{"id":95347,"date":"2025-03-17T00:00:00","date_gmt":"2025-03-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/17\/a-flurry-of-2024-earnings\/"},"modified":"2025-03-17T00:00:00","modified_gmt":"2025-03-17T00:00:00","slug":"a-flurry-of-2024-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/17\/a-flurry-of-2024-earnings\/","title":{"rendered":"A flurry of 2024 earnings"},"content":{"rendered":"

\n

ALMUNAJEM FOODS-<\/p>\n

Almun<\/a><\/strong>ajem Foods<\/a><\/strong>\u2019 net income fell 1.2% y-o-y to SAR 278.7 mn in FY 2024<\/strong>, impacted by lower gross profit margins and increased operating expenses, according to a disclosure to Tadawul<\/a>. Meanwhile, revenue inched up 1% to SAR 3.3 bn during the same period, driven by improved trade conditions and higher sales volume in most categories except red and white meat.<\/p>\n

On a 4Q basis<\/strong>, Almunajem\u2019s net income dropped 26.1% y-o-y to SAR 60.3 mn, with revenue falling 1.2% y-o-y to SAR 819.1 mn.<\/p>\n

\n

TASNEE-<\/p>\n

Nationa<\/strong>l Industrialization <\/strong>Company (<\/strong>Tasnee<\/a><\/strong>) saw its net income fall 49% y-o-y to SAR <\/strong>102.8 mn in FY 2024<\/strong>, pulled down by lower returns from its JV investments and rising operational costs, it said in a disclosure to Tadawul<\/a>. Meanwhile, revenues were up 9.4% y-o-y at SAR 3.9 bn in the same period, driven by the consolidation of the JV Saudi Acrylic Polymers Company acquired in 2023.<\/p>\n

\n

SAUDIA DAIRY AND FOODSTUFF CO (SADAFCO)-<\/p>\n

Saudia <\/strong>Dairy and Foodstuff Co.\u2019s (Sadafco)<\/strong> net income rose 48.7% y-o-y to SAR 483.2 mn <\/strong>in FY 2024<\/strong> on the back of stable gross margins, lower G&A expenses, and reduced finance costs, it said in a di<\/a>sclosure<\/a>to Tadawul<\/a>. Gains were partially offset by higher selling and distribution costs due to increased spending on advertising for the Saudia brand. Meanwhile, revenues were up 40.3% y-o-y at SAR 2.96 bn over the same period.<\/p>\n

\n

AWPT-<\/p>\n

Alkhoray<\/strong>ef Water and <\/strong>Power Technologies (AWPT) saw its net income grow 64.3% y-o-y <\/strong>in <\/strong>FY 2024 to SAR 230 mn<\/strong>, according to a disclosure to Tadawul<\/a>. Revenue grew 16.2% y-o-y to SAR 1.95 bn in the same period, pushed by a 170.9% increase in the wastewater segment, despite higher diesel costs.<\/p>\n

Highlights of the year: <\/strong>AWPT landed a slew of contracts this year with the National Water Company, including a SAR 1.7 bn<\/a> operation and maintenance agreement for four Al Ahsa sewage treatment plants and a SAR 1 bn project for three Manfouha<\/a>plants<\/a><\/a>.<\/p>\n

\n

SAUDI RE-<\/p>\n

Saud<\/a><\/strong>i Reins. Company<\/a><\/strong> (Saudi Re)<\/strong> saw its net income grow 2.8x y-o-y to SAR 474.8 mn in <\/strong>FY 2024<\/strong> on the back of healthier returns from its ins. segment as well as a SAR 365.9 mn capital gain from selling its entire 49.9% stake in Probitas Holdings (Bermuda)<\/a>, it said in a disclosure to Tadawul<\/a>. Revenues were up 80.2% y-o-y at SAR 1.1 bn in 2024.<\/p>\n

ALSO- The company\u2019s board recommended a capital hike to SAR 1.69 bn through a <\/strong>rights issue<\/strong> at a rate of four bonus shares for every nine shares held, according to a separate disclosure<\/a>. The capital hike will be financed using SAR 539.8 mn in retained earnings, while an additional 2.5 mn shares will be allocated to its employee stock program.<\/p>\n

\n

NAJRAN CEMENT-<\/p>\n

Najran<\/a><\/strong>Cement<\/a><\/strong>\u2019s<\/strong> net income rose 24.1% y-o-y to SAR 68.4 mn in FY 2024<\/strong>, backed by improved sales and gross margin, despite rising administrative and finance costs, according to a disclosure to Tadawul<\/a>. Revenue grew 10.1% y-o-y to SAR 534.5 mn in the same period, buoyed by higher average selling prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Almunajem Foods | Tasnee | Sadafco | AWPT | Saudi Re<\/p>\n","protected":false},"author":1,"featured_media":95348,"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":[285,10,390,4105,2870],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-earnings-watch","tag-enterpriseam-ksa","tag-najran","tag-national-industrialization-company-tasnee","tag-saudi-re","wpautop","entry"],"acf":{"mongo_id":"258431a2-e498-422a-a106-ce253861e65c","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/3\/1275.jpg","photo_position":"above","homepage_title":"","full_issue_title":"A flurry of 2024 earnings","related_issue":[95334],"teaser":"Almunajem Foods | Tasnee | Sadafco | AWPT | Saudi Re","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.ab8ab612-ca0e-4f91-9cb5-5507dc482c68.mp3"},"yoast_head":"\nA flurry of 2024 earnings - 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