Atlas Elevators profit drops 14% to SAR 7.1M in H1 2024

Atlas Elevators profit drops 14% to SAR 7.1M in H1 2024

07/08/2024 Argaam Exclusive

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Atlas Elevators General Trading & Contracting Co. reported a 14% fall in H1 2024 net profit to SAR 7.1 million, compared to SAR 8.3 million in the first half of 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 33.55 43.89 30.8 %
Gross Income 15.99 12.41 (22.4 %)
Operating Income 7.75 2.93 (62.2 %)
Net Income 8.25 7.07 (14.3 %)
Average Shares 4.80 6.00 25.0 %
EPS (Riyals) 1.72 1.18 (31.5 %)

The company’s net profit for the six-month period was hurt by a rise in the cost of sales amid increased operating expenses.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 33.55 43.89 30.8 %
Gross Income 15.99 12.41 (22.4 %)
Operating Income 7.75 2.93 (62.2 %)
Net Income 8.25 7.07 (14.3 %)
Average Shares 4.80 6.00 25.0 %
EPS (Riyals) 1.72 1.18 (31.5 %)

On the other hand, sales rose driven by an increase in revenue from the company’s core business activities (elevator installation and maintenance).

 

Shareholders' equity, after minority interest, reached SAR 96.25 million at the end of the six-month period, compared to SAR 68.86 million a year before.

 

Historical Data

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS (SAR)

H1 2022

37.61

5.21

1.08

H2 2022

39.73

9.53

0.91

H1 2023

33.55

8.30

1.73

H2 2023

37.74

1.72

0.29

H1 2024

43.89

7.13

1.19

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 79.29 - 26.93 - 10.73 -
H2 2021 - - - - - -
H1 2022 37.61 (52.6 %) 13.45 (50.1 %) 5.08 (52.7 %)
H2 2022 39.74 - 11.64 - 3.93 -
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 %)
H1 2024 43.89 30.8 % 12.41 (22.4 %) 2.93 (62.2 %)


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 10.68 - 2.23 - 10.68 2.23
H2 2021 - - - - - -
H1 2022 5.20 (51.3 %) 1.08 - 5.20 1.08
H2 2022 4.32 - 0.90 - 4.32 0.90
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)
H1 2024 7.07 (14.3 %) 1.18 3.90 3.17 0.53

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 33.97 % 18.02 % 13.47 %
H2 2021 - - -
H1 2022 - - -
H2 2022 32.43 % 16.51 % 12.32 %
H1 2023 37.69 % 20.94 % 17.16 %
H2 2023 37.56 % 14.13 % 10.33 %
H1 2024 28.42 % 6.39 % 2.79 %


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 4.80 4.45 4.45 11.60
H2 2021 - - - -
H1 2022 4.80 - - 12.19
H2 2022 4.80 1.99 1.99 13.13
H1 2023 4.80 2.62 2.62 14.35
H2 2023 6.00 1.67 1.23 15.40
H1 2024 6.00 1.47 0.38 16.04

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 12.00 16.33 1.30
H1 2024 13.03 50.52 1.20

Business Segments (Million)

Compared With The
Period Installation Maintenance of elevators installed by the company Third-party elevator maintenance
Q2 2022 34.36 3.05 0.20
Q4 2022 34.52 5.03 0.19
Q2 2023 30.35 2.82 0.38
Q4 2023 33.47 3.89 0.37
Q2 2024 38.70 5.01 0.19


Financial Ratios
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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Share Price

Atlas Elevators General Trading and Contracting Co.
19.20
(0.02) (0.10 %)

Atlas Elevators General Trading and Contracting Co. (ATLAS ELEVATORS)

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