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It’s yet another busy earnings day with results from Kingdom Holding, SAL Saudi Logistics Services, Balady Poultry Trading, Saudi Manpower Solutions, Rasan, and Dar Al Arkan Real Estate Development.
KINGDOM HOLDING-
Kingdom Holding Company (KHC) reported SAR 624.2 mn in net income in 2Q 2024, up 112.4% y-o-y on the back of rising returns on equity and lower expenses, including withholding and income tax, the company said in a disclosure to Tadawul. Prince Alwaleed bin Talal’s investment giant saw revenues dipping 6.7% y-o-y during the quarter to hit SAR 647.5 mn, due to lower hotel revenues, according to the disclosure.
Comprehensive income tells a different story: Kingdom Holding reported a comprehensive net loss of SAR 17.8 mn in 2Q 2024, compared to SAR 52.7 mn in comprehensive income during the same quarter last year.
KHC’s net income rose 76.4% y-o-y in 1H 2024 to SAR 820.4 mn, while revenues dipped 11% y-o-y during the six-month period to SAR 1.2 bn. Total comprehensive income came in at SAR 1.9 bn, up 17% y-o-y.
SAL-
SAL Saudi Logistics Services’ net income leaped 42.8% y-o-y to SAR 155.5 mn in 2Q 2024, on the back of a boost in core operations and cost savings, it said in an earnings release (pdf). Meanwhile, revenues were up 19.5% to SAR 405.5 mn during the quarter, driven by a ramp up in e-commerce and general cargo volumes and an 88% spike in sales from the company’s logistics solutions segment.
On a 1H basis: SAL’s bottom line grew 70.7% y-o-y to SAR 363.9 mn in 1H 2024, while revenues were up 26.3% at SAR 858 mn.
DIVIDENDS- The logistics player will distribute SAR 116 mn in dividends for 2Q 2024, at SAR 1.45 per share, the company said in a disclosure to Tadawul. Distributions will be made within 15 business days of Tuesday, 13 August.
BALADY-
Balady Poultry Trading reported a 96.5% y-o-y rise in its bottom line to SAR 31.3 mn in 2Q 2024, according to an earnings release (pdf). The company’s top line grew 30% y-o-y during the period to SAR 217.7 mn.
On a 1H basis: The company’s net income rose 78.6% y-o-y to SAR 71.9 mn in 1H 2024 on the back of a boost to daily production, it said in a disclosure to Tadawul. Meanwhile, revenues increased 30.5% y-o-y to SAR 449.6 mn.
REMEMBER- Smasco’s IPO went live in June, drawing in strong demand with the institutional tranche of the offering closing 128x oversubscribed and drawing in orders worth SAR 115 bn. The company is also planning to sell an additional 30% stake in a secondary offering.
SAUDI MANPOWER SOLUTIONS-
Smasco shows mixed results in first earnings post Tadawul debut: Saudi Manpower Solutions’ (Smasco) net income fell 15% y-o-y to SAR 35.8 mn in 2Q 2024, it said in a disclosure to Tadawul. The drop was attributed to lower gross income and revenue on the back of price ceilings and regulations, higher expenses, one-off costs, higher rents, and other factors. Meanwhile, revenues were up 3.5% y-o-y to SAR 486.6 mn over the same period, driven by improvements in the firm’s non-core operations.
On a 1H basis:Smasco noted a net income of SAR 74.1 mn in 1H 2024, down 4.5% y-o-y, while revenues were up 4.7% at SAR 953.8 mn, the disclosure said.
RASAN-
Rasan reports maiden post-IPO earnings: Fintech player Rasan — which debuted on the Tadawul in June — saw its net income rise 62.2% y-o-y in 2Q 2024 to SAR 8.8 mn, it said in a disclosure to Tadawul. The company’s revenues were up 21.5% y-o-y during the quarter to SAR 63.5 mn. Rasan also reported SAR 18.3 mn in net income in 1H 2024, up 140.7% y-o-y, with revenues up 20.7% y-o-y to SAR 130.5 mn.
DAR AL ARKAN REAL ESTATE DEVELOPMENT-
Dar Al Arkan reported a 12.7% y-o-y increase in net income to SAR 165.1 mn in 2Q 2024, it said in an earnings release (pdf). Higher property sales and non-operating income from Murabaha deposits drove the increase, offsetting increased operating expenses, lower income from associates, and higher financing costs. The company’s revenues rose 16.4% y-o-y to SAR 961.6 mn over the same period. Dar Al Arkan’s 1H 2024 net income grew 20.7% y-o-y to SAR 318.7 mn and revenues were up 14.8% to SAR 1.8 bn.
