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Alqemam incurs SAR 9.5M loss in H1 2025
28/08/2025Argaam Exclusive
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Alqemam for Computer Systems Co. turned to a net loss of SAR 9.5 million in H1 2025, versus a profit of SAR 4.6 million in H1 2024.
Current Half Annual Comparison (M)
Compared With The
| Item | H1 2024 | H1 2025 | Change |
|---|---|---|---|
| Revenues | 16.48 | 5.73 | (65.2 %) |
| Gross Income | 8.62 | (1.96) | (122.7 %) |
| Operating Income | 5.57 | (9.25) | (266.1 %) |
| Net Income | 4.59 | (9.53) | (307.7 %) |
| Average Shares | 3.00 | 3.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.53 | (3.18) | (307.7 %) |
| EPS (Riyal) | 1.53 | (3.18) | (307.7 %) |
| Item | H2 2024 | H1 2025 | Change |
|---|---|---|---|
| Revenues | 33.21 | 5.73 | (82.8 %) |
| Gross Income | 21.85 | (1.96) | (108.9 %) |
| Operating Income | 4.85 | (9.25) | (290.7 %) |
| Net Income | 4.66 | (9.53) | (304.6 %) |
| Average Shares | 3.00 | 3.00 | - |
| Earnings Per Share before unusual items (Riyal) | 1.55 | (3.18) | (304.6 %) |
| EPS (Riyal) | 1.55 | (3.18) | (304.6 %) |
The decline was due to a 65% year-on-year drop in net revenue, as the company focused on innovation and testing of new products and services ahead of commercialization, developed a revenue model to support long-term growth, adjusted to government platform updates, and prepared for shifts in government projects that required longer lead times.
General and administrative expenses rose 36% YoY in H1 2025, while selling and marketing expenses also increased by 36% over the same period.
Expected credit losses surged 270% YoY, driven by delays in collecting receivables from government sector clients and the aging of these receivables beyond 360 days.
Compared to H2 2024, Alqemam swung from a profit of SAR 4.66 million.
Shareholders' equity, after minority interest, reached SAR 69.9 million at the end of H1 2025, compared with SAR 75.3 million a year earlier.
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Share Price
Alqemam for Computer Systems Co. (ALQEMAM)
| Current | |
| Market Cap (M Riyal) | 168.00 |
| Enterprise Value (EV) (M Riyal) | 170.08 |
| Shares Outstanding ((M)) | 3.00 |
| Book Value (BV) ( Riyal) | 23.33 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | Neg |
| Price/book | 2.40 |
| EV/adj EBITDA | (93.05) |
| EV/Revenues | 4.37 |
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