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Al Arabia records 11% YoY profit increase in Q1-24

Al Arabia records 11% YoY profit increase in Q1-24
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Riyadh – Mubasher: Arabian Contracting Services Company (Al Arabia) achieved an 11.01% year-on-year (YoY) jump in net profit to SAR 100.82 million in the first quarter (Q1) of 2024 from SAR 90.82 million.

Revenues leapt by 40.56% YoY to SAR 439.07 million in Q1-24 from SAR 312.36 million, according to the interim financial results.

The earnings per share (EPS) hit SAR 2.02 in the three-month period that ended on 31 March 2024, up from SAR 1.82 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit surged by 26.91% in Q1-24 from SAR 79.44 million in Q4-23, while the revenues soared by 18.93% from SAR 369.18 million.

In 2023, Arabian Contracting Services logged net profits of SAR 318.23 million, up 15.85% YoY from SAR 274.70 million.