{"id":94857,"date":"2025-03-02T00:00:00","date_gmt":"2025-03-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/"},"modified":"2025-03-02T00:00:00","modified_gmt":"2025-03-02T00:00:00","slug":"more-and-more-earnings-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/","title":{"rendered":"More and more earnings"},"content":{"rendered":"

\n

TAWUNIYA-<\/p>\n

<\/strong>The C<\/strong>ompany for Cooperative Ins. (<\/strong>Tawuniya)<\/strong> reported a 65.8% y-o-y increase in <\/strong>net income at SAR 1.02 bn in 2024<\/strong>, it said in a disclosure to Tadawul<\/a>. The company\u2019s ins. revenues saw 19.7% y-o-y growth during the year at SAR 18.27 bn, driven by growth across its main divisions.<\/p>\n

Looking ahead: <\/strong>Tawuniya plans to enter Saudi Arabia\u2019s reins. sector in 2025, with a decision expected within the next two quarters, CEO Othman Al Qasabi told Asharq Business (watch, runtime: 13:00)<\/a>. The company holds a 30% share in the market, with health ins. accounting for 70% of its portfolio, Al Qasabi said.<\/p>\n

\n

ELM-<\/p>\n

PIF-o<\/strong>wned digital <\/strong>solutions <\/strong>provider <\/strong>Elm Company<\/a><\/strong>\u2019s net income grew 34.7% y-o-y to <\/strong>SAR 1.8 bn in 2024<\/strong>, according to a disclosure to Tadawul<\/a>. Elm\u2019s top line grew 25.6% y-o-y to SAR 7.4 bn during the year on the back of growth in digital and process outsourcing businesses, which offset a 35.2% increase in operating expenses.<\/p>\n

ALSO- <\/strong>Elm\u2019s BoD is distributing SAR 310.8 mn in interim dividends for 2H 2024 at SAR 4 apiece, it said in a separate disclosure<\/a>. Distribution is scheduled for Monday, 17 March.<\/p>\n

\n

GASCO-<\/p>\n

Nati<\/strong>onal Gas and Industrialization\u2019s <\/strong>(Gasco)<\/a><\/strong> net income increased 9.4% y-o-y<\/strong> to SAR <\/strong>248.7 mn in 2024<\/strong>, driven by higher gross income and lower zakat expenses, it said in a disclosure to Tadawul<\/a>. Meanwhile, revenues grew 16.7% y-o-y to SAR 2.9 bn on the back of an increase in gas sales, as well as rising returns from cylinder sales and commercial projects.<\/p>\n

\n

ADVANCED PETROCHEMICAL-<\/p>\n

Advan<\/strong>ced Petrochemical<\/strong> reported a SAR 259 mn net loss<\/strong>, falling to the red from a SAR 171 mn net income in 2023, according to a disclosure to Tadawul<\/a>. The drop was attributed to a 10% rise in propane prices and losses from the South Korean petrochemical company SK Advanced<\/a> \u2014 which posted losses the past three years, prompting the company to consider an exit, CEO Fahad Al Mutrafi told Al Arabiya<\/a>.<\/p>\n

Meanwhile, the company\u2019s revenues fell 7.6% y-o-y<\/strong> to SAR 2.2 bn, driven by a 10% drop in sales volume due to periodic scheduled maintenance.<\/p>\n

\n

GIG-<\/p>\n

Gulf In<\/a><\/strong>s. Group (GIG)<\/a><\/strong> saw <\/strong>its net income fall 3.4% y-o-y to SAR 92.4 mn in 2024<\/strong>, driven by lower car ins. revenues and higher operating expenses, it said in a disclosure to Tadawul<\/a>. Meanwhile, revenues were down 6.5% y-o-y at SAR 1.46 bn.<\/p>\n

\n

ARABIAN PIPES-<\/p>\n

Arabi<\/a><\/strong>an Pipes<\/a><\/strong> reported a 27.3% y-o-y increase in its net income to SAR 168.2<\/strong> mn in <\/strong>2024<\/strong>, driven by growing sales volumes due to higher production and supply efficiency rates, it said in an earnings release (pdf)<\/a>. Revenues increased 4.5% y-o-y to SAR 1.1 bn in 2024, buoyed by recent acquisitions which allowed the company to increase sales and production levels.<\/p>\n

ALSO-<\/strong> The board recommended distributing SAR 22.5 mn in dividends for 2024 at SAR 0.15 apiece, the pipe maker said in a separate disclosure to Tadawul<\/a>. The executive board also recommended a 33% capital increase to SAR 200 mn through the capitalization of retained earnings, with shareholders getting an additional share for every 3 shares owned, according to another disclosure<\/a>. The increase will finance future expansion plans.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tawuniya | Elm | Gasco | Advanced Petrochemical | GIG | Arabian Pipes<\/p>\n","protected":false},"author":1,"featured_media":94858,"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":[4059,285,3798,10,4058,4057],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-advanced-petrochemical","tag-earnings-watch","tag-elm-company","tag-enterpriseam-ksa","tag-gulf-ins-group-gig","tag-tawuniya-for-cooperative-ins","wpautop","entry"],"acf":{"mongo_id":"5db3af12-4f4d-436c-aca2-7f50de66b1a8","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/41.jpg","photo_position":"above","homepage_title":"","full_issue_title":"More and more earnings","related_issue":[94845],"teaser":"Tawuniya | Elm | Gasco | Advanced Petrochemical | GIG | Arabian Pipes","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.fe60f82b-dbc5-4e66-80a2-717ef4d2310c.mp3"},"yoast_head":"\nMore and more earnings - 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\/2025\/03\/02\/more-and-more-earnings-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"More and more earnings\" \/>\n<meta property=\"og:description\" content=\"Tawuniya | Elm | Gasco | Advanced Petrochemical | GIG | Arabian Pipes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/\" \/>\n<meta property=\"og:site_name\" content=\"KSA\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-02T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/41.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"More and more earnings\",\"datePublished\":\"2025-03-02T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/\"},\"wordCount\":491,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/02\/more-and-more-earnings-2\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2025\/3\/41.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Advanced Petrochemical\",\"EARNINGS WATCH\",\"Elm Company\",\"EnterpriseAM KSA\",\"Gulf Ins. 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