Munawla Cargo earnings slump 49% to SAR 5M in 2023

23/04/2024 Argaam Exclusive

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Munawla Cargo Co.’s earnings dropped 49% to SAR 5 million in 2023, compared to SAR 9.7 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	138.91	117.42	(15.5 %)
Gross Income	24.77	22.41	(9.5 %)
Operating Income	10.09	6.14	(39.2 %)
Net Income	9.66	4.95	(48.7 %)
Average Shares	2.00	2.00	-
EPS (Riyals)	4.83	2.48	(48.7 %)

The decline was attributed to lower revenue year-on-year (YoY) as the transport activities were hit in H1 2024 on the fleet replacement, as well as higher cost of finance.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	71.41	58.11	(18.6 %)
Gross Income	13.22	11.74	(11.2 %)
Operating Income	8.22	3.37	(59.0 %)
Net Income	7.52	2.88	(61.7 %)
Average Shares	2.00	2.00	-
EPS (Riyals)	3.76	1.44	(61.7 %)

Item	H1 2023	H2 2023	Change‬
Revenues	59.31	58.11	(2.0 %)
Gross Income	10.67	11.74	9.9 %
Operating Income	2.77	3.37	21.6 %
Net Income	2.07	2.88	38.8 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.04	1.44	38.8 %

Shareholders’ equity, no minority interest, stood at SAR 32.20 million by Dec. 31, 2023, compared to SAR 32.94 million a year ago

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	96.19	-	17.59	-	3.80	-
H1 2021	57.29	-	10.76	-	3.30	-
H2 2021	74.47	-	14.37	-	4.95	-
2021	131.76	37.0 %	25.13	42.9 %	8.25	117.1 %
H1 2022	67.50	17.8 %	11.55	7.4 %	1.88	(43.0 %)
H2 2022	71.41	(4.1 %)	13.22	(8.0 %)	8.22	66.0 %
2022	138.91	5.4 %	24.77	(1.4 %)	10.09	22.4 %
H1 2023	59.31	(12.1 %)	10.67	(7.6 %)	2.77	47.5 %
H2 2023	58.11	(18.6 %)	11.74	(11.2 %)	3.37	(59.0 %)
2023	117.42	(15.5 %)	22.41	(9.5 %)	6.14	(39.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	96.19	-	17.59	-	3.80	-
2021	131.76	37.0 %	25.13	42.9 %	8.25	117.1 %
2022	138.91	5.4 %	24.77	(1.4 %)	10.09	22.4 %
2023	117.42	(15.5 %)	22.41	(9.5 %)	6.14	(39.2 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	2.80	-	1.40	-	2.80	1.40
H1 2021	3.33	-	1.67	-	3.33	1.67
H2 2021	4.25	-	2.12	-	4.25	2.12
2021	7.58	170.8 %	3.79	-	7.58	3.79
H1 2022	2.14	(35.7 %)	1.07	-	2.14	1.07
H2 2022	7.52	77.0 %	3.76	-	7.52	3.76
2022	9.66	27.5 %	4.83	-	9.66	4.83
H1 2023	2.07	(3.2 %)	1.04	-	2.07	1.04
H2 2023	2.88	(61.7 %)	1.44	-	2.88	1.44
2023	4.95	(48.7 %)	2.48	-	4.95	2.48

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	2.80	-	1.40	-	2.80	1.40
2021	7.58	170.8 %	3.79	-	7.58	3.79
2022	9.66	27.5 %	4.83	-	9.66	4.83
2023	4.95	(48.7 %)	2.48	-	4.95	2.48

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	18.28 %	5.07 %	2.91 %
H1 2021	-	-	-
H2 2021	19.07 %	8.03 %	5.75 %
2021	19.07 %	8.03 %	5.75 %
H1 2022	18.26 %	6.51 %	4.50 %
H2 2022	17.83 %	9.04 %	6.95 %
2022	17.83 %	9.04 %	6.95 %
H1 2023	18.27 %	10.28 %	7.34 %
H2 2023	19.09 %	7.58 %	4.22 %
2023	19.09 %	7.58 %	4.22 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	18.28 %	5.07 %	2.91 %
2021	19.07 %	8.03 %	5.75 %
2022	17.83 %	9.04 %	6.95 %
2023	19.09 %	7.58 %	4.22 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
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	18.78 %	7.71 %	5.81 %
H2 2021	19.30 %	8.27 %	5.70 %
H1 2022	17.12 %	4.57 %	3.17 %
H2 2022	18.51 %	13.27 %	10.53 %
H1 2023	18.00 %	6.67 %	3.50 %
H2 2023	20.20 %	8.52 %	4.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2014	-	-	-	-
H2 2014	-	-	-	-
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	2.00	-	-	12.52
H2 2021	2.00	3.79	3.79	12.70
H1 2022	2.00	3.19	3.19	13.57
H2 2022	2.00	4.83	4.83	16.47
H1 2023	2.00	4.79	4.79	16.01
H2 2023	2.00	2.48	2.48	17.60

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	2.00	1.40	1.40	10.86
2021	2.00	3.79	3.79	12.70
2022	2.00	4.83	4.83	16.47
2023	2.00	2.48	2.48	17.60

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2014	-	-	-
H2 2014	-	-	-
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	34.66	34.66	4.87

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	34.66	34.66	4.87

Business Segments (Million)

Compared With The

Period	Sea freight	Air freight	Road transport	Logistical business
Q2 2021	23.15	18.57	13.01	2.56
Q4 2021	37.19	20.82	14.85	1.61
Q2 2022	23.72	23.76	18.11	1.91
Q4 2022	34.12	20.11	13.68	3.49
Q2 2023	27.92	13.64	13.32	4.43
Q4 2023	21.34	21.06	14.90	0.80

Period	Sea freight	Air freight	Road transport	Logistical business
2020	42.92	25.68	22.10	5.48
2021	60.34	39.39	27.86	4.17
2022	57.84	43.88	31.79	5.40
2023	49.27	34.71	28.21	5.23

Financial Ratios

	Current
Market Cap (M Riyal)	136.00
Enterprise Value (EV) (M)	135.64
Shares Outstanding ((M))	2.00
Book Value (BV) ( Riyal)	17.60
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.47
Price/book	3.86

Munawla Cargo Co. (MUNAWLA)

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Munawla Cargo earnings slump 49% to SAR 5M in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Munawla Cargo Co. (MUNAWLA)

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Munawla Cargo earnings slump 49% to SAR 5M in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Munawla Cargo Co. (MUNAWLA)

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Business Segments (Million)