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 (before 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 as of the end of the third quarter of 2023. Further, sales of the medical devices and equipment division climbed by 57% YoY.

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

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

On the other hand, net earnings leapt 18.5% from SAR 10.80 million in Q2 2024. This was attributed to the quarterly increase in the three-month revenues and operating income, with financing costs dropping and other miscellaneous income soaring quarter-on-quarter (QoQ) in Q3 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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