Munawla Cargo earnings slump 49% to SAR 5M in 2023

23/04/2024 Argaam Exclusive

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Munawla Cargo Co.’s earnings dropped 49% to SAR 5 million in 2023, compared to SAR 9.7 million in the year-earlier period.

Financials (M)

Item	2022	2023	Change‬
Revenues	138.91	117.42	(15.5 %)
Gross Income	24.77	22.41	(9.5 %)
Operating Income	10.09	6.14	(39.2 %)
Net Income	9.66	4.95	(48.7 %)
Average Shares	2.00	2.00	-
EPS (Riyals)	4.83	2.48	(48.7 %)

The decline was attributed to lower revenue year-on-year (YoY) as the transport activities were hit in H1 2024 on the fleet replacement, as well as higher cost of finance.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	71.41	58.11	(18.6 %)
Gross Income	13.22	11.74	(11.2 %)
Operating Income	8.22	3.37	(59.0 %)
Net Income	7.52	2.88	(61.7 %)
Average Shares	2.00	2.00	-
EPS (Riyals)	3.76	1.44	(61.7 %)

Item	H1 2023	H2 2023	Change‬
Revenues	59.31	58.11	(2.0 %)
Gross Income	10.67	11.74	9.9 %
Operating Income	2.77	3.37	21.6 %
Net Income	2.07	2.88	38.8 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.04	1.44	38.8 %

Shareholders’ equity, no minority interest, stood at SAR 32.20 million by Dec. 31, 2023, compared to SAR 32.94 million a year ago

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