{"id":86088,"date":"2024-05-13T00:00:00","date_gmt":"2024-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/13\/the-1q-earnings-season-is-in-full-swing\/"},"modified":"2024-05-13T00:00:00","modified_gmt":"2024-05-13T00:00:00","slug":"the-1q-earnings-season-is-in-full-swing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/13\/the-1q-earnings-season-is-in-full-swing\/","title":{"rendered":"The 1Q earnings season is in full swing"},"content":{"rendered":"

SAUDI ELECTRICITY COMPANY-<\/p>\n

Saudi Electricity Company (SEC)<\/strong> reported net income of SAR 897 mn in 1Q 2024<\/strong>, rising 87% y-o-y, according to its disclosure to Tadawul<\/a>. The company\u2019s revenues rose 18.5% y-o-y to SAR 15.9 bn over the same period.<\/p>\n

Strong performance: <\/strong>SEC attributed the growth to booking more business, higher returns on investment, lower financing costs, and holding less provisions for receivables. This has resulted in a 178% increase in total comprehensive income to SAR 1.2 bn last quarter. SEC spent SAR 10 bn in capex, a 48% y-o-y increase, CEO Khalid Al Gnoon told state news agency SPA<\/a>.<\/p>\n

MOBILY-<\/p>\n

Etihad <\/strong>Etisalat (Mobily) booked SAR 638 mn in net income in 1Q 2024, up 37% y-o-y<\/strong>, it said in an earnings release (pdf)<\/a>. Meanwhile, the telecom company recorded its \u201chighest quarterly revenues in the past decade,\u201d at SAR 4.5 bn \u2014 a 11.7% y-o-y increase \u2014 reflecting strong performance across all revenue streams and a widening subscriber base.<\/p>\n

Mobily\u2019s capex remained largely unchanged in 1Q 2024<\/strong>, inching up 0.5% y-o-y to SAR 223 mn, while its freecash flow increased 6.7% y-o-y to SAR 1.4 bn. The company also reduced its net debt position by SAR 2.6 bn on an annual basis last quarter.<\/p>\n

KUDOS- <\/strong>The telecom giant received the best customer award from CST for the third year running, along with other awards for video experience and download speed. The company was also branded the fastest growing telecom brand in the Middle East by Brand Finance.<\/p>\n

ZAIN KSA-<\/p>\n

Telecom operator <\/strong>Zain KSA\u2019s net income dropped to SAR 67 mn in 1Q 2024, down from <\/strong>SAR 1.1 bn in the <\/strong>same quarter last year<\/strong>, <\/strong>according to a disclosure to Tadawul<\/a>. The telecom company had initially reported SAR 480 mn in net income for 1Q 2023 (pdf)<\/a>, before adjusting the figure to SAR 1.1 bn to account for realizing the full gain from the sale of 3.6k towers to Golden Lattice Investment (Glic)<\/a>. Meanwhile, revenues inched up 4.7% y-o-y to SAR 2.5 bn last quarter on the back of growth in the B2B, 5G services, wholesale and Tamam segments.<\/p>\n

ELM-<\/p>\n

Digital security firm <\/strong>Elm<\/a><\/strong> \u2014 a unit of the PIF \u2014 reported a 7.1% y-o-y increase <\/strong>in net <\/strong>income <\/strong>to SAR 345 mn in 1Q 2024<\/strong>, according to a disclosure to Tadawul<\/a>. Revenues rose 27.3% y-o-y to SAR 1.6 bn last quarter, fueled by booking more business from the digital business and business process outsourcing segments.<\/p>\n

We\u2019re yet to hear an update about Elm\u2019s efforts to acquire the PIF\u2019s stake in business <\/strong>service provider Thiqah.<\/strong> The related parties began talks in June<\/a> to fully acquire the fund\u2019s stake in Thiqah. PIF is a majority shareholder in both Elm and Thiqah<\/a>.<\/p>\n

SAUDI LOGISTICS SERVICES-<\/p>\n

Saudi Logistics Services\u2019 net income doubled <\/strong>y-o-y<\/strong> to SAR 208.5 mn in 1Q 2024<\/strong>, and revenues rose 33% to SAR 452.5 mn, according to the shareholders relations prospectus (pdf)<\/a>. The growth in top line was attributed to a 24% increase in booked business from the cargo handling segment \u2014 which accounted for 81% of overall revenues \u2014 along with an 89% hike in revenues from the logistics solutions segment which accounts for the remainder of overall revenues. <\/p>\n

ALMUNAJEM-<\/p>\n

Almunajem Foods\u2019 net income grew 39.2% <\/strong>y-o-y<\/strong> to SAR 114 mn<\/strong>, according to a disclosure<\/a>to Tadawul<\/a>. Meanwhile, its top line remained essentially unchanged at SAR 903 mn last quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Electricity Company | ELM | Zain | Mobily | Almunajem Foods<\/p>\n","protected":false},"author":1,"featured_media":86089,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2607],"tags":[285,10,238,2433,680],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-ksa","tag-logistics","tag-technology","tag-telecoms","wpautop","entry"],"acf":{"mongo_id":"64478924-0d57-43c6-ace6-ce87558356a8","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/483.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The 1Q earnings season is in full swing","related_issue":[86073],"teaser":"Saudi Electricity Company | ELM | Zain | Mobily | Almunajem Foods","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.92cc7885-ef64-4c29-a17d-3f4d426764c0.mp3"},"yoast_head":"\nThe 1Q earnings season is in full swing - 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