Miahona 2023 net profit rises 13% to SAR 56.7M; Q4 at SAR 12.8M

24/04/2024 Argaam Exclusive

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Miahona Co., which is set to be listed on the main market (TASI), posted a 13% year-on-year growth in net profit for 2023 to SAR 56.7 million from SAR 50.1 million.

Financials (M)

Item	2022	2023	Change‬
Revenues	276.02	324.46	17.5 %
Gross Income	86.86	109.41	26.0 %
Operating Income	56.94	69.78	22.6 %
Net Income	50.11	56.72	13.2 %
Average Shares	160.93	160.93	-
EPS (Riyals)	0.31	0.35	13.2 %

Q4 net profit also fell 15% YoY to SAR 12.8 million.

The rise in 2023 net profit YoY was driven by an increase in revenues to SAR 324.5 million, as well as a rise in gross profit margin to 34% from 31% in 2022.

The company also recorded a rise in its share of affiliates to SAR 6.5 million from SAR 5.4 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	68.00	98.85	45.4 %
Gross Income	25.72	29.80	15.9 %
Operating Income	15.13	17.96	18.7 %
Net Income	14.98	12.80	(14.6 %)
Average Shares	160.93	160.93	-
EPS (Riyals)	0.09	0.08	(14.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	76.00	98.85	30.1 %
Gross Income	28.89	29.80	3.2 %
Operating Income	21.42	17.96	(16.1 %)
Net Income	18.88	12.80	(32.2 %)
Average Shares	160.93	160.93	-
EPS (Riyals)	0.12	0.08	(32.2 %)

Shareholders' equity, after minority interest, amounted to SAR 392.85 million, compared to SAR 342.50 million in the same period a year earlier.

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