Financial Results : Atlas Elevators profits shrink to SAR 4.4M in H1 2025

Atlas Elevators profits shrink to SAR 4.4M in H1 2025

14/08/2025 Argaam Exclusive

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Atlas Elevators General Trading and Contracting Co.’s profits after minority interest contracted to SAR 4.4 million in H1 2025, from SAR 9.2 million a year earlier.



Current Half Annual Comparison (M)

Compared With The
Item H1 2024 H1 2025 Change‬
Revenues 43.89 40.44 (7.9 %)
Gross Income 12.41 14.06 13.3 %
Operating Income 2.93 3.67 25.2 %
Net Income 9.12 4.31 (52.8 %)
Average Shares 6.00 6.00 -
Earnings Per Share before unusual items (Riyal) 0.87 0.72 (17.5 %)
EPS (Riyal) 1.52 0.72 (52.8 %)

The first-half profit was hurt by lower sales due to weak revenues from Atlas’ core business activities. Revenues from installations and manufacturing decreased by 6.56% year-on-year (YoY) to SAR 36.2 million by the end of the six-month period.

 

The company also recorded an 86.38% slump in the H1 2025 other income to SAR 670,000. Moreover, profits from the revaluation of investment properties plunged YoY to SAR 504,930 as of June 30, 2025.

 

It is worth noting that earnings recorded in previous periods were extraordinary and non-recurring. Meanwhile, the net profit from the core business increased to SAR 3.7 million in H1 2025, compared to SAR 2.9 million in H1 2024.

 

Total shareholders’ equity, after minority interest, reached SAR 97.94 million as of June 30, 2025, up from SAR 96.25 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
H1 2025 40.44 (7.9 %) 14.06 13.3 % 3.67 25.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
H1 2025 4.31 (52.8 %) 0.72 - 4.31 0.72

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2024 28.42 % 7.96 % 5.31 %
H2 2024 27.27 % 7.82 % 6.27 %
2024 27.27 % 7.82 % 3.87 %
H1 2025 30.42 % 9.60 % 5.42 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
H1 2025 6.00 1.28 0.74 16.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
H1 2025 13.85 23.93 1.12

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
Q2 2025 36.16 4.03 0.25


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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