Al Majed Oud’s Profit Rises 6% to SAR 157 Million in 2024

Al Majed Oud Co. announced on Thursday, March 06 that its net profit of SAR 157 million for the year ending December 31, 2024, reflecting a 6% increase from SAR 149 million in 2023. The company announced its preliminary financial results today.

Operating profit reached SAR 179 million in 2024, up 9% from SAR 164 million in the previous year.

Shareholders’ equity (excluding non-controlling interests) grew 24% to SAR 468 million, compared to SAR 377 million in 2023.

Earnings per share stood at SAR 6.28 for the current year, up from SAR 5.95 in 2023.

In a statement, the company attributed the increase in sales to geographical expansion, a higher number of stores, increased spending on marketing campaigns, the launch of new products, and a rise in online store sales.