DERAYAH-

Derayah Financial’s net income increased 35% y-o-y to SAR 444 mn in FY 2024, it said in a disclosure to Tadawul. Revenue grew 41% y-o-y to SAR 877 mn during the same period, on the back of strong performance from all its core business sectors — including the brokerage and asset and wealth management segments — as well as special commission income.

This marks the brokerage firm’s first financial disclosure as a publicly traded company, after it rang the opening bell on Tadawul’s main market last week.

Looking ahead: Derayah plans to boost its product and technology offerings while leveraging cross-selling chances, according to CEO Mohammed Al Shammasi. It also eyes setting up an institutional trading desk to expand its “customer base, further diversify revenue streams and maximize returns,” Al Shammasi added.

SAPTCO-

Saudi Public Transport Company (Saptco) posted SAR 15.1 mn in net income in FY 2024, reversing course after a SAR 24.2 mn net loss the year prior, according to a disclosure to Tadawul. The turnaround was driven by lower fixed costs, higher finance income and assets valuation, and a subsidiary turning to the black.

MEANWHILE- Revenue fell 7% y-o-y to SAR 1.46 bn, weighed down by the end of contracted concessions which led to lower demand in the public transport segment.

ALSO- Saptco’s board greenlit the establishment of two wholly owned subsidiaries, Marab Auto Maintenance Company for vehicle maintenance and another unnamed entity to offer driving lessons, according to two separate disclosures.

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