Riyadh – Mubasher: The net losses of ARTEX Industrial Investment Company plummeted by 80.88% year-on-year (YoY) to SAR 7.60 million in the first half (H1) of 2024 from SAR 39.76 million.
The revenues amounted to SAR 283.02 million in H1-24, up 7.28% from SAR 263.80 million in H1-23, according to the interim financial results.
Loss per share stood at SAR 0.09 in January-June 2024, compared to SAR 0.49 a year earlier.
Income Results for Q2-24
The group’s net losses hit SAR 9.04 million in the second quarter (Q2) of 2024, lower by 54.25% than SAR 19.76 million in Q2-23.
In the three-month period that ended on 30 June 2024, the revenues dropped by 2.50% YoY to SAR 120.44 million from SAR 123.53 million.
Quarter-on-quarter (QoQ), ARTEX Industrial Investment shifted to net losses in Q2-24 against net profits valued at SAR 1.43 million in Q1-24, while the revenues plunged by 25.91% from SAR 162.57 million.
Earlier this month, the group’s shareholders approved rebranding to ARTEX Industrial Investment Company from Al Abdullatif Industrial Investment Company.
