Tam Development Company’s H1 profits climb 54% to SAR 38 million

Tam Development Company reported a 54% rise in net profit, reaching SAR 38 million for the first half of 2024, compared to SAR 24 million in the same period last year. The company disclosed its preliminary financial results for the period ending June 30, 2024.

Total equity, excluding non-controlling interests, surged 53% to SAR 118 million, up from SAR 77 million in the same period the previous year. Earnings per share also increased significantly to SAR 3.47 in the current period, compared to SAR 1.45 a year earlier.

The profit growth was attributed primarily to an increase in the company’s activity and sales.