ProMedEx H1 2024 profit boosted by strong supply contracts: MD

Amr Amayem, Managing Director of Professional Medical Expertise Co. (ProMedEx)

Amr Amayem, Managing Director of Professional Medical Expertise Co. (ProMedEx), said that the rise in sales during the first six months of 2024 led to higher profits, driven by the execution of numerous supply contracts.

In an interview with Argaam, Amayem noted that the company's sales in the first half of 2024 reached SAR 149 million, a 26% increase from SAR 119 million a year ago.

The company supplies high-quality European and American products, either internationally or through foreign companies operating in Saudi Arabia. Product purchases in the first half of the year amounted to SAR 73 million.

Amayem emphasized the company focuses on expanding in the Saudi and UAE markets. He highlighted the government support for the public and private healthcare sectors, which is expected to support the company’s performance for the remainder of the year.

The company recorded SAR 73 million in product purchases during H1 2024, the Managing Director said.

ProMedEx profits rose by 32% to SAR 12.1 million in the first half of 2024, compared to SAR 9.2 million in H1 2023, according to data compiled by Argaam.