Atlas Elevators profits rise to SAR 10M in 2023
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Atlas Elevators General Trading and Contracting Co.’s profits rose to SAR 10 million by the end of 2023, from SAR 9.5 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 77.34 | 71.29 | (7.8 %) |
| Gross Income | 25.08 | 26.78 | 6.7 % |
| Operating Income | 9.01 | 6.40 | (29.0 %) |
| Net Income | 9.53 | 10.02 | 5.2 % |
| Average Shares | 4.80 | 6.00 | 25.0 % |
| EPS (Riyals) | 1.99 | 1.67 | (15.9 %) |
The increase in profits was attributed to lower cost of sales, which fell 14.82% year-on-year (YoY). Additionally, the sales cost to sales ratio decreased from 67.57% in 2022 to 62.44% in 2023. Moreover, diversified revenues increased by 40.48% YoY.
This was despite a decrease in revenues due to lower installation revenue and maintenance revenue.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 39.74 | 37.74 | (5.0 %) |
| Gross Income | 11.64 | 10.79 | (7.3 %) |
| Operating Income | 3.93 | (1.35) | (134.5 %) |
| Net Income | 4.32 | 1.77 | (59.0 %) |
| Average Shares | 4.80 | 6.00 | 25.0 % |
| EPS (Riyals) | 0.90 | 0.30 | (67.2 %) |
Total shareholders’ equity, after minority interest, stood at SAR 92.41 million as of Dec. 31, 2023, from SAR 63.01million a year earlier.
The gross income for the current period amounted to SAR 10.17 million, compared to SAR 9.81 million in the year-ago period.
Earnings per share (EPS) amounted to SAR 1.22 for the current period, compared to SAR 1.88 a year earlier.
|
Historical Data |
|||
|
Period |
Revenue (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR/share) |
|
H1 2022 |
37.61 |
0.07 |
0.01 |
|
H2 2022 |
39.73 |
9.46 |
1.97 |
|
H1 2023 |
33.55 |
0.05 |
0.01 |
|
H2 2023 |
37.74 |
9.97 |
2.08 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 33.55 | (10.8 %) | 15.99 | 18.9 % | 7.75 | 52.6 % |
| H2 2023 | 37.74 | (5.0 %) | 10.79 | (7.3 %) | (1.35) | (134.5 %) |
| 2023 | 71.29 | (7.8 %) | 26.78 | 6.7 % | 6.40 | (29.0 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 8.25 | 58.5 % | 1.72 | - | 8.25 | 1.72 |
| H2 2023 | 1.77 | (59.0 %) | 0.30 | 2.66 | (0.89) | (0.15) |
| 2023 | 10.02 | 5.2 % | 1.67 | 2.66 | 7.36 | 1.23 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 37.69 % | 20.94 % | 17.16 % |
| H2 2023 | 37.56 % | 14.13 % | 10.33 % |
| 2023 | 37.56 % | 14.13 % | 10.33 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 4.80 | 2.62 | 2.62 | 14.35 |
| H2 2023 | 6.00 | 1.67 | 1.23 | 15.40 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 12.00 | 16.33 | 1.30 |
Business Segments (Million)
Q4 2023
| Period | Installation | Maintenance of elevators installed by the company | Third-party elevator maintenance |
|---|---|---|---|
| Q2 2023 | 30.35 | 2.82 | 0.38 |
| Q4 2023 | 33.47 | 3.89 | 0.37 |
| Current | |
| Market Cap (M Riyal) | 115.20 |
| Enterprise Value (EV) (M) | 85.85 |
| Shares Outstanding ((M)) | 6.00 |
| Book Value (BV) ( Riyal) | 15.40 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 15.65 |
| Price/book | 1.25 |
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