Miahona H1 2024 profit up 10% to SAR 27.6M; Q2 at SAR 7.9M

07/08/2024 Argaam Exclusive

View other reports

Miahona Co. reported a net profit of SAR 27.6 million (after minority interest) in the first half of 2024, a rise of 10% compared to SAR 25 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	149.61	151.85	1.5 %
Gross Income	50.65	47.81	(5.6 %)
Operating Income	30.41	22.79	(25.0 %)
Net Income	25.04	27.60	10.2 %
Average Shares	160.93	160.93	-
EPS (Riyals)	0.16	0.17	10.2 %

The profit increase was supported by a rise in revenue amid improved efficiency.

The increase in top line was mainly due to achieving a financial close for a larger project during the period, which led to additional revenue recognition.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	84.55	70.24	(16.9 %)
Gross Income	32.34	19.13	(40.8 %)
Operating Income	20.14	7.52	(62.7 %)
Net Income	16.95	7.93	(53.2 %)
Average Shares	160.93	160.93	-
EPS (Riyals)	0.11	0.05	(53.2 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	81.60	70.24	(13.9 %)
Gross Income	28.68	19.13	(33.3 %)
Operating Income	15.27	7.52	(50.8 %)
Net Income	19.67	7.93	(59.7 %)
Average Shares	160.93	160.93	-
EPS (Riyals)	0.12	0.05	(59.7 %)

In Q2 2024, the company’s net profit fell 53% to SAR 7.9 million from SAR 16.95 million in Q2 2023 due to a 16.9% year-on-year (YoY) decline in revenue.

On a sequential basis, the second-quarter net profit fell 60% from SAR 19.98 million in Q1 2024.

Shareholders’ equity, excluding minority interest, rose to SAR 422.88 million by the end of H1 2024, from SAR 392.85 million in the year-ago period.

View more financial results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×