Al Rashid Industrial Co. (SASE:9580) reported a 56% jump in net profit for the full-year 2024, driven by higher revenue and improved operational performance, the Saudi Arabia-based plastic and packaging company announced on Sunday.
For the 12 months ending December 31, 2024, the company posted:
- Net profit: 34.9 million Saudi riyals (SAR), up from 22.3 million SAR in 2023.
- Earnings per share (EPS): 4.36 SAR, compared with 2.79 SAR a year ago.
- Revenue: 152.7 million SAR, marking a 13% increase from 135 million SAR in 2023.
Dividend Boost Reflects Strong Performance
In light of its robust financial results, Al Rashid’s board proposed a cash dividend of 1.25 SAR per share for 2024, a 25% increase from the 1 SAR paid a year earlier.
The enhanced dividend highlights the company’s commitment to returning value to shareholders amid rising profitability.
Revenue Growth and Profitability Drivers
Al Rashid’s double-digit revenue growth was fueled by:
✅ Increased demand for its plastic and packaging products, supported by expansion in domestic and regional markets.
✅ Improved operational efficiency and cost management, boosting margins.
✅ A favorable pricing environment that contributed to higher sales figures.
Outlook and Market Positioning
With rising earnings and a higher dividend payout, Al Rashid Industrial is positioning itself for continued growth. The company’s expansion in packaging solutions and focus on sustainable product lines could further strengthen its market presence.
As Saudi Arabia’s industrial sector continues to grow, Al Rashid’s increased profitability and shareholder-friendly policies signal strong fundamentals and potential for further gains.
