Equipment House’s net profit surges to SAR 40.2M in 2023; Q4 at SAR 13.7M

Scientific and Medical Equipment House Co. (Equipment House) reported a net profit of SAR 40.2 million (excluding minority interest) for 2023, compared to SAR 17.6 million a year earlier.

This was backed by the revaluation of provisions for expected credit losses for 2023 to stand at SAR 21.5 million. In addition, revenues jumped by 11.97% year-on-year (YoY) to SAR 85.5 million for the same year on new project launches and increased operating sales.

The annual profit growth came despite higher Zakat provisions, depreciation and amortization expenses, and financing costs due to the global increase in lending costs.

In Q4 2023, Equipment House turned to a net profit of SAR 13.7 million, versus a net loss of SAR 25.31 million in Q4 2022.

On a quarterly basis, net profit dropped 22.3% from SAR 17.67 million in Q3 2023.

Total shareholders’ equity, after minority interest, soared to SAR 510 million by Dec. 31, 2023, compared to SAR 470 million in the year before.

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