BUPA ARABIA COOPERATIVE INS.-

Bupa Arabia for Cooperative Ins.’ net income rose 9% y-o-y to SAR 404.6 mn in 2Q 2024, according to a disclosure to Tadawul. Revenues for the quarter were up 17.4% y-o-y to SAR 4.6 bn, boosted by growth in the number of beneficiaries and better returns from investments. These gains were partially offset by higher operating expenses needed to support growth, as well as a downtick in other revenue streams.

On a 1H basis: Net income was up 22% y-o-y to SAR 675.8 mn in 1H 2024, while revenues increased 17% y-o-y to SAR 8.9 bn.

DIVIDENDS- The company’s general assembly approved the distribution of SAR 600 mn in dividends at SAR 4 per share for FY 2023, according to a separate disclosure on Tadawul. The general assembly also signed off on buying back 860k shares for the company’s employee stock ownership program, financed through its own resources.

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SAUDI PRINTING AND PACKAGING COMPANY-

Saudi Printing and Packaging (SPPC) reported deeper losses in 2Q 2024, growing to SAR 71.1 mn from SAR 20.1 mn in 2023, on the back of a SAR 30.5 mn writedown in printing sector assets and lower revenues in printing and packaging segments, SPPC said in a disclosure to Tadawul. Revenues fell 9.1% y-o-y to SAR 174.5 mn as falling raw material prices stunted selling prices for the packaging sector, and the company did not secure planned printing projects. SPPC’s 1H 2024 net losses hit SAR 93.7 mn, widening from SAR 34.5 mn in 1H 2023, while revenues fell 10.3% y-o-y to SAR 361.4 mn, the disclosure read.

Parent company SRMG has been taking hits on the back of SPPC’s losses: Saudi Research Media Group (SRMG) — which owns 70% of SPPC — saw its net income drop 14% y-o-y to SAR 560 mn in FY 2023 due to losses incurred by SPPC. The company announced in May that it would move to restructure 26 wholly-owned subsidiaries via voluntary liquidation, deregistration, or turning them into branches, in a bid to streamline operations.

SAUDIA DAIRY AND FOODSTUFF-

Saudia Dairy and Foodstuff (SADAFCO) saw its net income rise 18.7% y-o-y to SAR 127.8 mn in 2Q 2024, on the back of double-digit growth in e-commerce, exports, and out of home segments, as well as better margins thanks to lower raw materials prices, the company said in a disclosure to Tadawul. Revenues were up 6.3% to SAR 722.2 mn during the period. On a 1H basis, SADAFCO reported a 28.7% y-o-y increase in net income to SAR 254 mn, while its top line saw a 6.9% y-o-y uptick to SAR 1.4 bn.

NAHDI MEDICAL-

Nahdi Medical’s net income fell 6.5% y-o-y to SAR 247.7 mn in 2Q 2024, despite revenues rising 10.8% y-o-y to SAR 2.5 bn, according to an earnings release (pdf). Net income also dropped 5.6% y-o-y to SAR 480.7 mn for 1H 2024, while revenues saw a 9.1% uptick to SAR 4.7 bn.

Why the numbers moved the way they did: The company attributed the fall in net income to outlays for strategic investments, including new openings, a drive to step up it healthcare business, expansion in the UAE, and boosts to digitalization as it looks to support sales growth, according to a disclosure toTadawul. Revenue growth was supported by strong retail sector performance, ongoing pharma growth, and investments into front shop categories, with healthcare and UAE businesses seeing revenues more than doubling, the disclosure said.

DIVIDENDS- Nahdi’s board approved the distribution of SAR 325 mn in dividends at SAR 2.5 per share for 1H 2024, it said in a separate disclosure to the Exchange. The distribution date is set for Sunday, 25 August 2024.

MAKKAH CONSTRUCTION AND DEVELOPMENT-

Makkah Construction and Development logged SAR 143 mn in net income in 2Q 2024, up 16.3% y-o-y, with the uptick attributed to stronger revenues, it said in a disclosure to Tadawul. Revenues for the second quarter were up 68.3% y-o-y to SAR 350 mn, on the back of a SAR 134 mn boost from Hajj services and a seasonal hike in hotel earnings in Makkah due to Hajj.

On a 1H basis: The construction company’s net income increased 36.9% y-o-y to SAR 256 mn in 1H 2024, with revenues up 54% at SAR 536 mn. Earnings on a murabaha deposit, a surge in commercial mall rental proceeds, and better returns from hotels contributed to the bottom line growth, the disclosure added.

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