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AL RAJHI BANK-
Al Rajhi Bank’s net income was up 22.8% y-o-y at SAR 5.1 bn in 3Q 2024 as increases in total operating income offset increases in total operating expenses, it said in a disclosure to Tadawul. The lender’s total income from financing grew 19.4% y-o-y to SAR 10.3 bn, while total income from investment jumped 37.7% to SAR 1.9 bn over the same period.
On a 9M basis: Al Rajhi’s bottom line grew 14.1% y-o-y to SAR 14.2 bn during the first nine months of the year, marking the lender’s bst 9M performance since its establishment, according to a statement. Total income from financing was up 19.3% y-o-y at SAR 29 bn, while total income from investment was up 39.4% to SAR 5.2 bn.
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BANK ALJAZIRA-
Bank Aljazira’s net income was up 20.5% y-o-y at SAR 332.7 mn in 3Q 2024 on the back of an increase in total operating income that offset increases in total operating expenses, it said in a disclosure to Tadawul. The lender’s total income from financing grew 22.2% y-o-y during the period to SAR 1.5 bn, while total income from investment increased 25% y-o-y to SAR 539.1 mn.
On a 9M basis: Aljazira’s bottom line grew 28.4% y-o-y to SAR 950.7 mn during the first nine months of the year. Meanwhile, total income from financing was up 29.7% y-o-y to SAR 4.27 bn, while total income from investment was up 27.9% y-o-y to SAR 1.55 bn.
SAVOLA-
Foods giant Savola Group’s net income increased 22.8% y-o-y at SAR 181 mn in 3Q 2024, despite revenues falling 4.6% to SAR 6.1 bn during the quarter, according to a disclosure to Tadawul.
Details: The company attributed the improved bottom line to a considerable increase in net income from its retail segment which increased more than twofold y-o-y to SAR 57.3 mn on the back of a “favorable impact of Customer Experience Revival (CXR) program and overall enhanced operations,” the disclosure read. Greater shares in gains from associates, lower finance and zakat costs, and a one one-off gain due to a SAR 19.4 mn custom duty refund also contributed to the boost. At the same time revenues declined due to a fall in crude edible oil commodity prices and lower sales volumes that affected the food processing segment.
On a 9M basis:Savola Group saw its net income inch down 1% y-o-y to SAR 665.1 mn during the first nine months of the year, while revenues were down 5.1% to SAR 19.2 bn over the same period due to a decline in the food processing segment’s performance.
MOBILY-
Etihad Etisalat (Mobily)’s net income increased 58.2% y-o-y at SAR 829 mn in 3Q 2024 driven by higher revenues and a SAR 140 mn withholding tax reversal, among other factors, it said in a disclosure to Tadawul. Revenues were up 9.2% y-o-y to SAR 4.5 bn over the same period, with growth in all revenue streams and an increase in mobile subscribers to 11.7 mn, according to its earnings release (pdf).
On a 9M basis: The telecommunications giant saw its net income increase 43.1% y-o-y to SAR 2.13 bn in the first nine months of the year. Revenues grew 8.4% y-o-y to SAR 13.5 bn during the same period on the back of growth across all revenue streams, particularly the business segment.
SABIC AGRI-NUTRIENTS-
Sabic Agri-Nutrients’ net income dropped 21.2% y-o-y to SAR 827 mn in 3Q 2024 on the back of higher costs of goods sold that was partially offset by higher revenues, it said in an earnings release (pdf). Revenues were up 6.7% y-o-y to SAR 2.85 bn due to an increase in sales prices and volumes.
On a 9M basis: Sabic AN saw its net income drop 11.5% y-o-y at SAR 2.4 bn in the first nine months of the year due to lower average selling prices and higher cost of goods sold, it said in a disclosure to Tadawul. The company’s revenues saw a slight 0.2% decrease at SAR 8 bn.
Rounding the bend? The company’s market outlook improved from earlier in the year, when disruptions and seasonal falls in demand affected performance. China’s curtailing of urea exports and big orders from India supported prices for urea, but global demand was otherwise sluggish, the company said. Fourth quarter performance is also susceptible to disruptions due to winter energy costs, shortages in feedstock supplies, and unscheduled maintenance, and is largely dependent on year-end orders from India.
SOLUTIONS-
Arabian Internet and Communications Services Company (solutions) saw its net income increase 19.6% y-o-y to SAR 463 mn in 3Q 2024, despite its top line inching down 1.5% y-o-y to SAR 2.8 bn over the same period, according to a disclosure to Tadawul.
The details: The company attributed its improved bottom line to a SAR 113 mn decrease in operating expenses and a SAR 86 mn decrease in zakat and tax charges that offset falling revenues. Meanwhile, the downtick in revenues was attributed to decreased performance in the company’s Core ICT and IT Managed and Operational Services.
On a 9M basis:The Stc subsidiary saw its net income increase 23.3% y-o-y to SAR 1.27 bn in the first nine months of the year. Revenues were up 2% y-o-y at SAR 8.3 bn over the same period.
EMAAR THE ECONOMIC CITY-
Emaar The Economic City (EEC) registered a SAR 459 mn loss in 3Q 2024, on the back of lower revenues, higher operational expenses and finance costs, losses attributed to companies in which EEC holds shares, and other factors, it said in a disclosure to Tadawul. Revenues dropped 73.3% y-o-y to SAR 91 mn over the same period due to delayed contract signings and a slowdown in the hospitality segment. The fall in revenues is also attributed to an unfavorable base effect due to SAR 263 mn in one off gains recorded in 3Q 2023 from a periodic reassessment of life cycle cost estimates for residential and industrial projects.
On a 9M basis:EEC saw its net losses widen to SAR 1.15 bn during the first nine months of the year. Losses were driven by declining revenues, higher operational expenses and finance costs, as well as a SAR 69 mn in losses attributed to companies where EEC holds shares. Revenues were down 74% y-o-y at SAR 241 mn over the same period.
YANSAB-
Yanbu National Petrochemical (Yansab) is back in the black with a net income of SAR 130.6 mn in 3Q 2024, rebounding from a SAR 161.3 mn loss seen during the same period last year, the company said in a disclosure to Tadawul. The improved performance was driven by upticks in sales prices, production, and sales volumes while also being attributed to a positive base effect associated with plant shutdowns during the same quarter last year. Meanwhile, revenues rose 48.3% y-o-y at SAR 1.63 bn.
On a 9M basis:Yansab noted a net income of SAR 454.9 mn in the first nine months of the year, up from a SAR 503.6 mn loss observed during the same period last year. Revenues increased 51.4% to SAR 4.7 bn over the same period.
