MBC posts SAR 12.7 mn net income post-PIF acquisition

MBC GROUP-

MBC reported a 1,714.3% y-o-y growth in net income to SAR 12.7 mn in 3Q 2024, the firm said in an earnings release (pdf). Revenues were up 16.6% during the period at SAR 757.1 mn, driven by gains in Shahid (up 25.9% y-o-y) and Broadcast & Other Commercial Activities (up 21.6%) , despite seasonal dips in advertising.

On a 9M basis: The company’s bottom line grew 378% y-o-y to SAR 250.5 mn during the first nine months of the year. Meanwhile revenues increased 11.6% to SAR 2.96 bn, on the back of upticks in Shahid (up 35.9%) and Broadcast & Other Commercial Activities (up 20.7%) that offset declines in Media & Entertainment Initiatives (down 35.5%).

REMEMBER- The Public Investment Fund (PIF) is now 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 week. The move comes inline with PIF’s shift in strategy towards domestic investments.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ACWA POWER-

Renewables giant Acwa Power turned to the red in 3Q 2024, reporting a net loss of SAR 2.1 bn down from a net income of SAR 2.5 bn during the same quarter last year, it said in an earnings release (pdf). The company pinned the drop on higher development costs and administrative expenses. Meanwhile, revenues were up 13.3% y-o-y to SAR 1.7 bn supported by higher income from electricity and construction management services.

On a 9M basis:Acwa Power reported SAR 312.9 mn in net losses during the first nine months of the year (compared to SAR 3.6 bn in net income in 9M 2023), while revenues were up 6.4% y-o-y to SAR 4.6 bn.

DALLAH HEALTHCARE-

Dallah Healthcare’s net income increased 27.6% y-o-y to SAR 126.2 in 3Q 2024, according to a disclosure to Tadawul. Revenues rose 13.1% y-o-y to SAR 847.7 mn, driven by “the expansion in the operational capacity, performance effectiveness, and the continuing growth in the number of patients in the Group’s hospitals.” The company’s bottom line grew 45% y-o-y to SAR 357.3 mn and its revenues increased 12.2% y-o-y to SAR 2.4 bn.

PETRO RABIGH-

Rabigh Refining and Petrochemical’s (Petro Rabigh) losses widened to SAR 1.3 bn in 3Q 2024, compared to a SAR 1.1 bn loss incurred during the same period last year, the firm said in a disclosure to Tadawul. The company attributed the downturn to lower sales volumes and product margins, higher shipping costs due to Red Sea disruptions, and other factors. Revenues were down 21.3% y-o-y to SAR 10.0 bn during the period on the back of lower selling prices and volumes of refined products.

On a 9M basis:Petro Rabigh posted a net loss of SAR 3.8 bn during the first nine months of the year, down from a SAR 3.3 bn loss logged during the same period last year. Meanwhile revenues were down 18.5% y-o-y at SAR 28 bn over the same period.

CENOMI-

Alhokair Co. (Cenomi Retail) reported SAR 19.3 mn in 3Q 2024 net income, compared to a net loss of SAR 202.9 mn in the same period last year, according to a Tadawul filing. The flip to profitability came as the company cut employee costs, rent expenses and inventory provision. Revenues were up 9% to SAR 1.2 bn, driven by its Zara and Inditex retail brands in Saudi Arabia as well as better revenues from international operations. On a 9M basis, the company narrowed its losses to SAR 48 mn in 9M, down from SAR 89 mn in the same period last year, while revenues inched down 1.5%, to SAR 3.7 bn.

Cenomi Centers’ net income rose 11.8% y-o-y to SAR 328.1 mn in 3Q 2024 on the back of revenue growth and cost-control initiatives, according to the company’s earnings release (pdf). The Saudi mall operator’s revenues climbed 3.4% y-o-y to SAR 587.1 mn during the quarter.

Cenomi’s net income is down 14.8% y-o-y to SAR 867.6 mn in 9M 2024 — primarily due to the write-off of SAR 50.6 mn in non-amortized financing costs, a one-time increase of SAR 87.5 mn in impairment loss, and a one-time increase of SAR 53.6 mn in finance costs related to tenant payment plans. Revenues rose 2.9% y-o-y to SAR 1.8 bn during the period on the back of improved occupancy rates, the launch of U Walk Jeddah, and stronger visitor traffic across the company’s portfolio.

Shareholders are in line for a dividend: The company will pay a dividend of SAR 0.38 pershare on its 2Q 2024 earnings to eligible shareholders on 21 November.