ALMUNAJEM FOODS-

Almunajem Foods’ net income fell 1.2% y-o-y to SAR 278.7 mn in FY 2024, impacted by lower gross profit margins and increased operating expenses, according to a disclosure to Tadawul. Meanwhile, revenue inched up 1% to SAR 3.3 bn during the same period, driven by improved trade conditions and higher sales volume in most categories except red and white meat.

On a 4Q basis, Almunajem’s net income dropped 26.1% y-o-y to SAR 60.3 mn, with revenue falling 1.2% y-o-y to SAR 819.1 mn.

TASNEE-

National Industrialization Company (Tasnee) saw its net income fall 49% y-o-y to SAR 102.8 mn in FY 2024, pulled down by lower returns from its JV investments and rising operational costs, it said in a disclosure to Tadawul. Meanwhile, revenues were up 9.4% y-o-y at SAR 3.9 bn in the same period, driven by the consolidation of the JV Saudi Acrylic Polymers Company acquired in 2023.

SAUDIA DAIRY AND FOODSTUFF CO (SADAFCO)-

Saudia Dairy and Foodstuff Co.’s (Sadafco) net income rose 48.7% y-o-y to SAR 483.2 mn in FY 2024 on the back of stable gross margins, lower G&A expenses, and reduced finance costs, it said in a disclosureto Tadawul. Gains were partially offset by higher selling and distribution costs due to increased spending on advertising for the Saudia brand. Meanwhile, revenues were up 40.3% y-o-y at SAR 2.96 bn over the same period.

AWPT-

Alkhorayef Water and Power Technologies (AWPT) saw its net income grow 64.3% y-o-y in FY 2024 to SAR 230 mn, according to a disclosure to Tadawul. Revenue grew 16.2% y-o-y to SAR 1.95 bn in the same period, pushed by a 170.9% increase in the wastewater segment, despite higher diesel costs.

Highlights of the year: AWPT landed a slew of contracts this year with the National Water Company, including a SAR 1.7 bn operation and maintenance agreement for four Al Ahsa sewage treatment plants and a SAR 1 bn project for three Manfouhaplants.

SAUDI RE-

Saudi Reins. Company (Saudi Re) saw its net income grow 2.8x y-o-y to SAR 474.8 mn in FY 2024 on the back of healthier returns from its ins. segment as well as a SAR 365.9 mn capital gain from selling its entire 49.9% stake in Probitas Holdings (Bermuda), it said in a disclosure to Tadawul. Revenues were up 80.2% y-o-y at SAR 1.1 bn in 2024.

ALSO- The company’s board recommended a capital hike to SAR 1.69 bn through a rights issue at a rate of four bonus shares for every nine shares held, according to a separate disclosure. The capital hike will be financed using SAR 539.8 mn in retained earnings, while an additional 2.5 mn shares will be allocated to its employee stock program.

NAJRAN CEMENT-

NajranCement’s net income rose 24.1% y-o-y to SAR 68.4 mn in FY 2024, backed by improved sales and gross margin, despite rising administrative and finance costs, according to a disclosure to Tadawul. Revenue grew 10.1% y-o-y to SAR 534.5 mn in the same period, buoyed by higher average selling prices.

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