Atlas Elevators profits rise to SAR 10M in 2023

30/03/2024 Argaam Exclusive

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Atlas Elevators General Trading and Contracting Co.’s profits rose to SAR 10 million by the end of 2023, from SAR 9.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	77.34	71.29	(7.8 %)
Gross Income	25.08	26.78	6.7 %
Operating Income	9.01	6.40	(29.0 %)
Net Income	9.53	10.02	5.2 %
Average Shares	4.80	6.00	25.0 %
EPS (Riyals)	1.99	1.67	(15.9 %)

The increase in profits was attributed to lower cost of sales, which fell 14.82% year-on-year (YoY). Additionally, the sales cost to sales ratio decreased from 67.57% in 2022 to 62.44% in 2023. Moreover, diversified revenues increased by 40.48% YoY.

This was despite a decrease in revenues due to lower installation revenue and maintenance revenue.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	39.74	37.74	(5.0 %)
Gross Income	11.64	10.79	(7.3 %)
Operating Income	3.93	(1.35)	(134.5 %)
Net Income	4.32	1.77	(59.0 %)
Average Shares	4.80	6.00	25.0 %
EPS (Riyals)	0.90	0.30	(67.2 %)

Item	H1 2023	H2 2023	Change‬
Revenues	33.55	37.74	12.5 %
Gross Income	15.99	10.79	(32.5 %)
Operating Income	7.75	(1.35)	(117.5 %)
Net Income	8.25	1.77	(78.5 %)
Average Shares	4.80	6.00	25.0 %
EPS (Riyals)	1.72	0.30	(82.8 %)

Total shareholders’ equity, after minority interest, stood at SAR 92.41 million as of Dec. 31, 2023, from SAR 63.01million a year earlier.

The gross income for the current period amounted to SAR 10.17 million, compared to SAR 9.81 million in the year-ago period.

Earnings per share (EPS) amounted to SAR 1.22 for the current period, compared to SAR 1.88 a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/share)
H1 2022	37.61	0.07	0.01
H2 2022	39.73	9.46	1.97
H1 2023	33.55	0.05	0.01
H2 2023	37.74	9.97	2.08

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