Riyadh – Mubasher: Al Hammadi Holding registered a 21.34% year-on-year (YoY) plunge in net profit to SAR 64.04 million in the first quarter (Q1) of 2024 from SAR 81.42 million.

Revenues decreased by 7.22% YoY to SAR 277.04 million in Q1-24 from SAR 298.60 million, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.40 in the three-month period that ended on 31 March 2024, down from SAR 0.51 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit inched lower by 1.76% in Q1-24 from SAR 65.19 million in Q4-23, while revenues declined by 8.77% from SAR 303.68 million.

Al Hammadi Holding’s net profit jumped by 17.87% YoY to SAR 303.33 million in 2023 from SAR 257.34 million.