National Industrialization Company (2060) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended 30 September 2024 reached SR 2.80 billion, up from SR 2.61 billion year-over-year, with net profit attributable to equity holders at SR 69.8 million, down from SR 191.7 million.

• Total comprehensive income for the nine months was SR 87.0 million, a decrease from SR 140.0 million in the prior year period.

• The company completed the transfer of excess statutory reserve (SR 905.3 million) to retained earnings following a by-law amendment.

Financial highlights

• Gross profit for the nine months was SR 221.3 million, down from SR 414.9 million year-over-year.

• Operating profit for the nine months was SR 202.5 million, compared to SR 398.0 million in the prior year.

• EBITDA for the nine months was SR 524.3 million, down from SR 712.8 million year-over-year.

• Basic and diluted EPS from profit attributable to equity holders was SR 0.10 for the nine months, compared to SR 0.29 year-over-year.

• Cash and cash equivalents at 30 September 2024 stood at SR 3.57 billion, slightly down from SR 3.63 billion at year-end 2023.

Outlook and guidance

• Management expects the results of interim periods may not be indicative of full-year performance.

• The company continues to operate as a going concern and is finalizing fair valuation of recent acquisitions.