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Miahona 2024 net profit slips 28% to SAR 40.7M; Q4 loss at SAR 3.4M
25/03/2025
Argaam Exclusive
Miahona Co. posted a 28% profit decline to SAR 40.7 million in 2024, from SAR 56.7 million in 2023.
Financials (Million Riyal)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 324.46 | 385.09 | 18.7 % |
| Gross Income | 90.95 | 86.46 | (4.9 %) |
| Operating Income | 69.78 | 47.82 | (31.5 %) |
| Net Income | 56.72 | 40.73 | (28.2 %) |
| Average Shares | 160.93 | 160.93 | - |
| Earnings Per Share before unusual items (Riyals) | 0.35 | 0.21 | (40.9 %) |
| EPS (Riyal) | 0.35 | 0.25 | (28.2 %) |
The annual profit slump was because of lower operation and maintenance revenues, along with higher general and administrative expenses. This was mainly due to one-off and exceptional costs related to the company’s recent public offering as well as governance.
This was offset by an 18.7% year-on-year (YoY) uptick in consolidated revenues for 2024, primarily due to higher construction revenues besides the elevated water and wastewater services segment’s revenues.
In Q4 2024, Miahona swung to a net loss of SAR 3.41 million, compared to a net profit of SAR 12.8 million in the same period last year.
The company logged net earnings of SAR 16.54 million in Q3 2024.
Current Quarter Comparison (Million Riyal)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 98.85 | 137.01 | 38.6 % |
| Gross Income | 11.34 | 21.99 | 93.9 % |
| Operating Income | 17.96 | 3.54 | (80.3 %) |
| Net Income | 12.80 | (3.41) | (126.7 %) |
| Average Shares | 160.93 | 160.93 | - |
| Earnings Per Share before unusual items (Riyal) | 0.08 | (0.02) | (126.7 %) |
| EPS (Riyal) | 0.08 | (0.02) | (126.7 %) |
Shareholders' equity, after minority interest, amounted to SAR 442.47 million in 2024, compared to SAR 392.85 million in the year before.
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Share Price
| Current | |
| Market Cap (M Riyal) | 1,491.82 |
| Enterprise Value (EV) (M Riyal) | 2,156.66 |
| Shares Outstanding ((M)) | 160.93 |
| Recurring EPS ( Riyal) (TTM) | 0.04 |
| Book Value (BV) ( Riyal) | 3.20 |
| Par Value ( Riyal) | 1.00 |
| Recurring P/E (TTM) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 2.90 |
| Dividend Yield (%) (Last Year) | 1.62 |
| Return on Average Assets (%) (TTM) | 0.4 |
| Return on Average Equity (%) (TTM) | 1.5 |
| EV/adj EBITDA | 34.25 |
| EV/Revenues | 4.34 |
Financial results (Million Riyal)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 81.60 | 25.4 % | 20.79 | 13.5 % | 15.27 | 48.8 % |
| Q2 2024 | 70.24 | (16.9 %) | 15.33 | (52.6 %) | 7.52 | (62.7 %) |
| Q3 2024 | 88.50 | 16.4 % | 20.62 | (28.6 %) | 13.75 | (35.8 %) |
| Q4 2024 | 137.01 | 38.6 % | 21.99 | 93.9 % | 3.54 | (80.3 %) |
| 2024 | 385.09 | 18.7 % | 86.46 | (4.9 %) | 47.82 | (31.5 %) |
Profit Performance (Million Riyal)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 19.67 | 143.1 % | 0.12 | - | 19.67 | 0.12 |
| Q2 2024 | 7.93 | (53.2 %) | 0.05 | 1.44 | 6.48 | 0.04 |
| Q3 2024 | 16.54 | (12.4 %) | 0.10 | 5.77 | 10.77 | 0.07 |
| Q4 2024 | (3.41) | (126.7 %) | (0.02) | - | (3.41) | (0.02) |
| 2024 | 40.73 | (28.2 %) | 0.25 | 7.21 | 33.52 | 0.21 |
Profitability
| Period | Gross Margin | Adjusted EBITDA margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | 33.71 % | - | 18.45 % |
| Q3 2023 | 35.85 % | 37.74 % | 20.06 % |
| Q4 2023 | 28.01 % | 35.29 % | 17.48 % |
| 2023 | 28.03 % | 35.29 % | 17.48 % |
| Q1 2024 | 27.38 % | 35.42 % | 20.03 % |
| Q2 2024 | 23.37 % | 33.67 % | 17.70 % |
| Q3 2024 | 20.07 % | 30.67 % | 14.66 % |
| Q4 2024 | 20.86 % | 23.94 % | 8.88 % |
| 2024 | 22.45 % | 25.47 % | 8.70 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 160.93 | 0.42 | 0.42 | 2.56 |
| Q2 2024 | 160.93 | 0.37 | 0.36 | 2.63 |
| Q3 2024 | 160.93 | 0.35 | 0.31 | 2.63 |
| Q4 2024 | 160.93 | 0.25 | 0.21 | 2.75 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 77.24 | 79.16 | 10.83 |
| Q3 2024 | 85.65 | 98.07 | 11.52 |
| Q4 2024 | More than 100 | More than 100 | 10.09 |
Business Segments (Million Riyal)
Q4 2024
| Period | Construction revenue | Water and wastewater services | Management and engineering services | Operation and maintenance revenue |
|---|---|---|---|---|
| Q1 2024 | 9.80 | 59.64 | 7.67 | 4.50 |
| Q2 2024 | 6.28 | 61.34 | 0.02 | 2.60 |
| Q4 2024 | 71.03 | 63.73 | - | 2.25 |
Analysts Estimates (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 16.00 | (3.41) |
Estimates vs Actual (Million Riyal)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Al Rajhi Capital | 14.00 | (3.41) | |
| GIB Capital | 18.00 | (3.41) |
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