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We have another handful of earnings this morning, including MBC Group, Yaqeen Capital, Jarir, and Fakeeh Group.
MBC GROUP-
MBC Group reported 66.5% y-o-y growth in net income to SAR 116.5 mn in 2Q 2024, despite an 11.6% downtick in revenues to SAR 964 mn, according to an earnings release (pdf). On a 1H basis, the company’s net income grew 360% y-o-y to SAR 237.8 mn, while revenues were up 10% to SAR 2.2 bn.
Shahid took the spotlight: The streaming platform saw 16% y-o-y growth in revenues in 2Q 2024 to SAR 259 mn, and 40.8% growth in 1H 2024 to SAR 557.3 mn, on the back of a boost in performance during Ramadan and continued momentum. The improved performance increased Shahid’s share in the group’s total revenue to 25% during the first half, up from 20% a year earlier, Aleqtisiah reported. Shahid also cut costs 85% y-o-y to SAR 24 mn in 1H 2024.
JARIR MARKETING-
Jarir Marketing’s (Jarir Bookstore) net income grew 9.8% y-o-y to SAR 171.1 mn in 2Q 2024, on the back of a 8.8% uptick in sales to SAR 2.7 bn that was partially offset by a ramp up in costs, the bookstore chain said in a disclosure to Tadawul.
On a 1H basis: The company logged a 3.3% y-o-y dip in its bottom line to SAR 390.4 mn in 1H 2024 on the back of higher costs, the disclosure said. Meanwhile, revenues saw a 2.8% uptick at SAR 5.3 bn due to a boost in smartphone, video game, and computer section sales.
Dividends: Jarir will distribute a SAR 180 mn dividend at SAR 0.15 per share, according to separate disclosure to Tadawul. The distribution date is set for Wednesday, 21 August.
FAKEEH CARE GROUP-
Fakeeh Care Group saw its adjusted net income rise 67% y-o-y to SAR 42.9 mn in 2Q 2024, and revenues were up 20% during the period at SAR 654 mn, it said in an earnings release (pdf). Fakeeh Care’s net income was up 39.4% y-o-y at SAR 103.6 mn in 1H 2024, while revenues were up 24.1% y-o-y to SAR 1.3 bn. Healthcare accounted for 91% of the group’s total revenue.
REMEMBER- Fakeeh’s IPO was the largest on Tadawul in 1H 2024: The healthcare provider’s 21.5% stake offering saw strong demand from institutional investors with a 119x oversubscription rate. The institutional portion of the offering drew orders worth a combined SAR 341 bn (USD 91 bn).
YAQEEN CAPITAL-
Yaqeen Capital’s net income fell 76.3% y-o-y to SAR 8.9 mn in 1H 2024, on the back of a non-recurring transaction relating to the sale of a company-owned building in 2023, the company said in a disclosure to Tadawul. Meanwhile, revenues grew 2.7% during the period to SAR 40 mn.
