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Atlas Elevators profits rise to SAR 10M in 2023
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)
| 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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Share Price
Atlas Elevators General Trading and Contracting Co. (ATLAS ELEVATORS)
| Current | |
| Market Cap (M Riyal) | 115.20 |
| Enterprise Value (EV) (M) | 85.85 |
| Shares Outstanding ((M)) | 6.00 |
| Book Value (BV) ( Riyal) | 15.40 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 15.65 |
| Price/book | 1.25 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 33.55 | (10.8 %) | 15.99 | 18.9 % | 7.75 | 52.6 % |
| H2 2023 | 37.74 | (5.0 %) | 10.79 | (7.3 %) | (1.35) | (134.5 %) |
| 2023 | 71.29 | (7.8 %) | 26.78 | 6.7 % | 6.40 | (29.0 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 8.25 | 58.5 % | 1.72 | - | 8.25 | 1.72 |
| H2 2023 | 1.77 | (59.0 %) | 0.30 | 2.66 | (0.89) | (0.15) |
| 2023 | 10.02 | 5.2 % | 1.67 | 2.66 | 7.36 | 1.23 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 37.69 % | 20.94 % | 17.16 % |
| H2 2023 | 37.56 % | 14.13 % | 10.33 % |
| 2023 | 37.56 % | 14.13 % | 10.33 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 4.80 | 2.62 | 2.62 | 14.35 |
| H2 2023 | 6.00 | 1.67 | 1.23 | 15.40 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 12.00 | 16.33 | 1.30 |
Business Segments (Million)
Q4 2023
| Period | Installation | Maintenance of elevators installed by the company | Third-party elevator maintenance |
|---|---|---|---|
| Q2 2023 | 30.35 | 2.82 | 0.38 |
| Q4 2023 | 33.47 | 3.89 | 0.37 |
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