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Arabian Contracting Services Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,685,866 | 1,279,861 | 31.72 | ||
| Gross Profit (Loss) | 818,578 | 598,171 | 36.85 | ||
| Operational Profit (Loss) | 646,420 | 451,767 | 43.09 | ||
| Net profit (Loss) | 271,289 | 318,237 | -14.75 | ||
| Total Comprehensive Income | 259,240 | 313,273 | -17.25 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 1,372,384 | 1,113,144 | 23.29 | ||
| Profit (Loss) per Share | 4.93 | 5.79 | |||
| 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 year compared to the last year | During the fiscal year 2024, Arabian Contracting Services Co. achieved positive revenue growth, increasing from SAR 1.3 billion to SAR 1.7 billion, representing a 32% increase compared to the previous year, this positive revenue growth is attributed to the expansion of the advertising network in the operational sectors of the company, along with the continued digital transformation initiatives, as this has contributed to expanding and increasing advertising spaces to meet the clients‘ requirements, accommodate a larger segment of advertisers and provide smart advertising solutions adopting the latest technological advancements in data collection and analysis. Precisely, the revenue of the outdoor advertising sector in 2024 amounted to SAR 1.5 billion compared to SAR 1.1 billion in the previous year, reflecting an increase of 28%, as the outdoor advertising revenue constitutes the majority of the company's total revenue. Additionally, the revenue of the indoor advertising sector witnessed significant growth of 46%. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Arabian Contracting Services Co. achieved an increase in the operating profit of 43% amounting to SAR 646 million compared to SAR 452 million in the previous year. Despite the increase in sales and operating profit, Arabian Contracting Services Co. recorded a decline in net profit after Zakat and tax, amounting to SAR 271 million in 2024, compared to SAR 318 million in the previous year, 15% decrease. This decrease in net profit is attributed to a rise in financing cost in 2024 by 291% compared to the previous year. The increase in finance expenses is mainly attributed to the impact of the service concession agreement related liability, the full-year effect of the loan contracted by the company to acquire Faden Media Company, and the loans contracted to finance the advance payments on the new contracts won. Arabian Contracting Services Co. also announced in Q1 2025 the refinancing of the acquisition loan for Faden Media Company, leading to a reduction in financing costs and enhancing profitability. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The EPS amount related to the previous year was adjusted to reflect the increase in shares due to the capital increase in 2024. |
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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