United Mining Industries' profit rises 66% to SAR 32 mln in 2022

04/09/2023 Argaam Exclusive

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United Mining Industries Co., slated to list on Nomu-Parallel Market, posted a SAR 32 million profit for 2022, an increase of 66% from SAR 19.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	190.78	241.81	26.8 %
Gross Income	43.85	55.57	26.7 %
Operating Income	24.72	37.70	52.5 %
Net Income	19.32	32.04	65.9 %
Average Shares	14.00	14.00	-
EPS (Riyals)	1.38	2.29	65.9 %

The profit increase was driven by a 26% year-on-year (YoY) rise in revenues to SAR 241.8 million and a decrease in administrative and general expenses. On the other hand, operating profit margin increased 13% YoY.

Financing costs rose to SAR 5.1 million in 2022 from SAR 3.7 million in 2021.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬

Item	H1 2022	H2 2022	Change‬
Revenues	122.45	119.36	(2.5 %)
Gross Income	26.00	29.58	13.8 %
Operating Income	15.88	21.81	37.3 %
Net Income	12.81	19.24	50.2 %
Average Shares	14.00	14.00	-
EPS (Riyals)	0.91	1.37	50.2 %

Shareholders' equity, no minority interest, reached SAR 165.41 million by the end of 2022, compared to SAR 148.66 million a year earlier.

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