United Mining profit dips 36% to SAR 11.3M in H1 2024

United Mining profit dips 36% to SAR 11.3M in H1 2024

28/08/2024 Argaam Exclusive

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United Mining Industries Co. posted a profit drop of 36% to SAR 11.3 million for the first half of 2024, compared to SAR 17.8 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 114.76 121.12 5.5 %
Gross Income 34.99 39.33 12.4 %
Operating Income 23.13 27.73 19.9 %
Net Income 17.84 11.34 (36.4 %)
Average Shares 14.00 14.00 -
EPS (Riyals) 1.27 0.81 (36.4 %)

The six-month profit was hurt by a provision for a legal claim between the company and the General Authority for Competition (GAC).



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 114.76 121.12 5.5 %
Gross Income 34.99 39.33 12.4 %
Operating Income 23.13 27.73 19.9 %
Net Income 17.84 11.34 (36.4 %)
Average Shares 14.00 14.00 -
EPS (Riyals) 1.27 0.81 (36.4 %)

On the other hand, the company reported a 5.5% year-on-year (YoY) rise in the H1 2024 revenue, thanks to adopting a diverse sales mix and an updated marketing strategy.

 

Operating profits also jumped 20% YoY.

 

Shareholders’ equity, no minority interest, stood at SAR 184.5 million as of June 30, 2024, compared to SAR 183.02 million a year earlier.

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2022

122.45

12.81

0.91

H2 2022

119.36

19.23

1.37

H1 2023

114.76

17.84

1.27

H2 2023

125.57

17.99

1.29

H1 2024

121.12

11.34

0.81

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 122.45 - 26.00 - 15.88 -
H2 2022 119.36 - 29.58 - 21.81 -
H1 2023 114.76 (6.3 %) 34.99 34.6 % 23.13 45.6 %
H2 2023 125.56 5.2 % 36.37 23.0 % 22.37 2.5 %
H1 2024 121.12 5.5 % 39.33 12.4 % 27.73 19.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 12.81 - 0.91 - 12.81 0.91
H2 2022 19.24 - 1.37 - 19.24 1.37
H1 2023 17.84 39.3 % 1.27 - 17.84 1.27
H2 2023 17.99 (6.5 %) 1.28 - 17.99 1.28
H1 2024 11.34 (36.4 %) 0.81 (14.40) 25.74 1.84

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 22.98 % 22.04 % 13.25 %
H1 2023 27.58 % 25.99 % 15.84 %
H2 2023 29.69 % 25.56 % 14.91 %
H1 2024 30.69 % 26.80 % 17.73 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 14.00 - - 11.53
H2 2022 14.00 2.29 2.29 11.82
H1 2023 14.00 2.65 2.65 13.09
H2 2023 14.00 2.56 2.56 13.07
H1 2024 14.00 2.10 3.12 13.18

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 9.77 9.77 1.91
H1 2024 11.66 7.82 1.85

Business Segments (Million)

Compared With The
Period Gypsum boards Fiber cement boards Others
Q2 2022 58.40 34.14 29.91
Q4 2022 69.31 32.90 17.15
Q2 2023 69.05 31.94 13.77
Q4 2023 74.13 40.08 11.35
Q2 2024 77.17 34.39 9.56


Financial Ratios
Current
Market Cap (M Riyal) 560.00
Enterprise Value (EV) (M) 648.40
Shares Outstanding ((M)) 14.00
Book Value (BV) ( Riyal) 13.07
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 15.63
Price/book 3.06
more

Share Price

United Mining Industries Co.
40.00
(0.50) (1.23 %)

United Mining Industries Co. (UNITED MINING)

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