Logo ofMiahona Co. 
Miahona Co., slated to list on the Saudi Exchange (Tadawul), posted a profit rise to SAR 56.9 million (SAR 0.35 per share) by the end of 2023, compared to SAR 50.1 million a year earlier.
Income Statement (SAR mln)
Item
2022
2023
Change (%)
Revenues
276.0
324.5
+18%
Gross profit
86.9
109.4
+26%
GPM (%)
31.5%
33.7%
+2.3%
EBITDA
118.4
141.5
+20%
Net profit
50.1
56.9
+14%
Number of shares (mln)
160.9
160.9
—
EPS (SAR)
0.31
0.35
+14%
The annual profit increase was driven by improved gross profit margins, pertains to the 18% year-on-year (YoY) growth in revenues to SAR 324.5 million in 2023. This was supported by higher revenues from customer contracts, especially contracts for water and wastewater services. The company won a long-term project to rehabilitate and operate the Hadda and Arana plant in Makkah, contributing construction revenues of SAR 34.5 million during the year.
The 2023 financials also included profit worth SAR 4.2 million resulting from term deposits. Additionally, Miahona’s share of profits from its associates increased from SAR 5.4 million in 2022 to about SAR 6.5 million in 2023.
The following table shows development in Miahona’s income statement during the past four years:
Income Statement (SAR mln)
Item
2020
2021
2022
2023
CAGR (%)
Revenues
228.2
255.9
276.0
324.5
+12.5%
Gross profit
57.1
74.4
86.9
109.4
+24%
GPM (%)
25.0%
29.1%
31.5%
33.7%
EBITDA
88.4
94.4
118.4
141.5
Net profit
17.4
25.3
50.1
56.9
+48%
Number of shares (mln)
160.9
160.9
160.9
160.9
—
EPS (SAR)
0.11
0.16
0.31
0.35
+30%
The company’s revenues grew steadily to SAR 324.5 million in 2023 at a compound annual growth rate (CAGR) of 12.5% over the past four years.
Its earnings before interest, taxes, depreciation, and amortization (EBITDA), a key indicator of operational efficiency, also grew from SAR 88.4 million in 2020 to SAR 141.5 million in 2023, a CAGR of 17%.
Further, net income increased to SAR 57 million in 2023, with a CAGR of 48.4%.
Financial Position
Financial statements showed that the company’s assets grew to SAR 989.3 million by the end of 2023, compared to SAR 963 million in 2022.
The company’s working capital (Current assets – current liabilities), which measures its ability to cover short-term obligations, increased over the past four years from SAR 115.7 million to SAR 175.9 million.
Shareholders’ equity rose over the past five years from SAR 268.8 million in 2019 to SAR 393.2 million in 2023.
Balance Sheet (SAR mln)
Item
2019
2020
2021
2022
2023
Cash cash equivalents
65.2
128.3
111.2
67.8
136.2
Contracts assets
—
—
6.9
22.6
38.1
Current assets
240.1
261.2
285.7
311.6
325.9
Receivables for concession contracts
276.0
276.7
272.0
264.0
270.4
Non-current assets
710.0
679.4
662.9
651.4
663.4
Total assets
950.0
940.6
948.6
963.0
989.3
Short-term loans
30.4
95.2
38.2
39.2
41.8
Current liabilities
124.4
200.5
151.7
154.9
150.0
Short-term loans
493.6
407.2
436.1
422.5
400.7
Non-current liabilities
556.9
465.6
492.0
465.6
446.1
Total liabilities
681.3
666.1
643.8
620.5
596.1
Capital
0.50
0.50
0.50
0.50
160.9
Retained earnings
114.3
122.2
146.7
177.0
230.0
Shareholders’ equity
268.8
274.6
304.9
342.5
393.2
Miahona had recently entered into a 10-year operation and maintenance agreement with a government related entity to operate and maintain the rehabilitation works of water treatment plants, while also providing operation and maintenance services. All relevant outputs from the plants will be purchased and taken by the facility related to the government. By the end of the long-term operation and maintenance agreement, the plants will be transferred back to the government-related facility.
Logo ofMiahona Co.
Miahona Co., slated to list on the Saudi Exchange (Tadawul), posted a profit rise to SAR 56.9 million (SAR 0.35 per share) by the end of 2023, compared to SAR 50.1 million a year earlier.
Income Statement (SAR mln)
Item
2022
2023
Change (%)
Revenues
276.0
324.5
+18%
Gross profit
86.9
109.4
+26%
GPM (%)
31.5%
33.7%
+2.3%
EBITDA
118.4
141.5
+20%
Net profit
50.1
56.9
+14%
Number of shares (mln)
160.9
160.9
—
EPS (SAR)
0.31
0.35
+14%
The annual profit increase was driven by improved gross profit margins, pertains to the 18% year-on-year (YoY) growth in revenues to SAR 324.5 million in 2023. This was supported by higher revenues from customer contracts, especially contracts for water and wastewater services. The company won a long-term project to rehabilitate and operate the Hadda and Arana plant in Makkah, contributing construction revenues of SAR 34.5 million during the year.
The 2023 financials also included profit worth SAR 4.2 million resulting from term deposits. Additionally, Miahona’s share of profits from its associates increased from SAR 5.4 million in 2022 to about SAR 6.5 million in 2023.
The following table shows development in Miahona’s income statement during the past four years:
Income Statement (SAR mln)
Item
2020
2021
2022
2023
CAGR (%)
Revenues
228.2
255.9
276.0
324.5
+12.5%
Gross profit
57.1
74.4
86.9
109.4
+24%
GPM (%)
25.0%
29.1%
31.5%
33.7%
EBITDA
88.4
94.4
118.4
141.5
Net profit
17.4
25.3
50.1
56.9
+48%
Number of shares (mln)
160.9
160.9
160.9
160.9
—
EPS (SAR)
0.11
0.16
0.31
0.35
+30%
The company’s revenues grew steadily to SAR 324.5 million in 2023 at a compound annual growth rate (CAGR) of 12.5% over the past four years.
Its earnings before interest, taxes, depreciation, and amortization (EBITDA), a key indicator of operational efficiency, also grew from SAR 88.4 million in 2020 to SAR 141.5 million in 2023, a CAGR of 17%.
Further, net income increased to SAR 57 million in 2023, with a CAGR of 48.4%.
Financial Position
Financial statements showed that the company’s assets grew to SAR 989.3 million by the end of 2023, compared to SAR 963 million in 2022.
The company’s working capital (Current assets – current liabilities), which measures its ability to cover short-term obligations, increased over the past four years from SAR 115.7 million to SAR 175.9 million.
Shareholders’ equity rose over the past five years from SAR 268.8 million in 2019 to SAR 393.2 million in 2023.
Balance Sheet (SAR mln)
Item
2019
2020
2021
2022
2023
Cash cash equivalents
65.2
128.3
111.2
67.8
136.2
Contracts assets
—
—
6.9
22.6
38.1
Current assets
240.1
261.2
285.7
311.6
325.9
Receivables for concession contracts
276.0
276.7
272.0
264.0
270.4
Non-current assets
710.0
679.4
662.9
651.4
663.4
Total assets
950.0
940.6
948.6
963.0
989.3
Short-term loans
30.4
95.2
38.2
39.2
41.8
Current liabilities
124.4
200.5
151.7
154.9
150.0
Short-term loans
493.6
407.2
436.1
422.5
400.7
Non-current liabilities
556.9
465.6
492.0
465.6
446.1
Total liabilities
681.3
666.1
643.8
620.5
596.1
Capital
0.50
0.50
0.50
0.50
160.9
Retained earnings
114.3
122.2
146.7
177.0
230.0
Shareholders’ equity
268.8
274.6
304.9
342.5
393.2
Miahona had recently entered into a 10-year operation and maintenance agreement with a government related entity to operate and maintain the rehabilitation works of water treatment plants, while also providing operation and maintenance services. All relevant outputs from the plants will be purchased and taken by the facility related to the government. By the end of the long-term operation and maintenance agreement, the plants will be transferred back to the government-related facility.
