National Industrialization Company (2060) Q2 2024 earnings summary

Executive summary

• Report covers the three and six months ended 30 June 2024, reviewed by PwC with no material misstatements identified.

• Statutory reserve reduced to 10% of paid-up capital, with SR 905.3 million transferred to retained earnings.

• No material post-reporting events requiring disclosure.

Financial highlights

• Six-month revenue: SR 1,768.5 million, down from SR 1,777.9 million year-over-year.

• Six-month net loss: SR 23.3 million, compared to net profit of SR 183.4 million in prior year.

• Gross profit for six months: SR 114.4 million, down from SR 258.5 million year-over-year.

• Net cash used in operating activities: SR 320.7 million for six months, versus net inflow of SR 75.0 million prior year.

• Cash and cash equivalents at period end: SR 2,990.6 million, down from SR 3,630.9 million at 2023 year-end.

Outlook and guidance

• Management expects results for interim periods may not reflect full-year performance.

• Ongoing integration of acquired SAPCO and ETM businesses, with fair value allocation to be finalized within 12 months.