Salam International Investment Limited Q.P.S.C. (SIIS) Earnings Call Transcript & Summary

Hello, and welcome to the Salam International conference call. Please note that this call is being recorded. [Operator Instructions] Thank you. I'd like to turn the call over to Roy. Please go ahead.

Thanks, Angela. Hello, everyone. This is Roy Thomas from QNB Financial Services. I want to welcome everyone to Salam International Investment Limited's Third Quarter and 9 Months 2024 Financial Results Conference Call. On this call from Salam International Investment Limited, we have Abdul Salam Abu Issa, the Chief Executive Officer; Hekmat Al Younis, the Chief Financial Officer; Suleiman Al-Khateeb, ED, Corporate Development and IRO; and Abdul Rahiman Pacha, the Corporate Finance Manager. We will conduct this conference call with management first reviewing the company's results, followed by Q&A. I will turn the call now over to Abdul Salam Abu Issa. Go ahead, Abdul Salam.

Good afternoon. Thank you. I'm going to give a quick highlight over the last -- for the first 9 months of the year, and then we will open the session for any questions anyone has. Overall, Salam has achieved good results for the first 9 months of the year. We have achieved a top line of QAR 1.228 billion in 2024 first 9 months compared to QAR 1.94 billion, which represents an increase of 12%, which we are happy about, knowing that 2024 has been -- has had its own challenges and we have not -- a lot of the projects were delayed and there has been some slowdown to the sector. But overall, we are glad that there's an increase in revenue. Net profit also has increased very well, 74% to QAR 36 million versus QAR 21 million last year. Something worth noting is that there has been less other income. So the operation has performed much better than last year. We have worked a lot on the G&A expenses. We have reduced it by almost 11% from QAR 251 million down to QAR 222 million. This has been the effort of many of our organizations to try and find ways of becoming more efficient. Overall, also interest cost has been one of the major reduction, down from QAR 98 million last year to QAR 87 million this year. This obviously has -- is due to the overall global interest rates and our credibility with the banks, which help us get more competitive interest rates. This is a very brief of the first 9 months for the forecast for the next quarter. We are hoping that we will have a strong end of the year backed by our forecast of projects and the expected revenues. So overall, this is a very short brief. I'm ready for any questions. Thank you.

[Operator Instructions] There are no questions. I would now like to turn the call back over to Roy for any remarks.

If there are no questions, we would like to thank Salam International Investment Limited's management for the results update, and we look forward to speaking to you all for the final quarter results. Thank you.

Thank you.

Thank you.

Thank you.

That concludes today's conference call. Thank you all for joining. You may now disconnect.