Al-Saif Gallery’s Profits Plunge 62% to SAR 38 Million in 2024

Al-Saif Stores for Development and Investment Company (Al-Saif Gallery) reported a net profit decline of 62% to SAR 38 million for the year ending 2024, compared to SAR 98 million in 2023. This follows the announcement of its annual financial results for the period ending December 31, 2024.

– Operating profit fell 86% to SAR 13 million, down from SAR 94 million in 2023.

-Total shareholders’ equity (excluding non-controlling interests) rose 9% to SAR 439 million, compared to SAR 402 million in the previous year.

– Earnings per share (EPS) stood at SAR 0.11, compared to SAR 0.28 in 2023.

Despite the decline in profitability, sales grew by 1.6% year-over-year, driven by an increase in promotional sales, according to the company.