{"id":88437,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/05\/earnings-season-in-full-swing\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"earnings-season-in-full-swing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/05\/earnings-season-in-full-swing\/","title":{"rendered":"Earnings season in full swing\u2026"},"content":{"rendered":"

\n

SABIC-<\/p>\n

Saudi Basic Industries Corporation (Sabic) saw its net income grow 85% <\/strong>y-o-y in 2Q 2024 to <\/strong>SAR 2.18 bn<\/strong>, with revenues growing 5% y-o-y during the quarter to SAR 35.7 bn, it said in an earnings release (pdf)<\/a>. Net income was up 32% y-o-y to SAR 2.4 bn in 1H 2024, while revenues inched down 3% to SAR 68.4 bn. Sabic\u2019s results were picked up by Reuters<\/a> and Bloomberg<\/a>. <\/p>\n

Sabic did better than expected:<\/strong> The petrochemical giant\u2019s latest results beat analyst expectations of SAR 904.3 mn in net income during the second quarter of the year, Reuters reported citing LSEG data. Sabic\u2019s favorable results for 2Q 2024 may also serve as an indication that the global petrochemicals industry is seeing a turnaround after concerns over uncertain outlook in recent months, according to the business news information service.<\/p>\n

We still don\u2019t know the price tag of the Hadeed sale:<\/strong> The first-half results don\u2019t account for the proceeds from the sale of Sabic\u2019s steel unit Hadeed<\/a> to the PIF, which was completed last quarter. Sabic said that \u201cthe final sales price will be known\u2026during the 2H 2024,\u201d according to a disclosure to Tadawul<\/a> in May. Aramco\u2019s unit had expected earlier this year the transaction to draw USD 1.7 bn-USD 1.9 bn in proceeds.<\/p>\n

\n

RIYAD BANK-<\/p>\n

Riyad Bank reported net income of SAR 2.3 bn in 2Q 2024<\/strong>, up 17.9% y-o-y, it said in a disclosure to<\/a>Tadawul<\/a>. Its total income from financing rose 15.3% to SAR 5.2 bn, while total income from investments grew 8.6% to SAR 601.3 mn. The bottom line increase was attributed to growth in fee and commission income, exchange income, and other operating income. This is in addition to a decline in losses on disposal of non-trading investments, and a decrease in total operating expenses.<\/p>\n

On a 1H basis: <\/strong>Riyadh Bank\u2019s bottom line grew 10.2% y-o-y to SAR 4.4 bn in 1H 2024. Income from financing rose 19.2% to SAR 10.3 bn, while income from investments increased 11% to SAR 1.2 bn. <\/p>\n

\n

ACWA POWER-<\/p>\n

Renewables player Acwa Power's net income increased 52<\/strong>% y-o-y to SAR 631 mn<\/strong> in 2Q<\/strong> 2024<\/strong>, according to its investor report<\/a>(pdf<\/a>)<\/a>. Revenues also rose 10.7% to SAR 1.6 bn during the period. <\/p>\n

Driving the rally: <\/strong>The company attributed the better performance in its bottom line to gains from divestments, higher margins from its subsidiaries, along with higher finance income (which usually includes income from interest, dividends, capital gains, and investment returns), according to a disclosure to Tadawul<\/a>.<\/p>\n

Acwa posted a 35.5% y-o-y rise in bottom line to SAR 926.8 mn in 1H 2024<\/strong>, while revenues grew 2.6% to SAR 2.8 bn. <\/p>\n

\n

RETAL URBAN DEVELOPMENT-<\/p>\n

Real estate developer Retal Urban reported a <\/strong>SAR 72.2 mn<\/strong> net income for 2Q 2024<\/strong>, up 1.7% y-o-y, it said in a disclosure to Tadawul<\/a>. The improved performance was driven by a 76% y-o-y increase in revenue to SAR 464 mn. Meanwhile, Retal Urban saw its bottom line rise 19.5% y-o-y to SAR 134.5 mn in 1H 2024, and its top line increased 65% to 964 mn. <\/p>\n

Driving the growth:<\/strong> Retal pointed to growing revenues from investment funds and joint projects, coupled with \u201chigh completion rates\u201d and growth in the number of units sold in its projects as major drivers for its higher topline. The company now has 16 ongoing projects, up from 11, according to the disclosure. Retal\u2019s net income during the quarter grew y-o-y despite growing expenses, including sales and marketing, administrative expenses, and financing costs. <\/p>\n

\n

TASNEE-<\/p>\n

National Industrialization (<\/strong>Tasnee<\/strong>) reported a 68.2% y-o-y increase in net income to SAR <\/strong>52.8 mn in 2Q 2024<\/strong>, and revenues rose 13% to SAR 1 bn, it said in a disclosure to Tadawul<\/a>. Meanwhile, the company recorded a net loss of SAR 19.2 mn in 1H 2024 \u2014 reversing a SAR 59.7 mn gain seen during the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Basic Industries Corporation (Sabic) Riyad Bank | Acwa Power | Retal Urban Development | Tasnee | Halwani Bros<\/p>\n","protected":false},"author":1,"featured_media":88438,"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":[448,285,10,953,1451,712,74,138,2994,1054],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-acwa-power","tag-earnings-watch","tag-enterpriseam-ksa","tag-halawani-bros","tag-halwani-bros","tag-retal-urban-development","tag-riyad-bank","tag-sabic","tag-saudi-basic-industries-corporation-sabic","tag-tasnee","wpautop","entry"],"acf":{"mongo_id":"36ec629a-c080-453f-9f32-c351b08b8137","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/454.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Earnings season is well underway","related_issue":[88428],"teaser":"Saudi Basic Industries Corporation (Sabic) Riyad Bank | Acwa Power | Retal Urban Development | Tasnee | Halwani Bros","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.11f3ba6d-e98b-4aa0-b1da-61054d5789b7.mp3"},"yoast_head":"\nEarnings season in full swing\u2026 - 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