Logo of Al-Modawat Specialized Medical
Al-Modawat Specialized Medical Co., which will expectedly list shares on Nomu-Parallel Market, reported a net profit of SAR 10.9 million, or SAR 5.75 a share, for H1 2023, compared to SAR 3.6 million in the prior-year period.
|
Interim Income Statement (SAR mln) |
|||
|
Item |
H1 2022 |
H1 2023 |
Change % |
|
Sales |
25.3 |
37.2 |
+47% |
|
Gross Profit |
11.9 |
21.4 |
+80% |
|
Gross Profit Margins (%) |
47% |
57.5% |
+10.5% |
|
Net Profit |
3.6 |
10.9 |
+200% |
|
Number of Shares (mln) |
1.9 |
1.9 |
-- |
|
EPS (SAR) |
1.92 |
5.75 |
+200% |
Sales growth and higher operating revenue, especially for the medical services business division, supported the growth in earnings. Further, profit margins improved to 42.4%, from 52.9% backed by operating efficiency and lower direct cost to sales.
Company’s Operating Segments
Medical services, the company’s core segment, saw its profit margins rise 10.6%, buoyed by revenue growth and lower direct cost to sales. Conversely, profit margins of the pharmaceuticals segment dropped to 19.8%, from 21.7% in the prior year period.
|
Interim Operating Performance (SAR mln) |
||||||
|
Item |
Medical Services |
Pharmaceuticals |
||||
|
H1 2022 |
H1 2023 |
Change |
H1 2022 |
H1 2023 |
Change |
|
|
Sales |
23.7 |
35.5 |
+50% |
1.6 |
1.7 |
+6% |
|
Gross Profit Margins (%) |
48.8% |
59.4% |
+10.6% |
21.7% |
19.8% |
(1.9%) |
|
Net Profit |
3.3 |
10.6 |
+221% |
0.4 |
0.3 |
(25%) |
The following table shows key highlights of the company’s income statement in 2022, compared to 2021:
|
Income Statements 2021, 2022 (SAR mln) |
|||
|
Item |
2021 |
2022 |
Change% |
|
Sales |
40.9 |
58.5 |
+43% |
|
Gross Profit |
14.7 |
28.5 |
+94% |
|
Gross Profit Margins (%) |
35.9% |
48.7% |
+12.8% |
|
Net Profit |
(2.2) |
10.3 |
-- |
|
Number of Shares (mln) |
1.9 |
1.9 |
-- |
|
EPS (SAR) |
(1.16) |
5.43 |
-- |
The company reported net earnings of SAR 10.3 million in 2022, versus losses of SAR 2.2 million in 2021, due to improved operating performance.
|
Operating Performance 2021, 2022 (SAR mln) |
||||||
|
Item |
Medical Services |
Pharmaceuticals |
||||
|
2021 |
2022 |
Change |
2021 |
2022 |
Change |
|
|
Sales |
38.8 |
55.5 |
+43% |
2.1 |
3.0 |
+43% |
|
Gross Profit Margins (%) |
37.1% |
50.2% |
+13.1% |
13.2% |
20.4% |
+7.2% |
|
Net Profit |
(2.5) |
9.7 |
-- |
0.3 |
0.6 |
+126% |
Financial Position
The company’s financial statements revealed that accounts receivables continued to rise, reaching SAR 24.2 million, aligning with higher revenue. Government and insurance accounts, including seven insurers and 25 insurance brokerages by end of June 2023, accounted for approximately 90% of the accounts receivables, and hence, they are relatively of a low risk.
Retained earnings by June 30, 2023, stood at SAR 17 million. This will allow the company to enhance growth from its own resources instead of securing bank loans, in the light of high SAIBOR.
|
Key Highlights of Balance Sheet (SAR mln) |
|||
|
Item |
2021 |
2022 |
June 2023 |
|
Cash & Cash Equivalents |
6.8 |
1.4 |
5.5 |
|
Net Accounts Receivables |
9.6 |
18.1 |
24.2 |
|
Current Assets |
20.4 |
23.2 |
35.8 |
|
Properties & Equipment |
27.3 |
14.2 |
14.2 |
|
Non-Current Assets |
31.0 |
39.5 |
38.5 |
|
Total Assets |
51.5 |
62.6 |
74.3 |
|
Short-Term Loans |
1.5 |
1.8 |
2.4 |
|
Current Liabilities |
20.3 |
20.9 |
24.5 |
|
Long-Term Loans |
5.9 |
4.1 |
5.2 |
|
Non-Current Liabilities |
12.1 |
10.7 |
12.6 |
|
Total Liabilities |
32.4 |
31.6 |
37.1 |
|
Capital |
19.0 |
19.0 |
19.0 |
|
Retained Earnings |
0.1 |
10.9 |
17.0 |
|
Shareholders’ Equity |
19.1 |
31.0 |
37.1 |
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