Equipment House 9M 2024 profit rises 10% to SAR 34.5M; Q3 at SAR 12.8M

Scientific and Medical Equipment House Co. (Equipment House) reported a 10% profit rise in the first nine months of 2024 to SAR 34.5 million (after minority interest) from SAR 31.5 million a year earlier.

The company's revenues increased by 18.9% (SAR 103 million) compared with the same period a year earlier, driven by commencing operations on eight new projects after the third quarter of 2023 and higher sales of the medical devices and equipment division by 57% YoY.

In addition, the partial reversal of the provision for expected credit loss (ECL) in the current period was SAR 5.9 million less than the reversal made in similar period of the previous year.

Q3 2024 net profit dropped 35% to SAR 12.8 million, compared with SAR 19.8 million in Q3 2023, due to a partial reversal of an ECL provision amounting to SAR 4.1 million in the current quarter, SAR 7.2 million less than the amount reversed a year before.

The third-quarter net earnings leapt 18.5% from SAR 10.80 million in Q2 2024.

Total shareholders’ equity, after minority interest, increased to SAR 533.3 million as of Sept. 30, 2024, from SAR 496.84 million in the prior-year period.

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