{"id":94106,"date":"2025-02-05T00:00:00","date_gmt":"2025-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/05\/bank-albilads-net-income-up-18-5-in-2024\/"},"modified":"2025-02-05T00:00:00","modified_gmt":"2025-02-05T00:00:00","slug":"bank-albilads-net-income-up-18-5-in-2024","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/02\/05\/bank-albilads-net-income-up-18-5-in-2024\/","title":{"rendered":"Bank Albilad\u2019s net income up 18.5% in 2024"},"content":{"rendered":"

It\u2019s a calmer day on the earnings front,<\/strong> as Bank Albilad published its 2024 results, while Argaam reported a snapshot of Umm Al Qura\u2019s earnings ahead of IPO.<\/p>\n

\n

BANK ALBILAD-<\/p>\n

Bank Al<\/strong>bila<\/strong>d\u2019s net income grew 18.5% y-o-y in 2024 to SAR 2.8 bn<\/strong>, driven by a 7% increase in total operating income at SAR 5.7 bn and a 4% fall in total operating expenses, the lender said in a disclosure to Tadawul<\/a>. Bank Albilad\u2019s total income from financing rose 13% y-o-y during the period to SAR 7.1 bn, while total income from investments increased 15.7% to SAR 1.5 bn.<\/p>\n

\n

UMM AL QURA FOR DEVELOPMENT AND CONSTRUCTION-<\/p>\n

PIF-backed<\/strong> Umm Al Qura for Development and Construction<\/a><\/strong> came out of red territory in <\/strong>3Q 2024<\/strong>, logging SAR 116.9 mn in net income compared to a net loss of SAR 41.3 mn during the same quarter last year, according to an earnings report Argaam<\/a> says it has seen. Meanwhile, revenues recorded SAR 266.7 mn during the period.<\/p>\n

In 9M 2024<\/strong>, the company recorded a SAR 309.1 mn bottomline, up from SAR 6.7 mn y-o-y. Meanwhile, revenues increased to SAR 1 bn during the same period from 647.2, driven by land plot sales worth SAR 1.1 bn.<\/p>\n

ICYMI- <\/strong>The Makkah-based developer is taking a 9.1% stake<\/a> to Tadawul\u2019s main market, with some 130.8 mn in newly-issued shares up for grabs. While no official details have been provided so far on the timeline or potential value of the IPO, previous reports<\/a> suggested that the IPO \u201ccould raise a few hundred mn USD.\u201d<\/p>\n

Dividends <\/strong>on the way? <\/strong>Umm Al Qura plans to distribute dividends to shareholders within two to three years after its IPO, as Masar Makkah\u2019s<\/a> seven hotel towers and two malls begin generating returns following their completion in 2026, CFO Saeed Al-Ghamdi told Asharq Business<\/a>. Projected revenues from the project will also help the company pare down its outstanding debts, which stood at SAR 10 bn as of 3Q 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Umm Al Qura is back in the black as it lines up its Tadawul IPO<\/p>\n","protected":false},"author":1,"featured_media":94107,"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":[962,285,10,3896],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-bank-albilad","tag-earnings-watch","tag-enterpriseam-ksa","tag-umm-al-qura","wpautop","entry"],"acf":{"mongo_id":"f0c1008a-8bb2-48d7-add4-c9cdb9d83159","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/2154.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Bank Albilad\u2019s net income up 18.5% in 2024","related_issue":[94091],"teaser":"PLUS: Umm Al Qura is back in the black as it lines up its Tadawul IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.fd033603-afb9-438d-9c65-2cc8adf75211.mp3"},"yoast_head":"\nBank Albilad\u2019s net income up 18.5% in 2024 - 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