Logo of United Mining Industries Co.
United Mining Industries Co. issued its prospectus to float 1.75 million shares, or 12.5% of its capital, on Nomu-Parallel Market.
The company operates in four segments: manufacturing of gypsum boards, gypsum powder, cement boards and false ceilings.
The company manufactures its products in its Yanbu plant, spanning over an area of 114,000 sqm. The plant’s strategic location allows the company to provide competitive prices against high-quality products in record time.
During the past years, the manufacturer invested to increase its production capabilities in the gypsum industry and its products to take its current output to more than 40 million sqm.
The following table shows the plant’s current production capacity:
|
Current Production Capacity |
||
|
Product |
Annual Production Capacity |
Actual Production Capacity Ratio |
|
Gypsum powder (tons) |
300,000 |
75% |
|
Gypsum boards (sqm) |
33,000,000 |
100% |
|
False ceilings (sqm) |
7,000,000 |
40% |
|
Cement panels (sqm) |
4,450,000 |
100% |
The cement and gypsum product segment is the largest contributor to the company's revenues at SAR 167 million and SAR 211 million, respectively, in 2021 and 2022, totalling 87%.
|
Revenue By Segment (2021-2022) |
||||
|
Segment |
December 2021 |
December 2022 |
||
|
SAR mln |
Rate (%) |
SAR mln |
Rate (%) |
|
|
Revenues from cement and gypsum products |
167 |
87% |
211 |
87% |
|
Revenue from gypsum (powder) |
3.6 |
2% |
6.9 |
3% |
|
Other revenues* |
21 |
11% |
24 |
10% |
|
Total |
191 |
100% |
242 |
100% |
The company’s revenue rose 27% to SAR 241.8 million in 2022, compared to SAR 190.8 million in 2021.
Moreover, net profit increased by 66% to more than SAR 19 million in 2022 compared to SAR 32 million in 2021.
|
Income Statement for 2021 and 2022 |
|||
|---|---|---|---|
|
Income Statement |
Dec. 2021 |
Dec. 2022 |
Change |
|
Revenue (SAR mln) |
190.8 |
241.8 |
+27% |
|
Gross profit margin (%) |
23% |
23% |
- |
|
Net profit (SAR mln) |
19.3 |
32.0 |
+66% |
|
Average number of shares (mln) |
14 |
14 |
- |
|
Earnings per share (SAR) |
1.38 |
2.29 |
+66% |
|
Net profit margin (%) |
10.1% |
13.3% |
- |
In the prospectus, the company pointed out that the declared dividend for 2020 amounted to SAR 12.7 million, or SAR 1.03 per share.
The company’s dividends for 2021 stood at SAR 16.3 million, or SAR 1.16 per share. It declared a dividend for the first half of 2022 of SAR 8.4 million, or SAR 0.60 per share.
|
Dividends from 2020 to 2022 |
|||
|---|---|---|---|
|
Dividends |
2020 |
2021 |
2022 |
|
Declared dividends (SAR mln) |
12.7 |
16.3 |
16.8 |
|
Paid out dividends (SAR mln) |
6.0 |
16.6 |
6.3 |
|
Dividend per share* |
1.03 |
1.16 |
1.2** |
*The value was calculated based on 12,336,355 shares as of December 31, 2020 and 14,000,000 shares as of December 31, 2021 and 2022, respectively.
**On Aug. 15, 2023, the board of directors declared a dividend payout at SAR 0.60 a share for the second half of 2022.
The preliminary financial statements for the six-month period ended on June 30, 2023, showed that the company achieved a 39% YoY profit growth of SAR 17.8 million.
Meanwhile, the gross profit margin also increased to 30% in the first six months of 2023 from 21% a year ago, due to a 17% lower direct costs YoY.
|
Income Statement for H1 2022-2023 |
|||
|
Income Statement |
June 2022 |
June 2023 |
Change |
|
Revenue (SAR mln) |
122.4 |
114.8 |
(6%) |
|
Gross profit margin (%) |
21.2% |
30.5% |
- |
|
Net profit (SAR mln) |
12.8 |
17.8 |
+ 39% |
|
Average number of shares (mln) |
14 |
14 |
- |
|
Earnings per share (SAR/share) |
0.91 |
1.27 |
+40% |
|
Net profit margin (%) |
10.46% |
15.55% |
- |
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