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We have another lineup of earnings this morning, although the momentum is beginning to slow as we approach the deadline for Tadawul-listed companies to report their results. Among those reporting: Saudi National Bank, Saudi Awwal Bank, Savola Group, and Jamjoom Pharma.
SAUDI NATIONAL BANK-
Saudi National Bank (SNB) reported SAR 5.2 bn in net income for 2Q 2024, up 4.3% y-o-y, it said in a disclosure to Tadawul. Total income from financing grew 20.6% at SAR 11.1 bn, while total income from investment surged 20.6% at SAR 3.2 bn.
On a 1H basis: The bank’s bottom line saw a 2.3% y-o-y uptick at SAR 10.3 bn in 1H 2024. Meanwhile, income from financing rose 23.3% to SAR 21.8 bn, while income from investments increased 14.5% to SAR 6.2 bn.
DIVIDENDS- SNB is distributing SAR 5.4 bn in dividends for 1H 2024, at SAR 0.9 per share, the bank said in a separate disclosure. Distribution is set for Sunday, 25 August.
SAUDI AWWAL BANK-
Saudi Awwal Bank reported SAR 2.02 bn in net income in 2Q 2024, marking a 30.2% y-o-y increase, according to a disclosure to Tadawul. Total income from financing grew 14.2% y-o-y to SAR 1.2 bn during the quarter. The bank also reported SAR 3.9 bn in income from investments, up 27.6% y-o-y. Saudi Awwal’s 1H net income rose 22.5% y-o-y to reach 4.06 bn, with total income from financing rising 30.3% y-o-y to SAR 7.7 bn and total income from investments rising 13.7% y-o-y to SAR 2.3 bn.
SAVOLA GROUP-
Savola Group’s net income inched up 2.6% y-o-y to SAR 135.4 mn in 2Q 2024, driven by a recovery in the retail segment, higher returns from on equity, and lower zakat and tax expenses, it said in a disclosure to Tadawul. Meanwhile, revenues fell 11.8% to SAR 5.4 bn due to lower proceeds from the food processing segment. Net income shrank 7.8% y-o-y to SAR 484 mn in 1H 2024, and revenues fell 5.4% to SAR 13.2 bn.
JAMJOOM PHARMA-
Jamjoom Pharma’s net income grew 24% y-o-y to SAR 107 mn in 2Q 2024, while revenues were up 16% to SAR 345.7 mn, according to its latest earnings release (pdf). The pharma giant’s net income came in at SAR 210 mn in 1H 2024, up 23% y-o-y. Meanwhile, revenues rose 22% to SAR 731 mn, on the back of stronger sales and new product launches. Revenues from Jamjoom’s KSA operations saw a 17% y-o-y uptick to SAR 479 mn in 1H 2024, accounting for the largest share of total revenues.
DIVIDENDS- Jamjoom’s BoD approved the distribution of SAR 112 mn in dividends at SAR 1.6 per share for 1H 2024, according to a disclosure to Tadawul. The distribution is set for Sunday, 25 August.
YAMAMA CEMENT-
Yamama Cement’s net income fell 14% y-o-y to SAR 84.6 mn in 2Q 2024, on the back of a fall in non-core revenue and an increase in expenses, it said in a disclosure to Tadawul. Meanwhile, revenues increased 11.3% to SAR 243.7 mn, driven by higher sales. On a 1H basis, the bottom line dropped 5.2% y-o-y at SAR 199.7 mn in 1H 2024, while revenues saw a 3.7% uptick to SAR 517.4 mn.
ALHOKAIR GROUP-
Abdulmohsen Alhokair Group for Tourism and Development saw 23.9% growth in net income to SAR 6.1 mn in 2Q 2024, it said in a disclosure to Tadawul. The hike in the company’s bottom line came despite a 7.3% drop in revenues. The group reported SAR 10.3 mn in net income in 1H of this year, reversing a SAR 29.4 net loss seen during the same period last year.
