2P Net Profit Surges 26% to SAR 163 Million in 2024

2P reported a 26% increase in net profit to SAR 163 million for 2024, compared to SAR 129 million in 2023, following the release of its annual financial results for the period ended December 31, 2024.

Key Financial Highlights:

• Operational profit rose 23% to SAR 213 million, compared to SAR 173 million in 2023.

• Shareholders’ equity (excluding minority interests) grew 43% to SAR 544 million, up from SAR 382 million in 2023.

• Earnings per share (EPS) stood at SAR 0.54, up from SAR 0.43 in 2023.

The company stated in a Tadawul filing that revenue declined by 5% to SAR 1,071 million in 2024, mainly due to the completion of certain projects. However, the gross profit margin improved from 18.6% in 2023 to 23.43% in 2024, attributed to higher profitability from completed projects and the execution of projects on an agent basis.