Atlas Elevators Reports SAR 3.32M Net Profit in the Six Months 2026
ATLAS ELEVATORS 9578.SA | 0.00 |
On 2026-08-23 08:05:28 (Saudi Time), Atlas Elevators General Trading and Contracting Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Period | Similar period for previous year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 36,205,363 | 40,436,340 | -10.463 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 3,324,836 | 4,307,939 | -22.82 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 97,136,202 | 97,936,300 | -0.816 | ||
| Profit (Loss) per Share | 0.38 | 0.49 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | 1,865,479 | 0.02 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The decrease in sales is due to a decline in revenue from the facility's core business (elevator installation and maintenance and cabin manufacturing) as of June 30, 2026, compared to June 30, 2025. Revenue from the installation and manufacturing sector amounted to SAR 31,796,029 as of June 30, 2026, compared to SAR 36,161,469 as of June 30, 2025, representing a decrease of SAR 4,365,440, or -12%. This decrease resulted from a reduction in the number of completed installation contracts by the company, totaling 472 contracts as of June 30, 2026, compared to 535 contracts as of June 30, 2025, a difference of 63 contracts. Additionally, revenue from surveys decreased as of June 30, 2026, compared to June 30, 2025, amounting to [amount missing]. Sales to other customers in the first six months of 2026 decreased to SAR 240,143, compared to SAR 1,713,943 for the same period in 2025, a decrease of SAR 229,830 or 92%. This decrease is attributed to a drop in the number of completed survey contracts to 1 survey on June 30 ,2026, compared to 9 surveys on June 30, 2025, representing a difference of 8 surveys. Furthermore, domestic sales to other customers in the first six months of 2026 decreased to SAR 240,143, compared to SAR 1,713,943 for the same period in 2025, a decrease of SAR 1,473,800 or 86%. This decline is due to 38 customers ceasing their dealings with the factory in 2026 as a result of the repeated closure of the Strait of Hormuz during this period due to the war in the region, which affected the receipt of foreign goods and consequently led to a decrease in sales to other customers. Atlas Elevators' factory sales for its branches decreased in the first six months of 2026 to SAR 23,917,099, compared to SAR 25,979,187 for the same period in 2025, a decrease of SAR 2,062,088, or -7.94%. The main reason for the decrease in the company's purchases from the factory is the decline in the number of completed contracts during 2026 due to the holy month of Ramadan, which fell from February 18 to March 19, with work limited to 6 hours per day. This was compounded by the Eid al-Fitr holiday, which extended until March 24, 2026, and the fact that a large number of technicians were on annual leave. Additionally, the Eid al-Adha holiday, from May 26 to the end of the month, meant that most technicians were on leave for approximately the middle of the month until the end. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is |
The company’s net profit for the first six months of 2026 amounted to SAR 3,367,522, compared to SAR 4,359,267 for the same period in 2025—a decrease of SAR 991,745, or 22.75%..
This decrease is attributed to:
1- A decrease in gross profit to SAR 13,648,682 for the first six months of 2026, compared to SAR 14,059,740 for the same period in 2025, a decrease of SAR 411,058, or 2.92%.
2- An increase in general and administrative expenses: Administrative and selling expenses reached SAR 11,585,665 for the first six months of 2026, compared to SAR 9,281,309 for the same period in 2025, representing an increase of 2,304,356 riyals, representing 24.83%. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | nothing |
Year-on-Year Performance Drivers
Sales/Revenue declined 10.463% YoY from SAR 40.44 million to SAR 36.21 million, primarily driven by a reduction in completed installation contracts (472 vs. 535), a sharp drop in survey contract completions (1 vs. 9), a decline in sales to other customers due to 38 customers ceasing dealings amid regional disruptions from the repeated closure of the Strait of Hormuz, and lower factory branch sales partly attributable to reduced working hours during Ramadan and extended holiday periods (Eid al-Fitr and Eid al-Adha). Net profit attributable to shareholders fell 22.82% YoY from SAR 4.31 million to SAR 3.32 million, driven by a decrease in gross profit from SAR 14.06 million to SAR 13.65 million (down 2.92%) and a significant rise in general and administrative expenses from SAR 9.28 million to SAR 11.59 million (up 24.83%).
Quarter-on-Quarter Performance Drivers
I need to check if this is QoQ data. The table shows "Current Period" vs "Similar period for previous year" for a six-month period ending June 30, 2026 — this is a YoY (year-over-year) comparison, not QoQ. However, the explanations do provide reasons for the changes in sales and net profit, so there is sufficient information to summarize the core reasons for the period-over-period changes. The figures are in Actual SAR, so I need to divide by 1,000,000 for million conversion. - Sales current: 36,205,363 Actual → SAR 36.21 million; prior: 40,436,340 → SAR 40.44 million - Net profit current: 3,324,836 → SAR 3.32 million; prior: 4,307,939 → SAR 4.31 million Now summarizing: Revenue declined 10.463% YoY (from SAR 40.44 million to SAR 36.21 million), driven by fewer completed installation contracts (472 vs. 535), a sharp drop in survey contracts (1 vs. 9), and reduced factory branch sales, all exacerbated by Ramadan work restrictions, extended Eid holidays, and the impact of regional conflict on foreign goods supply. Net profit fell 22.82% YoY (from SAR 4.31 million to SAR 3.32 million), attributable to a SAR 0.41 million decline in gross profit and a significant SAR 2.30 million (24.83%) rise in general, administrative, and selling expenses. --- Revenue fell 10.463% YoY to SAR 36.21 million (from SAR 40.44 million), primarily due to a reduction in completed elevator installation contracts (472 vs. 535), a near-collapse in survey contracts (1 vs. 9), and an 86% drop in domestic sales to other customers, the latter driven by 38 customers ceasing dealings amid repeated Strait of Hormuz closures due to regional conflict. Factory branch sales also declined 7.94% as Ramadan work-hour restrictions and extended Eid al-Fitr and Eid al-Adha holidays significantly reduced technician availability and contract completions. Net profit dropped 22.82% YoY to SAR 3.32 million (from SAR 4.31 million), resulting from a SAR 0.41 million contraction in gross profit combined with a SAR 2.30 million (24.83%) surge in general, administrative, and selling expenses.
Other Items
The external auditor issued an unmodified conclusion on the interim financial statements for the six months ended June 30, 2026. Profit (Losses) Resulting From The Change In Investment Property's Fair Value amounted to SAR 1,865,479, representing 0.02% of capital. Total shareholders' equity (after deducting minority equity) stood at SAR 97,136,202, compared to SAR 97,936,300 for the same period of the prior year, a decline of 0.816%. Earnings per share were SAR 0.38, down from SAR 0.49 in the same period of the prior year. No material risk warnings, going concern uncertainties, or debt covenant breaches were disclosed in the announcement.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97730&anCat=1&cs=9578&locale=arNote: The original announcement does not explicitly specify a currency unit. Figures above are reproduced as-is. Please refer to the original announcement for details.
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