National Industrialization Company (2060) Q4 2024 earnings summary

Executive summary

• Consolidated financial statements for the year ended 31 December 2024 were audited with an unqualified opinion, confirming fair presentation in accordance with IFRS and SOCPA standards.

• Key audit matters included accounting for acquisitions (SAMCO, SAPCO, ETM), impairment of goodwill, and assessment of property, plant, equipment, and investments.

• Major acquisitions led to full ownership of SAMCO, SAPCO, and ETM, with significant impacts on goodwill and business integration.

Financial highlights

• Revenue increased to SR 3,900.7 million, up from SR 3,567.0 million year-over-year.

• Net loss of SR 27.6 million, compared to a net profit of SR 220.9 million in the prior year.

• Gross profit declined to SR 225.9 million from SR 364.5 million year-over-year.

• Operating loss of SR 22.2 million, down from an operating profit of SR 413.9 million in 2023.

• Basic and diluted EPS from profit attributable to equity holders was SR 0.15, down from SR 0.30.

Outlook and guidance

• New standards (IAS 21, IFRS 9/7, IFRS 18) will be adopted in future years, with impact assessments pending.

• Recent debt restructuring and refinancing agreements are expected to positively impact future cash flows.