TAM Development’s Profits Surge 45.3% in 2023, Reaching SAR 40.6 Million

TAM Development Company has reported a notable increase in net profit for the year ending December 31, 2023, soaring to 40.6 million riyals from 27.9 million riyals in the previous year, marking a robust growth of 45.3%. This announcement follows the release of the annual financial results for the same period in 2023.

Operating profit also experienced a substantial rise, climbing to 44.1 million riyals in 2023 compared to 30 million riyals in the preceding year, representing a growth of 46.8%. Furthermore, total revenues surged to 188.4 million riyals in 2023 from 147 million riyals in the previous year, showcasing an impressive 28.1% increase.

Earnings per share for the year stood at 12.33 riyals, demonstrating a notable rise from 7.8 riyals in the previous year.

This exceptional growth in revenues is attributed to the company’s heightened activity and increased sales throughout the year. TAM Development provided a breakdown of the factors contributing to the surge in net profit:

• Revenue climbed by 28.1%, reaching 188,403,128 Saudi riyals in fiscal year 2023 compared to 147,073,483 Saudi riyals in fiscal year 2022.

• Gross profit saw a remarkable increase of 63.7%, amounting to 89,762,028 Saudi riyals in fiscal year 2023, resulting in a gross profit margin of 47.6%, a significant rise from the 37.3% achieved in fiscal year 2022.

• Operating profits surged by 46.9% to 44,138,521 Saudi riyals, compared to 30,051,048 Saudi riyals in fiscal year 2022.

TAM Development’s substantial growth in profits and revenues in 2023 underscores the company’s successful operational strategies and strong market position.