Al Razi Medical Co. reported a 66% fall in 2023 net profit to SAR 686,000, from SAR 2 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 52.39 | 61.33 | 17.1 % |
| Gross Income | 16.10 | 17.58 | 9.2 % |
| Operating Income | 2.59 | 1.41 | (45.4 %) |
| Net Income | 2.01 | 0.69 | (65.9 %) |
| Average Shares | 1.52 | 1.52 | - |
| EPS (Riyals) | 1.33 | 0.45 | (65.9 %) |
The profit decline was due to the company's investment in promotions to support sales of non-pharmaceutical products on the website and branches, as well as the higher selling and distribution expenses of new branches that are in the process of growing to achieve the sales target.
However, revenues rose by 17.1% year-on-year (YoY), or SAR 8.9 million, driven by the increase in sales from pharmacy branches opened in late 2022 and 2023.
Total shareholders’ equity, no minority interest, reached SAR 22.4 million as of Dec. 31, 2023, from SAR 23.6 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
24.07 |
0.58 |
0.38 |
|
H2 2022 |
28.32 |
1.43 |
0.94 |
|
H1 2023 |
30.54 |
0.61 |
0.40 |
|
H2 2023 |
30.79 |
0.08 |
0.05 |
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