{"id":91317,"date":"2024-11-07T00:00:00","date_gmt":"2024-11-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/07\/earnings-keep-coming\/"},"modified":"2024-11-07T00:00:00","modified_gmt":"2024-11-07T00:00:00","slug":"earnings-keep-coming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/11\/07\/earnings-keep-coming\/","title":{"rendered":"Earnings keep coming\u2026"},"content":{"rendered":"

SAUDI ELECTRICITY COMPANY (SEC)- <\/p>\n

SEC reported SAR 6.9 bn in net income in 3Q 2024<\/strong>, up 18% y-o-y on the back of higher revenues and a positive base effect due to one-off costs that negatively affected last year\u2019s bottom line, the firm said in a disclosure to Tadawul<\/a>. Meanwhile, revenues rose 19% at SAR 28.3 bn, with gains driven by higher regulated weighted average cost of capital, an expanded asset base, growing subscribers, and new project revenue from the construction of substations and transmission lines for SEC customers.<\/p>\n

On a 9M basis: <\/strong>The company\u2019s bottom line grew 17.4% y-o-y to SAR 12.1 bn during the first nine months of the year, boosted by a SAR 6.6 bn gain attributed to a mudaraba instrument, while revenues increased 17% to SAR 66.6 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

MA\u2019ADEN-<\/p>\n

Saudi Arabian Mining (Ma\u2019aden) turned to the black in 3Q 2024 with a net income of SAR<\/strong> 971.5 mn<\/strong>, compared to a SAR 83.4 mn loss during the same period last year, the firm said in a disclosure to Tadawul<\/a>. Meanwhile, revenues grew 29.2% at SAR 8 bn.<\/p>\n

The breakdown: <\/strong>The company\u2019s bottom line bounced back up during the third quarter on the back of greater sales prices and volumes, lower depreciation costs, and a one-off SAR 94 mn gain from an ins. claim. Sales were boosted by higher commodity prices, as well as greater volumes of all products except for alumina, primary aluminum, and gold, the disclosure read.<\/p>\n

On a 9M basis: <\/strong>Ma\u2019aden saw its net income more than quadruple y-o-y to SAR 2.98 bn during the first nine months of the year, driven by higher sales volumes and prices, falling raw material and depreciation costs, and a positive base effect attributed to one-off industrial utility charges that had impacted the previous reporting period. Top line was up 6.3% at SAR 22.58 bn through 9M. <\/p>\n

\n

SAUDI RESEARCH AND MEDIA GROUP (SRMG)- <\/p>\n

Saudi Research and Media Group\u2019s net income fell 40.4% y-o-y to SAR 148.5 mn in 3Q <\/strong>2024<\/strong>, it said in a disclosure to Tadawul<\/a>. Revenues dropped 19.3% y-o-y during the period at SAR 850 mn due to declines across all operating segments, including public relations, advertising, and publishing, visual, and digital content.<\/p>\n

On a 9M basis: <\/strong>The company\u2019s bottom line declined 42.6% y-o-y at SAR 316.7 mn during the first nine months of the year, while revenues were also down 13.7% at SAR 2.5 bn.<\/p>\n

\n

ARABIAN MILLS-<\/p>\n

Arabian Mills\u2019 net income fell 19.8% y-o-y to SAR 54.9 mn in 3Q 2024<\/strong>, on the back of greater competition, higher raw materials, expansions, and other costs, as well as a negative base effect attributed to higher treasury income logged during the previous period, the firm said in a disclosure to Tadawul<\/a>. Meanwhile, revenues rose 7.1% y-o-y to SAR 244.3 mn, driven by higher sales across all segments.<\/p>\n

On a 9M basis:<\/strong> The company\u2019s bottom line grew 11.5% y-o-y to SAR 156.4 mn during the first nine months of the year. Revenues were up 12.9% at SAR 709.1 mn.<\/p>\n

ICYMI- <\/strong>Arabian Mills sold a 30% stake<\/a> on Tadawul in a secondary offering last month. The institutional tranche sold out within hours of opening and was 132x oversubscribed, while the retail component was 9.2x oversubscribed. The sale generated some USD 1 bn in proceeds that were distributed among selling shareholders after the deduction of SAR 33 mn in offering expenses. <\/p>\n","protected":false},"excerpt":{"rendered":"

Ma\u2019aden clears red territory<\/p>\n","protected":false},"author":1,"featured_media":91318,"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":[1820,285,10,1244,1390,1713],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-arabian-mills","tag-earnings-watch","tag-enterpriseam-ksa","tag-saudi-arabian-mining-maaden","tag-saudi-electricity-company-sec","tag-saudi-research-and-media-group-srmg","wpautop","entry"],"acf":{"mongo_id":"f988269f-8328-4808-a3a1-27ce9418051b","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/483.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Earnings keep coming\u2026","related_issue":[91308],"teaser":"Ma\u2019aden clears red territory","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.59eea43b-c394-4c31-a490-203c1884d4d3.mp3"},"yoast_head":"\nEarnings keep coming\u2026 - 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