Financial Results : Miahona 2024 net profit slips 28% to SAR 40.7M; Q4 loss at SAR 3.4M

Miahona 2024 net profit slips 28% to SAR 40.7M; Q4 loss at SAR 3.4M

25/03/2025 Argaam Exclusive

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Miahona Co. posted a 28% profit decline to SAR 40.7 million in 2024, from SAR 56.7 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 324.46 385.09 18.7 %
Gross Income 90.95 92.76 2.0 %
Operating Income 69.78 54.12 (22.4 %)
Net Income 56.72 40.73 (28.2 %)
Average Shares 160.93 160.93 -
Earnings Per Share before unusual items (Riyals) 0.35 0.25 (28.2 %)
EPS (Riyals) 0.35 0.25 (28.2 %)

The annual profit slump was because of lower operation and maintenance revenues, along with higher general and administrative expenses. This was mainly due to one-off and exceptional costs related to the company’s recent public offering as well as governance.

 

This was offset by an 18.7% year-on-year (YoY) uptick in consolidated revenues for 2024, primarily due to higher construction revenues besides the elevated water and wastewater services segment’s revenues.

 

In Q4 2024, Miahona swung to a net loss of SAR 3.41 million, compared to a net profit of SAR 12.8 million in the same period last year.

 

The company logged net earnings of SAR 16.54 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 98.85 137.01 38.6 %
Gross Income 11.34 12.63 11.3 %
Operating Income 17.96 9.85 (45.2 %)
Net Income 12.80 (3.41) (126.7 %)
Average Shares 160.93 160.93 -
Earnings Per Share before unusual items (Riyals) 0.08 (0.02) (126.7 %)
EPS (Riyals) 0.08 (0.02) (126.7 %)

Shareholders' equity, after minority interest, amounted to SAR 442.47 million in 2024, compared to SAR 392.85 million in the year before.

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