{"id":91141,"date":"2024-11-03T00:00:00","date_gmt":"2024-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/03\/more-earnings-roll-in-2\/"},"modified":"2024-11-03T00:00:00","modified_gmt":"2024-11-03T00:00:00","slug":"more-earnings-roll-in-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/03\/more-earnings-roll-in-2\/","title":{"rendered":"More earnings roll in"},"content":{"rendered":"

\n

AMERICANA-<\/p>\n

Tadawul and ADX-listed <\/strong>Americana Restaurants\u2019 net income dropped 54.3% y-o-y to SAR 140.3 <\/strong>mn in 3Q 2024<\/strong>, with the fall attributed to continued boycotts, depreciation, and the enactment of corporate taxes in the UAE, it said in a disclosure to Tadawul<\/a> and earnings release (pdf)<\/a>. Revenues also decreased 15.3% during the same period to SAR 2.1 bn on the back of boycotts and a slowdown in consumer demand. <\/p>\n

On a 9M basis:<\/strong> Americana\u2019s net income fell 48.2% y-o-y to SAR 440.2 mn in the first nine months of the year while revenues were down 15.2% at SAR 6 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

EAST PIPES-<\/p>\n

East Pipes Integrated Company\u2019s net income increased 442.7% y-o-y to SAR 112.8 <\/strong>mn in <\/strong>2Q<\/strong> FY 2025<\/strong>, it said in a disclosure to Tadawul<\/a> and an earnings report (pdf)<\/a>. Revenues were up 134.6% to SAR 540.2 mn over the same period.<\/p>\n

\n

JABAL OMAR DEVELOPMENT-<\/p>\n

Jabal Omar Development posted a SAR 203.6 <\/strong>mn<\/strong> loss for 3Q 2024<\/strong>, down from net income of SAR 305.5 mn during the same quarter last year, on the back of rising depreciation, property impairments, provisions for credit losses, and increased financing costs, it said in a disclosure to Tadawul<\/a>. Meanwhile, revenues increased 9.1% at SAR 256 mn due to the launch of two new hotels and an uptick in leasing activity at commercial malls.<\/p>\n

On a 9M basis:<\/strong> The company reported SAR 151.3 mn in losses for the first nine months of the year, down from SAR 237.6 mn in net income in 9M 2023. Revenues were up 46.5% at SAR 1.5 bn during the nine-month period.<\/p>\n

\n

NATIONAL SHIPPING COMPANY-<\/p>\n

The National Shipping Company of Saudi Arabia\u2019s (Bahri) net income increased 127%<\/strong> y-o-y at SAR 509 mn in 3Q 2024<\/strong>, as fleet modernization and expansion drives boosted revenues and margins, according to an earnings release (pdf)<\/a>. Revenues rose 11% y-o-y to SAR 2.2 bn on the back of higher volumes due to increases in owned and chartered vessels as well as a surge in shipping rates. On a 9M basis, the company\u2019s bottom line grew 40% y-o-y at SAR 1.2 bn while revenues increased 8% at SAR 7.27 bn. <\/p>\n

REMEMBER- <\/strong>Bahri has been doubling down on fleet modernization, inking a USD 1 bn<\/a> agreement for nine oil tankers (VLCCs) in August that is supported by a USD 756 mn Murabaha financing agreement<\/a> with Alinma Bank. The shipping giant is also looking to build a fleet of 20-30 LNG tankers<\/a>, CEO Ahmed Ali Al Subaey said in September. <\/p>\n

\n

SAUDI RE.<\/p>\n

Saudi Re\u2019s net income grew 1,073% y-o-y to SAR 399.7 mn in 3Q 2024<\/strong>, largely on the back of a one off gain from the sale of a SAR 365.9 mn stake in Paribas Holding, it said in a disclosure to Tadawul<\/a>. Revenues increased 64.7% y-o-y over the same period to SAR 341.5 mn.<\/p>\n

On a 9M basis<\/strong>: The company\u2019s net income increased 351.3% y-o-y to SAR 475 mn in the first nine months of the year, while revenues were up 66.8% y-o-y to SAR 824.2 mn, according to a press release (pdf)<\/a>. The company saw strong underwriting performance in 9M, up 39% at SAR 140.7 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"

AMERICANA- Tadawul and ADX-listed Americana Restaurants\u2019 net income dropped 54.3% y-o-y to SAR 140.3 mn in 3Q 2024, with the fall attributed to continued boycotts, depreciation, and the enactment of corporate taxes in the UAE, it said in a disclosure to Tadawul and earnings release (pdf). Revenues also decreased 15.3% during the same period to […]<\/p>\n","protected":false},"author":1,"featured_media":91142,"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":[1105,288,285,186,10,292,2870],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-americana","tag-bahri","tag-earnings-watch","tag-east-pipes-integrated-company","tag-enterpriseam-ksa","tag-jabal-omar","tag-saudi-re","wpautop","entry"],"acf":{"mongo_id":"06a9464f-4d7f-45e1-bf2c-0fb1186849bc","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/855.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More earnings roll in","related_issue":[91120],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.70577238-86df-494a-9182-15290ff6a766.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\/11\/03\/more-earnings-roll-in-2\/\" \/>\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=\"AMERICANA- Tadawul and ADX-listed Americana Restaurants\u2019 net income dropped 54.3% y-o-y to SAR 140.3 mn in 3Q 2024, with the fall attributed to continued boycotts, depreciation, and the enactment of corporate taxes in the UAE, it said in a disclosure to Tadawul and earnings release (pdf). 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