Financial Results : Atlas Elevators profits rise to SAR 10M in 2023

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 %)

 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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