Munawla’s profit surges 90% to SAR 3.9M in H1 2024

01/09/2024 Argaam Exclusive

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Munawla Cargo Co.’s earnings rose 90% to SAR 3.9 million in H1 2024, compared to SAR 2.1 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	59.31	65.97	11.2 %
Gross Income	10.67	8.42	(21.1 %)
Operating Income	2.77	4.49	62.2 %
Net Income	2.07	3.94	89.9 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.04	1.97	89.9 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	59.31	65.97	11.2 %
Gross Income	10.67	8.42	(21.1 %)
Operating Income	2.77	4.49	62.2 %
Net Income	2.07	3.94	89.9 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.04	1.97	89.9 %

Item	H2 2023	H1 2024	Change‬
Revenues	58.11	65.97	13.5 %
Gross Income	11.74	8.42	(28.2 %)
Operating Income	3.37	4.49	33.4 %
Net Income	2.88	3.94	36.8 %
Average Shares	2.00	2.00	-
EPS (Riyals)	1.44	1.97	36.8 %

The profit jump followed a year-on-year jump in revenues driven by the expansion of land and refrigerated transport activity. During the period, the company also reversed some of the allowance for expected credit losses due to changing the assumptions used in the calculation.

Shareholders’ equity, no minority interest, stood at SAR 39.14 million by June 30, 2024, compared to SAR 35.2 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	57.29	3.33	3.33
H2 2021	74.47	4.25	4.25
H1 2022	67.50	2.14	2.14
H2 2022	71.41	7.52	7.52
H1 2023	59.31	2.07	2.07
H2 2023	58.11	2.88	2.88
H1 2024	65.97	3.94	3.94

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