ProMedEx net profit down 8% to SAR 19 mln in 2022

This came as the company’s gross profit margin slumped to 48% in 2022, from 51% in the year before. This was in addition to the decrease in operating profit margin to 15% last year, compared to 19% in 2021, amid higher administrative and marketing expenses.

Moreover, ProMedEx reported an expected credit loss provision of SAR 2.4 million in 2022, compared to SAR 441,000 a year ago.

Further, financing costs (FCs) increased to SAR 4.7 million during the same year, versus SAR 2.7 million in 2021.

This was offset by an uptick in revenue from SAR 131.3 million in 2021 to SAR 176.1 million in the year after.

Total shareholders’ equity, no minority interest, stood at SAR 73.19 million in 2022, compared to SAR 39.76 million in 2021.

ProMedEx’s cash balance, as of Dec. 31, 2022, amounted to SAR 5.3 million. In detail, cash from operating activities came in at SAR 3.9 million by the end of the year, while capital expenditure and net cash from financing activities were at SAR 6.4 million and SAR 2.2 million, respectively.

The company’s public sector sales amounted to SAR 120.6 million by the end of 2022, compared to SAR 86.9 million in 2021.

Private business sales stood at SAR 55.4 million last year, against SAR 44.4 million in 2021.

Geographically, the Kingdom’s sales amounted to SAR 164.3 million in 2022, compared to SAR 126.8 million in 2021.

Elsewhere, the UAE sales reached SAR 11.8 million by the end of 2022, compared to SAR 4.5 million in the year before.

Shareholders approved, during the extraordinary general meeting held on June 19, 2022, increasing the company’s capital to SAR 35 million by transferring SAR 27.3 million from related parties and SAR 7.2 million from retained earnings.