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Miahona 2023 net profit rises 13% to SAR 56.7M; Q4 at SAR 12.8M
24/04/2024
Argaam Exclusive
Miahona Co., which is set to be listed on the main market (TASI), posted a 13% year-on-year growth in net profit for 2023 to SAR 56.7 million from SAR 50.1 million.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 276.02 | 324.46 | 17.5 % |
| Gross Income | 86.86 | 109.41 | 26.0 % |
| Operating Income | 56.94 | 69.78 | 22.6 % |
| Net Income | 50.11 | 56.72 | 13.2 % |
| Average Shares | 160.93 | 160.93 | - |
| EPS (Riyals) | 0.31 | 0.35 | 13.2 % |
Q4 net profit also fell 15% YoY to SAR 12.8 million.
The rise in 2023 net profit YoY was driven by an increase in revenues to SAR 324.5 million, as well as a rise in gross profit margin to 34% from 31% in 2022.
The company also recorded a rise in its share of affiliates to SAR 6.5 million from SAR 5.4 million in the prior-year period.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 68.00 | 98.85 | 45.4 % |
| Gross Income | 25.72 | 29.80 | 15.9 % |
| Operating Income | 15.13 | 17.96 | 18.7 % |
| Net Income | 14.98 | 12.80 | (14.6 %) |
| Average Shares | 160.93 | 160.93 | - |
| EPS (Riyals) | 0.09 | 0.08 | (14.6 %) |
Shareholders' equity, after minority interest, amounted to SAR 392.85 million, compared to SAR 342.50 million in the same period a year earlier.
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Share Price
Miahona Co. (MIAHONA)
| Current | |
| Market Cap (M Riyal) | 4,634.78 |
| Enterprise Value (EV) (M) | 4,921.27 |
| Shares Outstanding ((M)) | 160.93 |
| EPS ( Riyal) (TTM) | 0.35 |
| Book Value (BV) ( Riyal) | 2.63 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | More than 100 |
| P/E (TTM) | More than 100 |
| Price/book | 10.95 |
| Return on Average Assets (%) (TTM) | 5.6 |
| Return on Average Equity (%) (TTM) | 14.1 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 65.07 | - | 18.31 | - | 10.27 | - |
| Q2 2023 | 84.55 | - | 32.34 | - | 20.14 | - |
| Q3 2023 | 76.00 | (1.0 %) | 28.89 | 26.2 % | 21.42 | 26.6 % |
| Q4 2023 | 98.85 | 45.4 % | 29.80 | 15.9 % | 17.96 | 18.7 % |
| 2023 | 324.46 | 17.5 % | 109.41 | 26.0 % | 69.78 | 22.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 8.09 | - | 0.05 | - | 8.09 | 0.05 |
| Q2 2023 | 16.95 | - | 0.11 | - | 16.95 | 0.11 |
| Q3 2023 | 18.88 | 31.9 % | 0.12 | - | 18.88 | 0.12 |
| Q4 2023 | 12.80 | (14.6 %) | 0.08 | - | 12.80 | 0.08 |
| 2023 | 56.72 | 13.2 % | 0.35 | - | 56.72 | 0.35 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | 33.71 % | 32.42 % | 18.45 % |
| Q3 2023 | 35.85 % | 37.74 % | 20.06 % |
| Q4 2023 | 33.70 % | 35.29 % | 17.48 % |
| 2023 | 33.72 % | 35.29 % | 17.48 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 160.93 | - | - | - |
| Q2 2023 | 160.93 | 0.34 | 0.34 | 2.28 |
| Q3 2023 | 160.93 | 0.37 | 0.37 | 2.40 |
| Q4 2023 | 160.93 | 0.35 | 0.35 | 2.44 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | - | - | - |
Business Segments (Million)
Q3 2023
| Period | Revenue recognized under service concession arrangements | Management and engineering services | Operation and maintenance revenue |
|---|---|---|---|
| Q1 2023 | 54.59 | 1.20 | 9.28 |
| Q2 2023 | 78.52 | 0.89 | 5.14 |
| Q3 2023 | 71.64 | 0.03 | 4.34 |
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