Atlas Elevators’ Profits Rise 4.5% to SAR 10.5 Million in 2024

Atlas Elevators Company for General Trading and Contracting reported a net profit of SAR 10.5 million by the end of 2024, reflecting a 4.5% increase compared to SAR 10.09 million in 2023. The announcement followed the release of the company’s preliminary financial results for the period ending December 31, 2024.

Despite the rise in net profit, operating profit dropped 58% to SAR 2.66 million, compared to SAR 6.42 million in 2023. Shareholders’ equity (excluding non-controlling interests) grew 6%, reaching SAR 98 million, up from SAR 92 million in 2023. Earnings per share (EPS) for 2024 stood at SAR 1.78, down from SAR 1.98 in the previous year.

The company reported total sales of SAR 85.67 million, marking a 20.18% increase from SAR 71.29 million in 2023. The growth was primarily driven by increased sales from the company and its subsidiary factory:

• Company Sales: Reached SAR 77.98 million in 2024, up 16.33% from SAR 67.04 million in 2023. This growth was fueled by a rise in completed elevator units, which increased to 1,046 units in 2024, compared to 788 units in 2023.

• Subsidiary (Factory) Sales: Reached SAR 60.96 million in 2024, up 24.34% from SAR 49.03 million in 2023. The increase was driven by higher sales through Atlas Elevators’ branches, along with rising local sales to external clients.