Miahona makes SAR 44.8M profit in 9M 2024; Q3 at SAR 16.7M
06/11/2024
Argaam Exclusive
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Miahona Co. reported a net profit of SAR 44.8 million for the first nine months of 2024, up from SAR 44 million in the year-earlier period, on higher revenue from constructions, increased gross profit, and a rise in other revenue.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 225.62 | 248.08 | 10.0 % |
| Gross Income | 79.60 | 80.14 | 0.7 % |
| Operating Income | 51.82 | 44.27 | (14.6 %) |
| Net Income | 43.92 | 44.14 | 0.5 % |
| Average Shares | 160.93 | 160.93 | - |
| EPS (Riyals) | 0.27 | 0.27 | 0.5 % |
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 76.00 | 88.48 | 16.4 % |
| Gross Income | 28.89 | 24.57 | (14.9 %) |
| Operating Income | 21.42 | 13.73 | (35.9 %) |
| Net Income | 18.88 | 16.54 | (12.4 %) |
| Average Shares | 160.93 | 160.93 | - |
| EPS (Riyals) | 0.12 | 0.10 | (12.4 %) |
Q3 2024 net profit stood at SAR 16.7 million, a decline of 12% year-on-year (YoY) from SAR 18.9 million, mainly due to higher revenue from constructions.
On a sequential basis, net earnings increased by almost two-fold from SAR 8.1 million in Q2 2024.
Total shareholders’ equity (after minority equity) stood at SAR 423.31 million by Sept. 30, 2024, compared to SAR 385.98 million a year earlier.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 81.60 | 25.4 % | 28.68 | 56.7 % | 15.27 | 48.8 % |
| Q2 2024 | 70.24 | (16.9 %) | 19.13 | (40.8 %) | 7.52 | (62.7 %) |
| Q3 2024 | 88.48 | 16.4 % | 24.57 | (14.9 %) | 13.73 | (35.9 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| 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 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 35.11 % | 35.35 % | 20.03 % |
| Q2 2024 | 32.60 % | 33.67 % | 17.70 % |
| Q3 2024 | 30.13 % | 30.66 % | 14.66 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 160.93 | 0.42 | 0.42 | - |
| Q2 2024 | 160.93 | 0.37 | 0.36 | 2.63 |
| Q3 2024 | 160.93 | 0.35 | 0.31 | 2.63 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 77.24 | 79.16 | 10.83 |
| Q3 2024 | 85.65 | 98.07 | 11.52 |
Business Segments (Million)
Q3 2024
| Period | Revenue recognized under service concession arrangements | Management and engineering services | Operation and maintenance revenue |
|---|---|---|---|
| Q1 2024 | 69.44 | 7.67 | 4.50 |
| Q2 2024 | 67.62 | 0.02 | 2.60 |
| Q3 2024 | 86.08 | - | 2.40 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 10.00 | 16.54 | 65.37 % |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 11.00 | 16.54 | 50.3 % |
| GIB Capital | 9.00 | 16.54 | 83.7 % |
| Current | |
| Market Cap (M Riyal) | 4,457.76 |
| Enterprise Value (EV) (M) | 4,744.25 |
| 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 | 10.53 |
| Return on Average Assets (%) (TTM) | 5.6 |
| Return on Average Equity (%) (TTM) | 14.1 |
Share Price
Miahona Co. (MIAHONA)
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