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Arabian Contracting Services Co. announces its interim financial results for the period ending on 30-09-2024 (Nine Months).
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 352,881 | 303,993 | 16.081 | 374,062 | -5.662 |
| Gross Profit (Loss) | 99,399 | 123,140 | -19.279 | 142,168 | -30.083 |
| Operational Profit (Loss) | 68,621 | 92,964 | -26.185 | 98,209 | -30.127 |
| Net profit (Loss) | 44,312 | 62,934 | -29.589 | 47,322 | -6.36 |
| Total Comprehensive Income | 42,813 | 62,852 | -31.882 | 37,615 | 13.818 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,166,015 | 910,675 | 28.038 |
| Gross Profit (Loss) | 445,104 | 408,928 | 8.846 |
| Operational Profit (Loss) | 325,788 | 319,563 | 1.947 |
| Net profit (Loss) | 192,457 | 238,796 | -19.405 |
| Total Comprehensive Income | 181,251 | 238,635 | -24.046 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,294,395 | 1,034,334 | 25.142 |
| Profit (Loss) per Share | 3.85 | 4.78 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | During the third quarter of 2024, Arabian Contracting Services Co. achieved revenues of SAR 353 million compared to revenues of SAR 304 million in the same quarter of the previous year, with an increase of 16%. The growth in revenues during the third quarter of 2024 compared to the same quarter of the previous year is attributed to an increase in revenues from both outdoor and indoor advertisements sectors by 1% and 439%, respectively. This is attributed to several reasons, including starting the operation of the advertising spaces at King Khalid International Airport and reflecting on the financial impact of the full acquisition of Faden Media Company. Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Despite the 16% increase in sales, net profit decreased by 30%, mainly due to the increase in operating expenses (due to the company in the preparation phase in for the transitional phase to complete all projects, as the operations of advertising spaces at King Khalid International Airport have begun), in addition to the increase in financing expenses by 130% compared to the same quarter of the previous year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Arabia Company recorded a decrease in revenues during the current quarter compared to the previous quarter by 6%. This logical decrease is due to several factors, including: Seasonal factors and in addition to the fact that Arabia is in a preparation period about to enter a transitional phase, as not all billboards in the new projects have been operated yet. The company's strategy aims to enhance revenue growth and profit margins according to the plan set by the company, which will be done upon completion of the implementation of the projects in full. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Arabia Company recorded a decrease in net profit during the current quarter compared to the previous quarter by 6%. This logical decrease is due to several factors, including: Seasonal factors and in addition to the fact that Arabia is in a preparation period about to enter a transitional phase, as not all billboards in the new projects have been operated yet. The company's strategy aims to enhance revenue growth and profit margins according to the plan set by the company, which will be done upon completion of the implementation of the projects in full. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | During the current period of 2024, the Arabian contracting services Company achieved a growth of 28% in revenues, amounting to 1,166 million Saudi riyals for the current period, compared to revenues for the same period of the previous year. The growth in revenues during the period of 2024 compared to the same period of the previous year is attributed to an increase in revenues from both outdoor and indoor advertisements sectors of 21% and 175%, respectively. This, in turn, is attributed to several reasons, including starting the operation of the advertising spaces at King Khalid International Airport and reflecting the financial impact of the full acquisition of Faden Media Company. The back-to-school and university season, National Day and Foundation Day campaigns, in addition to the 2024 eSports World Cup also had a positive impact on the company’s revenue increase during the period. Also, the continuation of digital transformation initiatives and the adoption of smart solutions in outdoor advertising mediums contributed to expanding advertising spaces and increasing the capacity to accommodate a larger space of campaigns and advertisers. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Despite the 28% increase in revenues, net profit decreased by 19%, mainly due to the increase in operating expenses (due to the company being in preparation phase for the transitional phase to complete all projects, as the operational operations of advertising spaces at King Khalid International Airport have begun), in addition to the increase in financing expenses by 146% compared to the same period of the previous year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | N/A |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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