Enma Alrawabi Co. Profits Surge 226% in H1 to SAR 39.8 Million

Enma Alrawabi Co. reported a significant increase in net profit for the first half of 2024, reaching SAR 39.8 million, a 226.1% jump compared to SAR 12.2 million in the same period last year. This announcement follows the company’s release of its preliminary financial results for the period ending June 30, 2024.

The company’s total ownership rights (excluding non-controlling interests) rose to SAR 586 million in H1, up from SAR 536.5 million during the same period last year, reflecting a 9.2% increase.

Earnings per share for the first half of 2024 stood at SAR 0.99, compared to SAR 0.31 in the first half of 2023.

According to the company the increase in net profit by 226.175% due to:

1. Increase in gross profit by 179.452% to reach SAR. 44,760,045
2. Increase in bank returns from investments in accordance with the provisions of Islamic Sharia amounting to SAR. 1,299,729.

This came despite the increase in general and administrative expenses, and the increase in the provision for expected credit losses.