{"id":91043,"date":"2024-10-30T00:00:00","date_gmt":"2024-10-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/30\/more-earnings-roll-in\/"},"modified":"2024-10-30T00:00:00","modified_gmt":"2024-10-30T00:00:00","slug":"more-earnings-roll-in","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/10\/30\/more-earnings-roll-in\/","title":{"rendered":"More earnings roll in"},"content":{"rendered":"

\n

SAB-<\/p>\n

Saudi Awwal Bank\u2019s net income was up 2.9% y-o-y at SAR 1.88 bn in 3Q 2024<\/strong> as increases to total operating income offset hikes to credit loss provisions, Zakat and income tax, and operating expenses, the bank said in a disclosure to Tadawul<\/a>. The lender\u2019s total income from financing grew 23.5% y-o-y to SAR 4.17 bn, while total income from investment gained 4.7% y-o-y to SAR 1.13 bn.<\/p>\n

On a 9M basis:<\/strong> SAB\u2019s bottom line increased 15.5% y-o-y to SAR 5.94 bn during the first nine months of the year, while total income from financing gained 27.9% y-o-y to SAR 11.82 bn and total income from investment increased 10.6% y-o-y to SAR 3.43 bn. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

\n

ZAIN KSA-<\/p>\n

Zain KSA\u2019s net income more than doubled y-o-y at SAR 150 mn in 3Q 2024<\/strong>, buoyed by the release of SAR 157 mn in withholding tax as well as a SAR 21 mn one-off gain from the sale and leaseback of sites, it said in a disclosure to Tadawul<\/a>. Revenues were up 2.3% y-o-y during the period at SAR 2.6 bn, on the back of better performance in B2B sales, 5G services, wholesale revenue, as well as growth in other segments.<\/p>\n

On a 9M basis:<\/strong>The telecom company\u2019s bottom line dropped 75.6% y-o-y to SAR 322 mn during the first nine months of the year, while revenues grew 4.5% at SAR 7.7 bn. <\/p>\n

\n

SAUDI KAYAN PETROCHEMICALS-<\/p>\n

Saudi Kayan Petrochemicals narrowed its losses to SAR 296.2 mn <\/strong>in 3Q 2024<\/strong>, compared to a SAR 449 mn loss logged during the same period last year, with the improvement in performance coming on the back of an increase to average selling prices that offset higher feedstock prices, the company said in a disclosure to Tadawul<\/a> and an earnings release (pdf)<\/a>. Revenues were up 12.2% during the period at SAR 2.4 bn. <\/p>\n

On a 9M basis:<\/strong> The company narrowed its losses to SAR 1.1 bn during the first nine months of the year, compared to a SAR 1.5 bn loss noted for the same period last year, with the improved performance attributed to higher average selling prices and a SAR 178 mn ins. payment. Meanwhile, revenues rose 7.5% at SAR 6.5 bn.<\/p>\n

\n

LEEJAM SPORTS-<\/p>\n

Leejam Sports Company\u2019s net income increased 103.3% y-o-y to SAR 187 mn in <\/strong>3Q 2024<\/strong>, buoyed by a one-off SAR 92 mn gain from the sale of three land plots in Riyadh, and despite offsets from rising costs attributed to the opening of 30 new fitness centers over the previous 12 months, it said in a disclosure to Tadawul<\/a>. Revenues increased 16.7% y-o-y during the quarter to SAR 406 mn on the back of higher subscriptions and paid programs due to the new openings. The company also hit its 2025 target of 500k members during the quarter, according to an earnings release (pdf)<\/a>. <\/p>\n

On a 9M basis:<\/strong> Leejam\u2019s net income increased 56.4% y-o-y to SAR 355 mn during the first nine months of the year, while revenues were up 17.9% at SAR 1.1 bn. The company opened 19 new centers during 9M \u2014 setting a record for annual expansion and bringing the total count of fitness centers to 192, the release said.<\/p>\n

ICYMI- <\/strong>Leejam Sports used to be Fitness Time before the company changed its trading name<\/a> on Tadawul to Leejam Sports in July. <\/p>\n","protected":false},"excerpt":{"rendered":"

SAB- Saudi Awwal Bank\u2019s net income was up 2.9% y-o-y at SAR 1.88 bn in 3Q 2024 as increases to total operating income offset hikes to credit loss provisions, Zakat and income tax, and operating expenses, the bank said in a disclosure to Tadawul. The lender\u2019s total income from financing grew 23.5% y-o-y to SAR […]<\/p>\n","protected":false},"author":1,"featured_media":91044,"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":[285,10,1281,3333,414],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-ksa","tag-saudi-awwal-bank-sab","tag-saudi-kayan-petrochem","tag-zain-ksa","wpautop","entry"],"acf":{"mongo_id":"49ab7ed0-8897-4fc8-8e78-1e59401b1f6f","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/36.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More earnings roll in","related_issue":[91032],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/10\/.9bfe5ac4-1461-49d8-a9eb-d2a58f5a467a.mp3"},"yoast_head":"\nMore earnings roll in - KSA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/ksa\/2024\/10\/30\/more-earnings-roll-in\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More earnings roll in\" \/>\n<meta property=\"og:description\" content=\"SAB- Saudi Awwal Bank\u2019s net income was up 2.9% y-o-y at SAR 1.88 bn in 3Q 2024 as increases to total operating income offset hikes to credit loss provisions, Zakat and income tax, and operating expenses, the bank said in a disclosure to Tadawul. 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