MBC GROUP-

MBC Group’s net income rose 515.2% y-o-y to SAR 426.1 mn in FY 2024, pushed by a 30.7% y-o-y rise in gross income, the firm said in an earnings release (pdf). Meanwhile, revenue increased by 13.1% to SAR 4.2 bn, buoyed by gains in broadcasting and other commercial activities (up 21% y-o-y) and its streaming platform Shahid (up 27.9% y-o-y), despite a 19.8% y-o-y decline in advertising from delayed revenue recognition of completed projects.

REMEMBER- The Public Investment Fund (PIF) is the majority shareholder of MBC, after acquiring Istedamah Holding’s entire 54% stake for SAR 7.5 bn under a binding share sale and purchase agreement last year. The move was part of the PIF’s shift in strategy towards domestic investments.

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SADARA-

Sadara Chemical Company saw its net losses increase to SAR 4 bn in FY 2024, up from SAR 3.5 bn in the previous year, mainly due to an accounting adjustment that had a positive impact on the previous year’s financials, the company’s subsidiary Sadara Basic Services said in a disclosure to Tadawul. Meanwhile, revenues were up 8.2% y-o-y at SAR 11.5 bn during the year as a result of the impact of a major hydrocarbon turnaround on sales volume in FY 2023.

CENOMI RETAIL-

Cenomi Retail saw its net loss narrowed to SAR 197.5 mn in 2024, down from SAR 1.1 bn the year prior, driven by stable gross margins, a 23.2% decrease in selling, general, and admin expenses, and a 4.2% reduction in net finance costs, according to an earnings release (pdf).

Meanwhile, the company’s revenues were up 3.7% y-o-y at SAR 4.8 bn during the year, with mixed performances across its sectors. Local retail revenues fell 1.7% y-o-y due to the optimization program, while international operations grew 26.5%, led by strong results in Azerbaijan, Georgia, and Uzbekistan. The food and beverage segment saw a 13.5% drop, and online sales fell 2.9%.

A red flag from the auditor: The auditor flagged material uncertainty regarding the company’s ability to continue as a going concern, citing its SAR 1.61 bn in accumulated losses —140% of capital — and its current liabilities exceeding current assets by SAR 2.92 bn.

In 4Q 2024, the company’s net losses shrank to SAR 149 mn from SAR 1 bn in the same quarter a year earlier, mainly due to accounting adjustments. Revenues grew 14.3% y-o-y to SAR 1.32 bn during the quarter.

ENTAJ-

Arabian Company for Agricultural and Industrial Investment (Entaj Foods) reported a 56.8% y-o-y drop in net income to SAR 27.1 mn in 2024, according to its earnings release(pdf). The decline was driven by a 20.5% rise in the cost of sales, SAR 25 mn in depreciation linked to capacity expansion, SAR 9 mn in finance costs, and an SAR 8 mn impact from bio-asset revaluation and impairments. The company expects margins to recover in 2025 as recent investments and farm-level efficiencies begin to yield results.

MEANWHILE- Revenues rose 13.2% y-o-y to SAR 1.2 bn during the year, supported by a 14.3% increase in poultry sales (96% of total revenue) and a 56.5% rise in egg revenue (3% of total revenue).

ALSO- Entaj’s board recommended distributing SAR 15 mn in dividends for 2024 at SAR 0.5 per share, it said in a disclosure to Tadawul. The distribution date is yet to be announced.

TADWEER-

National EnvironmentalRecycling (Tadweer) saw its net income grow 40.2% y-o-y in 2024 to SAR 36.2 mn on the back of improved production efficiency, tighter cost controls, and lower operational expenses from replacing rental assets with owned assets, according to a disclosure to Tadawul. Meanwhile, the company recorded a 27.6% y-o-y growth in revenues during the year to SAR 806 mn, supported by the launch of a new production line and better utilization of existing lines.

SAUDI RESEARCH AND MEDIA GROUP (SRMG)-

Saudi Research and Media Group (SRMG) saw a 64% y-o-y drop in net income to SAR 201.7 mn in FY 2024 due to provisions for expected credit losses on trade receivables and impairment losses on goodwill, property, plant, equipment, and spare parts inventory linked to its printing and packaging segment, it said in a disclosure to Tadawu l. Revenues also fell 12.9% y-o-y to SAR 3.3 bn during the period on the back of declines across multiple operating segments, including PR and advertising, publishing and visual and digital content, and printing and packaging.

SAMCO-

The Saudi Marketing Company (Samco) saw its net income rise 16.7% y-o-y to SAR 25.4 mn in FY 2024, while revenues inched up 1.2% y-o-y to SAR 1.8 bn, driven by healthier returns from its entertainment segment and newly opened branches during the year, it said in a disclosure to Tadawul.

SMASCO-

Saudi Manpower Solutions (Smasco) saw its net income fall 24% y-o-y to SAR 126.4 mn in FY 2024, while revenues grew 3.6% y-o-y to SAR 1.9 bn over the same period, it said in a disclosure to Tadawul.

MIS-

Al Moammar Information Systems (MIS) posted a 785.7% y-o-y increase in net income to SAR 124 mn in FY 2024, according to a disclosure to Tadawul. The company’s revenue declined 16.92% y-o-y to SAR 1.2 bn during the period, impacted by a drop in some operations and a change in its role as principal and agent.

ALSO- MIS will distribute SAR 96 mn in dividends for FY 2024 at SAR 3.2 per share, it said in a separate disclosure. The eligibility date is 9 April, with distribution set for 23 April.

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