Despite the Saudi stock market remaining closed due to the Eid Al-Fitr holiday until April 2, several companies have announced their financial results for 2024.
Red Sea International Co. reported a net profit of SR4 million ($1.07 million), reversing a net loss of SR23.1 million in 2023. The company attributed this to the full-year impact of its First Fix acquisition and improved revenues. Operating profit surged from SR6 million to SR70 million.
Meanwhile, Raydan Food Co. faced challenges, posting a net loss of SR73.1 million for 2024, a 136.6% increase from the previous year. The company cited declining sales, higher marketing expenses, and impairment costs as key factors, with revenues falling 12.4% to SR155.3 million.
Osool and Bakheet Investment Co. remained profitable, though net income dropped to SR19.8 million from SR25.4 million in 2023, largely due to a 24% fall in total revenues. Notably, expenses decreased by 31%, while other income rose by 152% to SR4.2 million.
Maharah Human Resources Co. reported robust growth, with net profits rising 27.1% to SR127.4 million, driven by an 18% revenue increase. The company also saw a reduction in expected credit losses by SR20 million, though administrative expenses rose by SR3.5 million due to higher investments in human capital.
Some associate companies, including Care Shield Holding Co., reported lower profits due to weaker performance and missing financial data for the latter half of 2024.