United Mining profit dips 36% to SAR 11.3M in H1 2024

28/08/2024 Argaam Exclusive

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United Mining Industries Co. posted a profit drop of 36% to SAR 11.3 million for the first half of 2024, compared to SAR 17.8 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	114.76	121.12	5.5 %
Gross Income	34.99	39.33	12.4 %
Operating Income	23.13	27.73	19.9 %
Net Income	17.84	11.34	(36.4 %)
Average Shares	14.00	14.00	-
EPS (Riyals)	1.27	0.81	(36.4 %)

The six-month profit was hurt by a provision for a legal claim between the company and the General Authority for Competition (GAC).

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	114.76	121.12	5.5 %
Gross Income	34.99	39.33	12.4 %
Operating Income	23.13	27.73	19.9 %
Net Income	17.84	11.34	(36.4 %)
Average Shares	14.00	14.00	-
EPS (Riyals)	1.27	0.81	(36.4 %)

Item	H2 2023	H1 2024	Change‬
Revenues	125.56	121.12	(3.5 %)
Gross Income	36.37	39.33	8.1 %
Operating Income	22.37	27.73	24.0 %
Net Income	17.99	11.34	(36.9 %)
Average Shares	14.00	14.00	-
EPS (Riyals)	1.28	0.81	(36.9 %)

On the other hand, the company reported a 5.5% year-on-year (YoY) rise in the H1 2024 revenue, thanks to adopting a diverse sales mix and an updated marketing strategy.

Operating profits also jumped 20% YoY.

Shareholders’ equity, no minority interest, stood at SAR 184.5 million as of June 30, 2024, compared to SAR 183.02 million a year earlier.

Historical 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
H2 2023	125.57	17.99	1.29
H1 2024	121.12	11.34	0.81

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