Munawla Cargo’s net profit up 27% to SAR 9.7 mln in 2022

31/07/2023 Argaam Exclusive

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Munawla Cargo Co. reported a net profit of SAR 9.7 million in 2022, an increase of 27% year-on-year (YoY) from SAR 7.6 million in a year earlier period.

Financials (M)

Item	2021	2022	Change‬
Revenues	131.76	138.91	5.4 %
Gross Income	25.13	24.77	(1.4 %)
Operating Income	8.25	10.09	22.4 %
Net Income	7.58	9.66	27.5 %
Average Shares	2.00	2.00	-
EPS (Riyals)	3.79	4.83	27.5 %

This was driven by a 5.42% year-on-year (YoY) jump in revenue to SAR 139 million, a YoY hike of 19% in gross profit margins and increased other revenue. This came despite higher financing costs as well as operating, administrative and general expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	74.47	71.41	(4.1 %)
Gross Income	14.37	13.22	(8.0 %)
Operating Income	4.95	8.22	66.0 %
Net Income	4.25	7.52	77.0 %
Average Shares	2.00	2.00	-
EPS (Riyals)	2.12	3.76	77.0 %

Item	H1 2022	H2 2022	Change‬
Revenues	67.50	71.41	5.8 %
Gross Income	11.55	13.22	14.4 %
Operating Income	1.88	8.22	337.6 %
Net Income	2.14	7.52	250.8 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.07	3.76	250.8 %

Shareholders’ equity, no minority interest, reached SAR 32.95 million by the end of 2022, compared to SAR 25.36 million the year before.

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