TIBBIYAH-

Arabian International Healthcare Holding (Tibbiyah) moved into the red in FY 2024 with a net loss of SAR 66.6 mn, compared to a net income of SAR 38.1 mn in FY 2023, it said in an earnings release (pdf). Revenues rose slightly by 0.9% y-o-y to SAR 814.4 mn during the year, supported by the acquisition of Al Hammad Medical Services and better performance in the supplies division Premma.

ALSO- The company secured a SAR 100 mn debt waiver from its major shareholder AlFaisaliah Group, according to a separate disclosure to Tadawul. This reduction in short-term debt aims to reduce financing costs and improve cashflow.

ARTEX INDUSTRIAL INVESTMENT-

Tadawul-listed carpet manufacturer Artex Industrial Investment saw its net loss widen 93.1% y-o-y in FY 2024 to SAR 144.5 mn from SAR 74.8 mn, mainly due to a SAR 100 mn provision made after the Saudi Industrial Development Fund called a guarantee last November on a loan taken by Al Reef Sugar Refinery, in which Artex holds a 15% guarantee share of the loan value, it said in a disclosure to Tadawul. Revenues rose 7.6% y-o-y to SAR 562.2 mn during the year on the back of an 11% increase in local turnover and a 2% rise in exports.

CHEMANOL-

Methanol Chemicals (Chemanol) saw its net losses widen to SAR 272.3 mn in FY 2024, up from SAR 177.8 mn the year prior, it said in a disclosure to Tadawul. This was driven by rising feedstock costs and a 14% average decline in selling prices of its major products, offsetting a 13% increase in sales volume. The company’s losses further increased due to the acquisition of Aldar Chemicals and Chemicals Industries Company in May, which had poor financial performance and lacked future cashflow forecasts. Meanwhile, revenues were down 2.4% y-o-y at SAR 710.5 mn during the year.

SPPC-

SouthernProvince Cement’s (SPPC) net income increased 25.1% y-o-y to SAR 244 mn in FY 2024 on the back of higher average selling prices, lower cost of goods sold, and reduced selling and distribution expenses, it said in a disclosure to Tadawul. Revenues were down 12.6% y-o-y at SAR 935 mn over the same period, weighed down by lower sales volume.

TAMKEEN-

Tamkeen HR’s net income increased 44.3% y-o-y to SAR 86 mn in FY 2024 on the back of improved operating profit, despite higher expenses, capital gains from asset sales, and the reversal of unused provisions, it said in a disclosure to Tadawul. Revenues were up 45.5% y-o-y at SAR 721.6 mn during the year, driven by healthier performance at its corporate services segment, which offset a decline in its individual services segment.

SAUDI PAPER MANUFACTURING CO-

The Saudi Paper Manufacturing Company (SPM) saw its net income rise 14.1% y-o-y to SAR 83.2 mn in FY 2024 amid lower financing expenses and higher revenues, it said in a disclosure to Tadawul. The gains were partially offset by rising G&A costs and distribution expenses. Revenues grew 3.2% y-o-y to SAR 837.2 mn during the year on the back of increased paper roll turnover.

NATIONAL BUILDING AND MARKETING-

The National Building and Marketing’s net income grew 47% y-o-y to SAR 44.9 mn in 2024, driven by improved margins from higher selling prices and operational efficiency, along with a 101.8% increase in returns from the German Saudi Industrial (Gesico), it said in a disclosure to Tadawul. Revenues were up 16.8% y-o-y at SAR 818 mn during the year, thanks to increased gains from the iron sector (up 23.6% y-o-y) and the IT sector (up 40% y-o-y), despite a 10.7% y-o-y decline in the construction sector revenues.

ALSO- The company’s board greenlit a 150% capital hike to SAR 300 mn via a bonus share issuance, it said in a separate disclosure to Tadawul. The SAR 180 mn capital increase will be funded via the outfit’s retained earnings, with shareholders receiving 1.5 bonus shares for each share held. The fresh capital is earmarked for funding new projects, expanding operations, and improving the firm’s financial position. The move is still pending regulatory and shareholders’ approval.

Tags: