Atlas Elevators profit drops 14% to SAR 7.1M in H1 2024

07/08/2024 Argaam Exclusive

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Atlas Elevators General Trading & Contracting Co. reported a 14% fall in H1 2024 net profit to SAR 7.1 million, compared to SAR 8.3 million in the first half of 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	33.55	43.89	30.8 %
Gross Income	15.99	12.41	(22.4 %)
Operating Income	7.75	2.93	(62.2 %)
Net Income	8.25	7.07	(14.3 %)
Average Shares	4.80	6.00	25.0 %
EPS (Riyals)	1.72	1.18	(31.5 %)

The company’s net profit for the six-month period was hurt by a rise in the cost of sales amid increased operating expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	33.55	43.89	30.8 %
Gross Income	15.99	12.41	(22.4 %)
Operating Income	7.75	2.93	(62.2 %)
Net Income	8.25	7.07	(14.3 %)
Average Shares	4.80	6.00	25.0 %
EPS (Riyals)	1.72	1.18	(31.5 %)

Item	H2 2023	H1 2024	Change‬
Revenues	37.74	43.89	16.3 %
Gross Income	10.79	12.41	15.1 %
Operating Income	(1.35)	2.93	316.2 %
Net Income	1.77	7.07	298.8 %
Average Shares	6.00	6.00	-
EPS (Riyals)	0.30	1.18	298.8 %

On the other hand, sales rose driven by an increase in revenue from the company’s core business activities (elevator installation and maintenance).

Shareholders' equity, after minority interest, reached SAR 96.25 million at the end of the six-month period, compared to SAR 68.86 million a year before.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	37.61	5.21	1.08
H2 2022	39.73	9.53	0.91
H1 2023	33.55	8.30	1.73
H2 2023	37.74	1.72	0.29
H1 2024	43.89	7.13	1.19

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