Logo of Atlas Elevators General Trading & Contracting Co.
Atlas Elevators General Trading & Contracting Co. recently issued its prospectus to float 1.2 million shares, or 20% of its post-IPO capital, on Nomu-Parallel Market.
The company’s main activity is the sale, supply, installation and maintenance of electric and hydraulic elevators and escalators, where the installation work is supervised by a professional team of up to 45 specialized work groups, in addition to 14 work groups for maintenance and after-sale services targeting customers from the retail sector.
Atlas Elevators has nine branches spread across Riyadh, Al-Kharj, Al-Ahsa, Dammam (Al-Amal District - Taibah District), Jeddah, Jizan, Taif and Abha.
The company confirmed the readiness of its showrooms to receive customer requests to purchase elevators and escalators, as well as periodic and emergency maintenance services. This is in addition to owning three commercial agencies in the Qassim, Abha and Madinah regions, through which it provides elevator and escalators products as well as maintenance services.
The company also owns 99% of the Atlas National Elevator Factory, which produces doors, cabins and steel towers for elevators.
Atlas Elevators stated that its strategy is focused on transferring advanced technologies in developed countries to manufacture elevators within the Kingdom, noting its application of quality standards and its commitment to international safety regulations in the field of elevators.
The following table shows the products and services offered by Atlas Elevators:
|
Atlas Elevators Products & Services |
|
|
Products and Services |
Details |
|
Elevators and escalators |
Several types, including elevators for passengers, goods, towers (high speeds), panorama elevators, car elevators, home elevators, elevators for people with special needs, food elevators, escalators and walkers from international agencies.
|
|
Commercial Agencies |
- SODIMAS ascenseurs (France)
- AreaLift (Italy)
- ZiEHL-ABEGG machines (Germany)
- Alberto Sassi machines (Italy)
- SMS Controls (Italy)
- Slycma doors (France)
|
|
Factory Products |
- Cabin (multiple shapes in different sizes)
- Mechanical structures
- Machines chair (multiple types)
- Elevator doors and door rings
- Steel elevator towers
|
|
Maintenance and after-sales services |
Periodic maintenance – preventive maintenance – malfunction maintenance – emergency maintenance – follow-up and quality assurance
|
The company's installation segment contributes the largest part to its total revenues, as it accounted for 89% by the end of 2022 compared to 94% in 2021. Maintenance sales segment followed recording SAR 8 million in 2022, compared to SAR 4.5 million for 2021, and maintenance sales accounted for about 11% and 6% of the company's total revenues during the years 2022 and 2021, respectively.
|
Sales by Segment (SAR mln) |
||||
|
Segment |
2021 |
2022 |
||
|
Value (SAR mln) |
Percentage (%) |
Value (SAR mln) |
Percentage (%) |
|
|
Installations Sales |
74.4 |
93.8 % |
68.9 |
89 % |
|
Maintenance Sales |
4.5 |
5.7 % |
8 |
10.5 % |
|
Assay Revenues |
0.38 |
0.5 % |
0.39 |
0.5 % |
|
Total |
79.3 |
100 % |
77.3 |
100 % |
The factory's sales contributed nearly SAR 8 million by the end of 2022, from SAR 6 million in 2021, representing 10% and 7% of total revenues for 2022 and 2021, respectively.
|
Sales by Segment (SAR mln) |
||||
|
Segment |
2021 |
2022 |
||
|
Value (SAR mln) |
Percentage (%) |
Value (SAR mln) |
Percentage (%) |
|
|
Company’s Sales |
73.3 |
93 % |
69.3 |
90 % |
|
Factory’s Sales |
6 |
7 % |
8 |
10 % |
|
Total |
79.3 |
100 % |
77.3 |
100 % |
Atlas Elevators plans to use the net proceeds of the offering to finance its expansion plan and working capital, as it intends to retain about 0.3% of the net proceeds of the IPO as working capital for operations. The company also stressed that these proceeds will not be used to repay any obligations or loans to financing entities.
The following table shows the estimated cost summary of Atlas Elevators' expansion plan:
|
Details of Atlas Elevators Expansion Plan |
||
|
Item |
Expected Completion Period |
Estimated Cost (SAR mln) |
|
Purchase of cars for maintenance group’s work |
Q3 2023 |
1 |
|
Purchase of machinery and spare parts for elevators |
Q3 2023 |
8 |
|
Purchase of the headquarters building |
Q3 2023 |
10 |
|
Establishing a new showroom in Najran city |
Q4 2023 |
1 |
|
Establishing an elevator factory in Aseer region |
Q4 2023 |
3 |
|
Buying a new equipped factory in the second industrial city of Riyadh |
Q1 2024 |
10 |
|
Total |
|
33 |
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