Tam Development Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 273,353,008 | 188,403,128 | 45.09 | ||
| Gross Profit (Loss) | 93,737,453 | 89,762,028 | 4.43 | ||
| Operational Profit (Loss) | 33,701,007 | 44,138,521 | -23.65 | ||
| Net profit (Loss) | 30,137,082 | 40,601,961 | -25.77 | ||
| Total Comprehensive Income | 31,018,103 | 40,692,754 | -23.77 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 136,725,609 | 109,759,126 | 24.57 | ||
| Profit (Loss) per Share | 9.15 | 12.33 | |||
| All figures are in (Actual) 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 (Actual) 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 | Our strong revenue growth was primarily driven by the expansion of our Consulting segment which grew by 40% to SAR 232 million and our Digital Solutions segment which surged 78% to SAR 41 million. Additionally we expanded our client base by 42% further strengthening our revenue base. This growth reflects our increasing market leadership in high-value digital transformation services and our ability to capture demand from both public and private sector clients. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Profitability was affected by:
• Delays in government project awards and budget reviews in the first half of 2024 which affected contract pricing revenue recognition and utilization rates. • Strategic investments in talent acquisition and competitive pricing to secure new logo accounts temporarily compressing margins. • Higher general and administrative expenses which increased 39% due to workforce expansion to support growth. Unbilled employee costs rose from SAR 4.5 million in 2023 to SAR 12.2 million in 2024 as project delays led to underutilization. |
| 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) | N \A |
| Reclassification of Comparison Items | N \A |
| Additional Information | For further insights about TAM development Co. 2024 performance and the future outlook please refer to the attached accompanying press release.. |
| Attached Documents |  |