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 (Riyal) 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 (Riyal) (0.15) 0.02 116.7 %
EPS (Riyal) 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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 79.29 - 26.93 - 10.73 -
H2 2021 - - - - - -
H1 2022 37.61 (52.6 %) 13.45 (50.1 %) 5.08 (52.7 %)
H2 2022 39.74 - 11.64 - 3.93 -
H1 2023 33.55 (10.8 %) 15.99 18.9 % 7.75 52.6 %
H2 2023 37.74 (5.0 %) 10.79 (7.3 %) (1.17) (129.8 %)
H1 2024 43.89 30.8 % 12.41 (22.4 %) 2.93 (62.2 %)
H2 2024 41.79 10.7 % 10.95 1.5 % (0.17) 85.9 %
2024 85.68 20.2 % 23.36 (12.8 %) 2.76 (58.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 10.68 - 2.23 - 10.68 2.23
H2 2021 - - - - - -
H1 2022 5.20 (51.3 %) 1.08 - 5.20 1.08
H2 2022 4.32 - 0.90 - 4.32 0.90
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)
H1 2024 9.12 10.5 % 1.52 3.90 5.22 0.87
H2 2024 3.39 91.2 % 0.56 3.24 0.15 0.02
2024 10.46 4.3 % 1.74 7.14 3.32 0.55

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 33.97 % 18.02 % 13.47 %
H2 2021 - - -
H1 2022 - - -
H2 2022 32.43 % 16.51 % 12.32 %
H1 2023 37.69 % 20.94 % 17.16 %
H2 2023 37.56 % 14.39 % 10.33 %
2023 37.56 % 14.39 % 10.33 %
H1 2024 28.42 % 7.96 % 5.31 %
H2 2024 27.27 % 7.82 % 6.27 %
2024 27.27 % 7.82 % 3.87 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 4.80 4.45 4.45 11.60
H2 2021 - - - -
H1 2022 4.80 - - 12.19
H2 2022 4.80 1.99 1.99 13.13
H1 2023 4.80 2.62 2.62 14.35
H2 2023 6.00 1.67 1.23 15.40
H1 2024 6.00 1.82 0.72 16.38
H2 2024 6.00 2.08 0.89 16.29

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 12.00 16.33 1.30
H1 2024 10.58 26.60 1.17
H2 2024 9.72 22.65 1.26

Business Segments (Million)

Compared With The
Period Installation Maintenance of elevators installed by the company Third-party elevator maintenance
Q2 2022 34.36 3.05 0.20
Q4 2022 34.52 5.03 0.19
Q2 2023 30.35 2.82 0.38
Q4 2023 33.47 3.89 0.37
Q2 2024 38.70 5.01 0.19
Q4 2024 38.96 2.76 0.07


Financial Ratios
Current
Market Cap (M Riyal) 89.94
Enterprise Value (EV) (M Riyal) 78.46
Shares Outstanding ((M)) 6.00
Book Value (BV) ( Riyal) 16.32
Par Value ( Riyal) 10.00
Recurring P/E 20.18
Price/book 0.92
EV/adj EBITDA 9.94
EV/Revenues 0.95
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Share Price

Atlas Elevators General Trading and Contracting Co.
14.99
0.00 0.00 %

Atlas Elevators General Trading and Contracting Co. (ATLAS ELEVATORS)

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