Atlas Elevators H1 2023 profit jumps 58% to SAR 8.3 mln

05/10/2023 Argaam Exclusive

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Atlas Elevators General Trading & Contracting Co. reported a 58% rise in H1 2023 net profit to SAR 8.3 million, compared to SAR 5.3 million in the first half of 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	37.61	33.55	(10.8 %)
Gross Income	13.45	15.99	18.9 %
Operating Income	5.08	7.75	52.6 %
Net Income	5.20	8.25	58.5 %
Average Shares	4.80	4.80	-
EPS (Riyals)	1.08	1.72	58.5 %

The profit growth was driven by lower cost of sales.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	37.61	33.55	(10.8 %)
Gross Income	13.45	15.99	18.9 %
Operating Income	5.08	7.75	52.6 %
Net Income	5.20	8.25	58.5 %
Average Shares	4.80	4.80	-
EPS (Riyals)	1.08	1.72	58.5 %

Item	H2 2022	H1 2023	Change‬
Revenues	39.74	33.55	(15.6 %)
Gross Income	11.64	15.99	37.4 %
Operating Income	3.93	7.75	97.2 %
Net Income	4.32	8.25	90.8 %
Average Shares	4.80	4.80	-
EPS (Riyals)	0.90	1.72	90.8 %

Shareholders' equity, no minority interest, reached SAR 68.86 million at the end of the period, compared to SAR 58.49 million a year before.

Historical Change of Financial Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR/Share)
H1 2022	37.61	5.27	1.10
H2 2022	39.73	4.26	0.89
H1 2023	33.55	8.30	1.73

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