Miahona 2024 net profit slips 28% to SAR 40.7M; Q4 loss at SAR 3.4M

Miahona Co. posted a 28% profit decline to SAR 40.7 million in 2024, from SAR 56.7 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	324.46	385.09	18.7 %
Gross Income	90.95	92.76	2.0 %
Operating Income	69.78	54.12	(22.4 %)
Net Income	56.72	40.73	(28.2 %)
Average Shares	160.93	160.93	-
Earnings Per Share before unusual items	0.35	0.25	(28.2 %)
EPS (Riyals)	0.35	0.25	(28.2 %)

The annual profit slump was because of lower operation and maintenance revenues, along with higher general and administrative expenses. This was mainly due to one-off and exceptional costs related to the company’s recent public offering as well as governance.

This was offset by an 18.7% year-on-year (YoY) uptick in consolidated revenues for 2024, primarily due to higher construction revenues besides the elevated water and wastewater services segment’s revenues.

In Q4 2024, Miahona swung to a net loss of SAR 3.41 million, compared to a net profit of SAR 12.8 million in the same period last year.

The company logged net earnings of SAR 16.54 million in Q3 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	98.85	137.01	38.6 %
Gross Income	11.34	12.63	11.3 %
Operating Income	17.96	9.85	(45.2 %)
Net Income	12.80	(3.41)	(126.7 %)
Average Shares	160.93	160.93	-
Earnings Per Share before unusual items	0.08	(0.02)	(126.7 %)
EPS (Riyals)	0.08	(0.02)	(126.7 %)

Item	Q3 2024	Q4 2024	Change‬
Revenues	88.48	137.01	54.8 %
Gross Income	24.57	12.63	(48.6 %)
Operating Income	13.73	9.85	(28.3 %)
Net Income	16.54	(3.41)	(120.6 %)
Average Shares	160.93	160.93	-
Earnings Per Share before unusual items	0.10	(0.02)	(120.6 %)
EPS (Riyals)	0.10	(0.02)	(120.6 %)

Shareholders' equity, after minority interest, amounted to SAR 442.47 million in 2024, compared to SAR 392.85 million in the year before.

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Share Price

Miahona Co. (MIAHONA)

	Current
Market Cap (M Riyal)	3,672.42
Enterprise Value (EV) (M)	3,953.07
Shares Outstanding ((M))	160.93
EPS ( Riyal) (TTM)	0.25
Book Value (BV) ( Riyal)	2.75
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	More than 100
P/E (TTM)	More than 100
Price/book	8.30
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	9.8

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	262.37	-	55.53	-	33.65	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	228.23	(13.0 %)	57.10	2.8 %	29.30	(12.9 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	255.90	12.1 %	74.36	30.2 %	33.18	13.3 %
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	76.80	-	22.89	-	16.92	-
Q4 2022	68.00	-	25.72	-	15.13	-
2022	276.02	7.9 %	86.86	16.8 %	56.94	71.6 %
Q1 2023	65.07	-	18.31	-	10.27	-
Q2 2023	84.55	-	32.34	-	20.14	-
Q3 2023	76.00	(1.0 %)	28.89	26.2 %	21.42	26.6 %
Q4 2023	98.85	45.4 %	11.34	(55.9 %)	17.96	18.7 %
2023	324.46	17.5 %	90.95	4.7 %	69.78	22.6 %
Q1 2024	81.60	25.4 %	28.68	56.7 %	15.27	48.8 %
Q2 2024	70.24	(16.9 %)	19.13	(40.8 %)	7.52	(62.7 %)
Q3 2024	88.48	16.4 %	24.57	(14.9 %)	13.73	(35.9 %)
Q4 2024	137.01	38.6 %	12.63	11.3 %	9.85	(45.2 %)
2024	385.09	18.7 %	92.76	2.0 %	54.12	(22.4 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	262.37	-	55.53	-	33.65	-
2020	228.23	(13.0 %)	57.10	2.8 %	29.30	(12.9 %)
2021	255.90	12.1 %	74.36	30.2 %	33.18	13.3 %
2022	276.02	7.9 %	86.86	16.8 %	56.94	71.6 %
2023	324.46	17.5 %	90.95	4.7 %	69.78	22.6 %
2024	385.09	18.7 %	92.76	2.0 %	54.12	(22.4 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	19.76	-	0.12	-	19.76	0.12
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	17.40	(11.9 %)	0.11	-	17.40	0.11
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	25.33	45.5 %	0.16	-	25.33	0.16
Q1 2022	-	-	-	-	-	-
Q2 2022	-	-	-	-	-	-
Q3 2022	14.31	-	0.09	-	14.31	0.09
Q4 2022	14.98	-	0.09	-	14.98	0.09
2022	50.11	97.8 %	0.31	-	50.11	0.31
Q1 2023	8.09	-	0.05	-	8.09	0.05
Q2 2023	16.95	-	0.11	-	16.95	0.11
Q3 2023	18.88	31.9 %	0.12	-	18.88	0.12
Q4 2023	12.80	(14.6 %)	0.08	-	12.80	0.08
2023	56.72	13.2 %	0.35	-	56.72	0.35
Q1 2024	19.67	143.1 %	0.12	-	19.67	0.12
Q2 2024	7.93	(53.2 %)	0.05	-	7.93	0.05
Q3 2024	16.54	(12.4 %)	0.10	-	16.54	0.10
Q4 2024	(3.41)	(126.7 %)	(0.02)	-	(3.41)	(0.02)
2024	40.73	(28.2 %)	0.25	-	40.73	0.25

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	19.76	-	0.12	-	19.76	0.12
2020	17.40	(11.9 %)	0.11	-	17.40	0.11
2021	25.33	45.5 %	0.16	-	25.33	0.16
2022	50.11	97.8 %	0.31	-	50.11	0.31
2023	56.72	13.2 %	0.35	-	56.72	0.35
2024	40.73	(28.2 %)	0.25	-	40.73	0.25

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	21.16 %	28.68 %	7.53 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	25.02 %	31.45 %	7.63 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	29.06 %	29.82 %	9.90 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	31.47 %	35.63 %	18.15 %
Q1 2023	-	-	-
Q2 2023	33.71 %	-	18.45 %
Q3 2023	35.85 %	37.74 %	20.06 %
Q4 2023	28.01 %	35.29 %	17.48 %
2023	28.03 %	35.29 %	17.48 %
Q1 2024	29.69 %	35.35 %	20.03 %
Q2 2024	26.95 %	33.67 %	18.14 %
Q3 2024	24.69 %	30.66 %	16.79 %
Q4 2024	22.53 %	25.61 %	10.79 %
2024	24.09 %	27.11 %	10.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	21.16 %	28.68 %	7.53 %
2020	25.02 %	31.45 %	7.63 %
2021	29.06 %	29.82 %	9.90 %
2022	31.47 %	35.63 %	18.15 %
2023	28.03 %	35.29 %	17.48 %
2024	24.09 %	27.11 %	10.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	29.81 %	-	18.64 %
Q4 2022	37.82 %	39.49 %	22.03 %
Q1 2023	28.14 %	32.65 %	12.44 %
Q2 2023	38.25 %	36.00 %	20.04 %
Q3 2023	38.01 %	42.46 %	24.84 %
Q4 2023	11.48 %	30.90 %	12.94 %
Q1 2024	35.15 %	33.45 %	24.11 %
Q2 2024	27.24 %	28.32 %	11.28 %
Q3 2024	27.77 %	29.69 %	18.69 %
Q4 2024	9.22 %	16.92 %	(2.49 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	-	-	-	-
Q2 2022	-	-	-	-
Q3 2022	160.93	-	-	2.16
Q4 2022	160.93	-	-	2.13
Q1 2023	160.93	-	-	-
Q2 2023	160.93	0.34	0.34	2.28
Q3 2023	160.93	0.37	0.37	2.40
Q4 2023	160.93	0.35	0.35	2.44
Q1 2024	160.93	0.42	0.42	-
Q2 2024	160.93	0.37	0.37	2.63
Q3 2024	160.93	0.35	0.35	2.63
Q4 2024	160.93	0.25	0.25	2.75

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	160.93	0.12	0.12	1.67
2020	160.93	0.11	0.11	1.71
2021	160.93	0.16	0.16	1.89
2022	160.93	0.31	0.31	2.13
2023	160.93	0.35	0.35	2.44
2024	160.93	0.25	0.25	2.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	-	-	-
Q2 2024	77.24	77.24	10.83
Q3 2024	85.65	85.65	11.52
Q4 2024	More than 100	More than 100	10.09

Period	P/E	Adjusted P/E	Price/book
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-
2023	-	-	-
2024	More than 100	More than 100	10.09

Business Segments (Million)

Compared With The

Period	Revenue recognized under service concession arrangements	Management and engineering services	Operation and maintenance revenue
Q1 2023	54.59	1.20	9.28
Q2 2023	78.52	0.89	5.14
Q3 2023	71.64	0.03	4.34
Q1 2024	69.44	7.67	4.50
Q2 2024	67.62	0.02	2.60
Q3 2024	86.08	-	2.40
Q4 2024	134.76	-	2.25

Period	Revenue recognized under service concession arrangements	Management and engineering services	Operation and maintenance revenue
2019	234.28	1.90	26.20
2020	205.22	-	23.01
2021	228.49	1.28	26.12
2022	237.89	2.06	36.07
2023	298.62	1.97	23.88
2024	373.34	-	11.75

Analysts Estimates (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change‬
Average	16.00	(3.41)	(121.3 %)

Estimates vs Actual (Million)

Item	Q4 2024 (e)	Q4 2024 (net income)	Change
GIB Capital	18.00	(3.41)	(118.9) %
Al Rajhi Capital	14.00	(3.41)	(124.4) %

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Miahona 2024 net profit slips 28% to SAR 40.7M; Q4 loss at SAR 3.4M

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Miahona 2024 net profit slips 28% to SAR 40.7M; Q4 loss at SAR 3.4M

Financials (M)

Current Quarter Comparison (M)

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Share Price

Miahona Co. (MIAHONA)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2024

Revenue by Business Segment (Latest) 2024 Q4

Analysts Estimates (Million)

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