United Mining profit rises 12% to SAR 35.8M in 2023

18/03/2024 Argaam Exclusive

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United Mining Industries Co. posted a SAR 35.8 million profit for 2023, an increase of 12% from SAR 32 million in 2022, driven by a change in sales mix.

Financials (M)

Item	2022	2023	Change‬
Revenues	241.81	240.33	(0.6 %)
Gross Income	55.57	71.36	28.4 %
Operating Income	37.70	45.50	20.7 %
Net Income	32.04	35.83	11.8 %
Average Shares	14.00	14.00	-
EPS (Riyals)	2.29	2.56	11.8 %

Meanwhile, revenue edged down marginally due to a decrease in sales of some products.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	119.36	125.56	5.2 %
Gross Income	29.58	36.37	23.0 %
Operating Income	21.81	22.37	2.5 %
Net Income	19.24	17.99	(6.5 %)
Average Shares	14.00	14.00	-
EPS (Riyals)	1.37	1.28	(6.5 %)

Item	H1 2023	H2 2023	Change‬
Revenues	114.76	125.56	9.4 %
Gross Income	34.99	36.37	4.0 %
Operating Income	23.13	22.37	(3.3 %)
Net Income	17.84	17.99	0.8 %
Average Shares	14.00	14.00	-
EPS (Riyals)	1.27	1.28	0.8 %

Shareholders' equity, no minority interest, reached SAR 183.02 million by the end of 2023, compared to SAR 165.41 million a year earlier.

Financial Results
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2022	122.45	12.81	0.91
H2 2022	119.36	19.23	1.37
H1 2023	114.76	17.84	1.27
H2 2023	125.57	17.99	1.29

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