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

07/08/2024 Argaam Exclusive

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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.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	262.37	-	55.53	-	33.65	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	228.23	(13.0 %)	57.10	2.8 %	29.30	(12.9 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	255.90	12.1 %	74.36	30.2 %	33.18	13.3 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	76.80	-	22.89	-	16.92	-
Q4 2022	68.00	-	25.72	-	15.13	-
2022	276.02	7.9 %	86.86	16.8 %	56.94	71.6 %
Q1 2023	65.07	-	18.31	-	10.27	-
Q2 2023	84.55	-	32.34	-	20.14	-
Q3 2023	76.00	(1.0 %)	28.89	26.2 %	21.42	26.6 %
Q4 2023	98.85	45.4 %	29.80	15.9 %	17.96	18.7 %
2023	324.46	17.5 %	109.41	26.0 %	69.78	22.6 %
Q1 2024	81.60	25.4 %	28.68	56.7 %	15.27	48.8 %
Q2 2024	70.24	(16.9 %)	19.13	(40.8 %)	7.52	(62.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	262.37	-	55.53	-	33.65	-
2020	228.23	(13.0 %)	57.10	2.8 %	29.30	(12.9 %)
2021	255.90	12.1 %	74.36	30.2 %	33.18	13.3 %
2022	276.02	7.9 %	86.86	16.8 %	56.94	71.6 %
2023	324.46	17.5 %	109.41	26.0 %	69.78	22.6 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	19.76	-	0.12	-	19.76	0.12
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	17.40	(11.9 %)	0.11	-	17.40	0.11
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	25.33	45.5 %	0.16	-	25.33	0.16
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	14.31	-	0.09	-	14.31	0.09
Q4 2022	14.98	-	0.09	-	14.98	0.09
2022	50.11	97.8 %	0.31	-	50.11	0.31
Q1 2023	8.09	-	0.05	-	8.09	0.05
Q2 2023	16.95	-	0.11	-	16.95	0.11
Q3 2023	18.88	31.9 %	0.12	-	18.88	0.12
Q4 2023	12.80	(14.6 %)	0.08	-	12.80	0.08
2023	56.72	13.2 %	0.35	-	56.72	0.35
Q1 2024	19.67	143.1 %	0.12	-	19.67	0.12
Q2 2024	7.93	(53.2 %)	0.05	1.44	6.48	0.04

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	19.76	-	0.12	-	19.76	0.12
2020	17.40	(11.9 %)	0.11	-	17.40	0.11
2021	25.33	45.5 %	0.16	-	25.33	0.16
2022	50.11	97.8 %	0.31	-	50.11	0.31
2023	56.72	13.2 %	0.35	-	56.72	0.35

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	21.16 %	28.68 %	7.53 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	25.02 %	31.45 %	7.63 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	29.06 %	29.82 %	9.90 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	31.47 %	35.63 %	18.15 %
Q1 2023	-	-	-
Q2 2023	33.71 %	32.42 %	18.45 %
Q3 2023	35.85 %	37.74 %	20.06 %
Q4 2023	33.70 %	35.29 %	17.48 %
2023	33.72 %	35.29 %	17.48 %
Q1 2024	35.11 %	35.35 %	20.03 %
Q2 2024	32.60 %	33.67 %	17.70 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.16 %	28.68 %	7.53 %
2020	25.02 %	31.45 %	7.63 %
2021	29.06 %	29.82 %	9.90 %
2022	31.47 %	35.63 %	18.15 %
2023	33.72 %	35.29 %	17.48 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	29.81 %	-	18.64 %
Q4 2022	37.82 %	39.49 %	22.03 %
Q1 2023	28.14 %	32.65 %	12.44 %
Q2 2023	38.25 %	36.00 %	20.04 %
Q3 2023	38.01 %	42.46 %	24.84 %
Q4 2023	30.15 %	30.90 %	12.94 %
Q1 2024	35.15 %	33.45 %	24.11 %
Q2 2024	27.24 %	28.32 %	9.23 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	160.93	-	-	2.16
Q4 2022	160.93	-	-	2.13
Q1 2023	160.93	-	-	-
Q2 2023	160.93	0.34	0.34	2.28
Q3 2023	160.93	0.37	0.37	2.40
Q4 2023	160.93	0.35	0.35	2.44
Q1 2024	160.93	0.42	0.42	-
Q2 2024	160.93	0.37	0.36	2.63

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	160.93	0.12	0.12	1.67
2020	160.93	0.11	0.11	1.71
2021	160.93	0.16	0.16	1.89
2022	160.93	0.31	0.31	2.13
2023	160.93	0.35	0.35	2.44

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	77.24	79.16	10.83

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-

Business Segments (Million)

Compared With The

Period	Revenue recognized under service concession arrangements	Management and engineering services	Operation and maintenance revenue
Q1 2023	54.59	1.20	9.28
Q2 2023	78.52	0.89	5.14
Q3 2023	71.64	0.03	4.34
Q1 2024	69.44	7.67	4.50
Q2 2024	67.62	0.02	2.60

Period	Revenue recognized under service concession arrangements	Management and engineering services	Operation and maintenance revenue
2019	234.28	1.90	26.20
2020	205.22	-	23.01
2021	228.49	1.28	26.12
2022	237.89	2.06	36.07
2023	298.62	1.97	23.88

Financial Ratios

	Current
Market Cap (M Riyal)	4,691.11
Enterprise Value (EV) (M)	4,977.60
Shares Outstanding ((M))	160.93
EPS ( Riyal) (TTM)	0.35
Book Value (BV) ( Riyal)	2.63
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	11.08
Return on Average Assets (%) (TTM)	5.6
Return on Average Equity (%) (TTM)	14.1

Miahona Co. (MIAHONA)

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

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Miahona Co. (MIAHONA)

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

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Financial Ratios

Share Price

Miahona Co. (MIAHONA)

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Business Segments (Million)