UMI profit rises 39% to SAR 17.8 mln in H1 2023

24/10/2023 Argaam Exclusive

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United Mining Industries Co. (UMI) posted a SAR 17.8 million profit for H1 2023, an increase of 39% from SAR 12.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	122.45	114.76	(6.3 %)
Gross Income	26.00	34.99	34.6 %
Operating Income	15.88	23.13	45.6 %
Net Income	12.81	17.84	39.3 %
Average Shares	14.00	14.00	-
EPS (Riyals)	0.91	1.27	39.3 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	122.45	114.76	(6.3 %)
Gross Income	26.00	34.99	34.6 %
Operating Income	15.88	23.13	45.6 %
Net Income	12.81	17.84	39.3 %
Average Shares	14.00	14.00	-
EPS (Riyals)	0.91	1.27	39.3 %

Item	H2 2022	H1 2023	Change‬
Revenues	119.36	114.76	(3.9 %)
Gross Income	29.58	34.99	18.3 %
Operating Income	21.81	23.13	6.0 %
Net Income	19.24	17.84	(7.3 %)
Average Shares	14.00	14.00	-
EPS (Riyals)	1.37	1.27	(7.3 %)

This was mainly due to a rise in gross profit of 9% and a lower cost of revenue.

Shareholders' equity, no minority interest, reached SAR 183.25 million by the end of the period, compared to SAR 161.47 million a year earlier.

Historical Financial Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	122.45	12.81	0.91
H2 2022	119.36	19.23	1.37
H1 2023	114.76	17.84	1.27

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