Miahona H1 2024 profit up 10% to SAR 27.6M; Q2 at SAR 7.9M

07/08/2024 Argaam Exclusive

Miahona Co. reported a net profit of SAR 27.6 million (after minority interest) in the first half of 2024, a rise of 10% compared to SAR 25 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 149.61 151.85 1.5 %
Gross Income 50.65 47.81 (5.6 %)
Operating Income 30.41 22.79 (25.0 %)
Net Income 25.04 27.60 10.2 %
Average Shares 160.93 160.93 -
EPS (Riyals) 0.16 0.17 10.2 %

The profit increase was supported by a rise in revenue amid improved efficiency.

 

The increase in top line was mainly due to achieving a financial close for a larger project during the period, which led to additional revenue recognition.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 84.55 70.24 (16.9 %)
Gross Income 32.34 19.13 (40.8 %)
Operating Income 20.14 7.52 (62.7 %)
Net Income 16.95 7.93 (53.2 %)
Average Shares 160.93 160.93 -
EPS (Riyals) 0.11 0.05 (53.2 %)

In Q2 2024, the company’s net profit fell 53% to SAR 7.9 million from SAR 16.95 million in Q2 2023 due to a 16.9% year-on-year (YoY) decline in revenue.

 

On a sequential basis, the second-quarter net profit fell 60% from SAR 19.98 million in Q1 2024.

 

Shareholders’ equity, excluding minority interest, rose to SAR 422.88 million by the end of H1 2024, from SAR 392.85 million in the year-ago period.

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Share Price

Miahona Co.
29.10
(0.45) (1.52 %)

Miahona Co. (MIAHONA)

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Financial Ratios
Current
Market Cap (M Riyal) 4,683.06
Enterprise Value (EV) (M) 4,969.55
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 11.06
Return on Average Assets (%) (TTM) 5.6
Return on Average Equity (%) (TTM) 14.1
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