Financial Results : United Mining profit drops 26% to SAR 26.4M in 2024; H2 at SAR 15.1M

United Mining profit drops 26% to SAR 26.4M in 2024; H2 at SAR 15.1M

27/03/2025 Argaam Exclusive

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United Mining Industries Co. posted a net profit decline of 26% to SAR 26.4 million in 2024 from SAR 35.8 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 240.33 226.58 (5.7 %)
Gross Income 71.36 69.10 (3.2 %)
Operating Income 45.50 47.84 5.1 %
Net Income 35.83 26.44 (26.2 %)
Average Shares 14.00 14.00 -
Earnings Per Share before unusual items (Riyals) 2.56 2.92 14.0 %
EPS (Riyals) 2.56 1.89 (26.2 %)

The company cited a slight decrease in sales/revenue in 2024 compared to 2023 due to differences in the sales mix.

 

Additionally, a legal claim related to the case between the company and the General Authority for Competition (GAC) was filed.

 

On the other hand, operating profit rose by 5.13% in 2024 compared to a year earlier.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 125.56 105.46 (16.0 %)
Gross Income 36.37 29.77 (18.2 %)
Operating Income 22.37 20.11 (10.1 %)
Net Income 17.99 15.09 (16.1 %)
Average Shares 14.00 14.00 -
Earnings Per Share before unusual items (Riyals) 1.28 1.08 (16.1 %)
EPS (Riyals) 1.28 1.08 (16.1 %)

In H2 2024, the company’s net earnings declined 16% to SAR 15.1 million from SAR 17.9 million in the second half of 2023.

 

On a half-on-half basis, net earnings increased by 33.1% from SAR 11.3 million in H1 2024.

 

Shareholders’ equity, no minority interest, rose to SAR 189.70 million as of Dec. 31, 2024, from SAR 183.02 million a year earlier.

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