AL BABTAIN POWER AND TELECOM-

Al Babtain Power andTelecom’s net income rose 87.8% y-o-y to SAR 265.7 mn in 2024, supported by increased sales, improved operational income, and capital gains of SAR 47.7 mn from the sale of investment properties, it said in a disclosure to Tadawul. Revenue grew 12.9% y-o-y to SAR 2.81 bn during the year, driven by higher sales volume and new project acquisitions.

ALSO- The company’s board greenlit a SAR 63.9 mn dividend payout for 2H 2024 at SAR 1 per share, it said in a separate disclosure to Tadawul. The distribution date is yet to be announced.

ALUJAIN CORPORATION-

Alujain Corporation’s net loss narrowed to SAR 50.7 mn in 2024, from 82.3% in 2023, according to a disclosure to Tadawul. The decline came on the back of lower financing costs, higher murabaha income, a zakat provision reversal, and increased gains from the company’s JV National Petrochemical Industrial Company (Natpet Schulman).

MEANWHILE- Revenues were up 11.4% y-o-y at SAR 1.56 bn during the year, buoyed by a 3.5% rise in selling prices and a 10% increase in quantities sold compared to the previous year.

Alujain’s subsidiary Natpet saw its net income rise 23.5% to SAR 130.7 mn in 2024, while its sales grew 13.8% to SAR 1.5 bn, despite a 9% propane cost increase.

REMEMBER- Alujain sold a 35% stake in its subsidiary Natpet to Basell International Holdings for SAR 1.9 bn in May, realizing a SAR 535 mn gain, which helped settle SAR 1.2 bn in debt and strengthen financials for project financing.

ALSO- Alujain’s board approved a two-year dividend policy of distributing SAR 0.75 per share for each quarter during 2025–2026, pending shareholders’ approval, according to a separate disclosure to Tadawul.

ALANDALUS PROPERTY-

Alandalus Property moved into the red, reporting a SAR 31.6 mn net loss in 2024, compared to a SAR 36.4 mn net income the year before, according to an earnings release (pdf). The loss was attributed to operational losses at affiliates, a 31% rise in financing costs, and losses from investments in sister companies, especially West Jeddah Hospital.

MEANWHILE- Revenues grew 9.6% y-o-y to SAR 235.9 mn during the year, driven by a 3.4% increase in retail revenue, a 23% growth in hospitality revenue — supported by higher occupancy rates — and a 26% increase in office sector revenue.

ALSO- The company’s board approved distributing SAR 23.3 mn in dividends for 2H 2024 at SAR 0.25 per share, with distribution set for 29 April, it said in a separate disclosure to Tadawul.

ALMUJTAMA-

Nomu-listed Almujtama Alraida Medical saw its net income fall 30.4% y-o-y to SAR 7.9 mn in FY 2024, driven by an increase in operating costs and a one-off lease obligation interest expense, it said in a disclosure to Tadawul. Meanwhile, revenues increased 5.6% y-o-y to SAR 430.8 mn during the year on the back of expansion in its pharmacy network.

ALSO- The company’s board opted to withhold dividends for FY 2024 in a bid to “support the company’s strategic plan,” according to a separate disclosure. The company’s General Assembly is yet to vote on the recommendation.

TAM-

Tam Development’s net income decreased 25.8% y-o-y to SAR 30.1 mn in FY 2024, which the company attributed to delays in the awarding of government projects and falling behind in budget reviews during 1H 2024, it said in a disclosure to Tadawul. Meanwhile, revenues continued double-digit growth for the fourth straight year in FY 2024, rising 45.1% y-o-y to SAR 273.4 mn on the back of gains in its consulting and digital solutions segments, coupled with an expanded client base, the company said in its earnings release (pdf).

Looking ahead: The company currently boasts a SAR 249 mn project backlog and a bid pipeline worth SAR 401 mn, along with an expected 40% conversion rate in 2025. “Despite challenges in the first half of 2024, our strategic investments and cost optimization measures have positioned us well for improved profitability in 2025 and beyond,” said Tam’s CEO Abdullah Youssef.

ALSO- The company’s board recommended distributing SAR 3.3 mn in dividends for FY 2024 at SAR 0.92 per share, according to a separate disclosure. The distribution date is yet to be announced.

AVALON PHARMA-

Middle East Pharma Industries Company (Avalon Pharma) saw its net income rise 21.3% y-o-y to SAR 79.9 mn in FY 2024, it said in an earnings release (pdf). Meanwhile, revenue increased 16.4% y-o-y to SAR 394 mn during the same period, supported by higher private sector sales and increased government contracts and exports.

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