Munawla Cargo earnings slump 49% to SAR 5M in 2023

23/04/2024 Argaam Exclusive

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Munawla Cargo Co.
140.00
(3.00) (2.10 %)

Munawla Cargo Co. (MUNAWLA)

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Munawla Cargo Co.’s earnings dropped 49% to SAR 5 million in 2023, compared to SAR 9.7 million in the year-earlier period.



Financials (M)

Item 2022 2023 Change‬
Revenues 138.91 117.42 (15.5 %)
Gross Income 24.77 22.41 (9.5 %)
Operating Income 10.09 6.14 (39.2 %)
Net Income 9.66 4.95 (48.7 %)
Average Shares 1.00 1.00 -
EPS (Riyals) 9.66 4.95 (48.7 %)

The decline was attributed to lower revenue year-on-year (YoY) as the transport activities were hit in H1 2024 on the fleet replacement, as well as higher cost of finance.



Shareholders’ equity, no minority interest, stood at SAR 32.20 million by Dec. 31, 2023, compared to SAR 32.94 million a year ago

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