Mufeed Company reported a net profit of 34.5 million riyals for 2024, down 41% from 58 million riyals in 2023. The decline followed the announcement of the company’s annual financial results for the period ending December 31, 2024.
Operating profit dropped 46% to 33 million riyals, compared to 61 million riyals in the previous year.
Total shareholders’ equity, excluding non-controlling interests, increased 54% to 130 million riyals, up from 84 million riyals in 2023.
Earnings per share stood at 5.71 riyals in 2024, compared to 9.71 riyals in the prior year.
The company stated today on Tadawul that the 7.5% decline in revenue was mainly due to lower earnings from screens, advertising, and marketing. However, revenue from event and exhibition organization continued to grow.
