2024, according to a disclosure to Tadawul. The company’s revenues grew 31.3% y-o-y during the year to SAR 6.4 bn.

MODERN MILLS-

Modern Mills Company (MMC) saw its net income increase 3.4% y-o-y to SAR 208.7 mn in 2024, with higher gross income margins offsetting a one-off debt-restructuring cost, it said in a disclosure to Tadawul. The company had lined up a SAR 871 mn in a murabaha refinancing agreement in October to restructure debt obligations. Revenue was up 6.6% y-o-y at SAR 1.0 bn in the same period as product development, geographical expansion, and increased market share fed growth into all business segments.

ALSO- The company’s board recommended the distribution of SAR 81.8 mn in dividends for 2024 at SAR 1.0 per share, it said in a separate disclosure. Eligibility will be announced in the next general assembly.

ICYMI-MMC debuted on Tadawul back in March, selling a 30% stake in an IPO that saw strong demand from retail investors with a 22x oversubscription rate. The company’s shares are down c.17% since its debut.

NICE ONE BEAUTY DIGITAL MARKETING CO.-

Nice One Beauty Digital Marketing Co. reported a 120% y-o-y increase in net income to SAR 71.7 mn in 2024, driven by higher efficiency in logistics and inventory management as well as reduced marketing and administrative costs, according to a disclosure to Tadawul. At the same time, revenues rose 28.3% y-o-y to SAR 1.0 bn, supported by an expanding customer base resulting in a 31% rise in sales.

ICYMI- Shares of beauty retailer Nice One began trading on Tadawul’s main market inJanuary, becoming the month’s top performer after rising 60.6% in share value. The company’s shares are up 52.6% since its debut.

HERFY FOOD SERVICES-

HerfyFood Services ended 2024 in the red, reporting a SAR 116.5 mn net loss, according to a disclosure to Tadawul. The net loss was attributed to rising administrative, financial, marketing, selling, and Zakat costs. Meanwhile, the fast-food restaurant chain operator reported a 4.2% y-o-y decline in revenue to SAR 1.1 bn in 2024 on the back of declining sales. Herfy Foods accumulated net losses and declining revenues throughout 1Q 2024, 2Q 2024, and 3Q 2024.

AL ETIHAD COOPERATIVE INS.-

Al EtihadCooperative Ins. saw its net income fall 47.7% y-o-y to SAR 49.1 mn in 2024 on the back of lower returns from its ins. services and net investments, it said in a disclosure to Tadawul. The company logged 23.9% y-o-y revenue growth during the year to SAR 1.5 bn, buoyed by growth in its car ins. segment.

SEERA GROUP HOLDING-

Homegrown travel giant Seera Group Holding reported a net loss of SAR 138 mn in FY 2024, compared to SAR 234 mn in net income the previous year, due to one-off impairments of SAR 291 mn related to hospitality assets that required significant investments to stay operational, it said in an earnings release (pdf). Seera’s adjusted net income grew 2% y-o-y to SAR 153 mn after adjusting for one-off gains. Revenues rose 25% y-o-y to SAR 4.1 bn, driven by strong performance across business segments, including car rental (+40% y-o-y), UK-based travel platform (+25% y-o-y), Almosafer (+17% y-o-y), and Hospitality (+8% y-o-y).

Looking ahead: Seera Group aims to “optimize its portfolio over the medium term, with a focus on increasing shareholder returns,” in a bid to drive sustainable long-term income, the release said. It also plans to reduce debt, enhance financial stability, invest in ventures with at least a 15% internal rate of return, and execute its share buyback program. Additionally, “plans to list Almosafer and divest Portman remain on course,” acting CEO Al Waleed Abdulaziz Al Nasser said.

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