Financial Results : Atlas Elevators profits rises 5% to SAR 10.6M in 2024; H2 at SAR 3.4M

Atlas Elevators profits rises 5% to SAR 10.6M in 2024; H2 at SAR 3.4M

24/03/2025 Argaam Exclusive

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Atlas Elevators General Trading and Contracting Co.’s profits rose to SAR 10.6 million in 2024, a rise of 5% from SAR 10.1 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 71.29 85.68 20.2 %
Gross Income 26.78 23.36 (12.8 %)
Operating Income 6.58 2.76 (58.0 %)
Net Income 10.02 10.46 4.3 %
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyals) 1.23 0.55 (54.9 %)
EPS (Riyals) 1.67 1.74 4.3 %

Total sales for 2024 rose 20% to SAR 85.7 million, compared to SAR 71.3 million in 2023, as the company’s sales jumped 16% year-on-year (YoY) to SAR 78 million in 2024 and the factory’s (subsidiary) annual sales increased by 24% YoY to SAR 61 million

 

Atlas Elevators also reported a 146% YoY surge in other income to SAR 6.3 million, and cited higher profit of SAR 3.2 million from evaluation of investment properties in 2024, compared to SAR 2.7 million in 2023.

 

Financing costs decreased by 27% YoY to SAR 375,000.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 37.74 41.79 10.7 %
Gross Income 10.79 10.95 1.5 %
Operating Income (1.17) (0.17) 85.9 %
Net Income 1.77 3.39 91.2 %
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyals) (0.15) 0.02 116.7 %
EPS (Riyals) 0.30 0.56 91.2 %

In H2 2024, the company’s net earnings surged 91.1% to SAR 3.4 million from SAR 1.8 million in the second half of 2023.

 

On a half-on-half basis, net earnings dropped 51.5% from SAR 7 million in H1 2024.

 

Shareholders’ equity, after minority interest, reached SAR 97.72 million as of Dec. 31, 2024, up from SAR 92.41 million a year earlier.

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