SAVOLA GROUP-

Savola’s Group’s net income rose 1,009.2% y-o-y to SAR 9.9 bn in FY 2024, driven primarily by a SAR 11.3 bn net gain from offloading its entire stake in Almarai, according to a disclosure to Tadawul. The higher bottom line came despite Savola incurring losses from divestments in Iran and discontinued operations in Sudan, as well as its food processing segment seeing its net income fall by SAR 2.1 bn. Meanwhile, Savola also incurred SAR 139 mn in FX losses from the EGP.

Savola’s revenue edged down 0.7% y-o-y to SAR 23.9 bn during the year, with revenue growth in the retail and frozen food segments offset by weaker food processing sales, weighed down by lower commodity prices and divestment from Savola Morocco Company.

The company will not distribute dividends for FY 2024, as it had already distributed SAR 21.1 bn worth of Almarai shares to eligible shareholders in December, it said in a disclosure to Tadawul.

ARABIAN DRILLING-

Arabian Drilling saw its net income decline 46.9% y-o-y to SAR 321.4 mn in FY 2024 due to the deployment of 13 offshore and three land rigs, and higher finance and depreciation expenses, according to an earnings release (pdf). Revenue grew 4.1% y-o-y to SAR 3.62 bn during the same period.

Looking ahead: Arabian Drilling is targeting SAR 800 mn in revenue for FY 2025, reaping the rewards of its SAR 1.3 bn in 13 new unconventional gas rigs, CEO Ghassan Mirdad told Asharq Business. The company is focusing on tenders in Southeast Asia and West Africa, while also pursuing onshore contracts in Kuwait. Mirdad anticipates stable domestic rig demand supported by shifts from oil to gas platforms.

Dividends: The company’s board approved the distribution of SAR 120.2 mn in dividends for 2H 2024 at SAR 1.35 per share, set to be distributed on 8 April, it said in a disclosure to Tadawul. This brings the total dividend payout for FY 2024 to SAR 240.3 mn.

THEEB-

Theeb Rent a Car’s net income increased 28.6% y-o-y to SAR 182.7 mn in FY 2024, driven by stronger performance of short- and long-term rental segments and reduced operational costs, it said in a disclosure to Tadawul. Revenue also increased 14.7% y-o-y to SAR 1.3 bn on the back of healthier returns, offsetting a decline in income from its short-term rental segment.

Dividends: The car rental car company will be distributing SAR 25.4 mn in dividends for 4Q 2024 at SAR 0.59 per share, it said in a separate disclosure. Eligibility date is set for 16 March, with distribution scheduled for 26 March.

SAICO-

Saudi ArabianCooperativeIns. (SAICO) saw its net income fall 30.6% y-o-y to SAR 49.3 mn in FY 2024 on the back of lower returns from its medical business and rising operating expenses, which were offset by better return on investments, it said in a disclosure to Tadawul. The company logged a 3.5% y-o-y revenue growth to SAR 1.1 bn during the year.

SUSTAINED INFRASTRUCTURE HOLDING-

Sustained Infrastructure Holding Company (Sisco) reported a net loss of SAR 740k in FY 2024 due to non-recurring provisions and losses, increased investment costs, and higher finance charges, according to a press release (pdf). Revenue fell 17.6% y-o-y to SAR 1.3 bn during the period.

NORTHERN REGION CEMENT-

NorthernRegion Cement’s net income grew 78.9% y-o-y in 2024 to SAR 100.9 mn, driven by gains from selling part of its investments in Iraq, lower financing costs, and lack of settlements, according to a disclosure to Tadawul. Meanwhile, revenue fell 9.7% y-o-y to SAR 622.5 mn, despite a higher average sales price.

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