Avalon Pharma profit jumps 72% to SAR 35M in 9M 2024; Q3 at SAR 3.9M

07/11/2024 Argaam Exclusive

Middle East Pharmaceutical Industries Co. (Avalon Pharman) posted a net profit of SAR 35 million in the first nine months of 2024, a leap of 72% from SAR 20.4 million in a year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 209.27 258.01 23.3 %
Gross Income 120.63 157.57 30.6 %
Operating Income 29.60 43.79 47.9 %
Net Income 20.42 35.04 71.6 %
Average Shares 20.00 20.00 -
EPS (Riyals) 1.02 1.75 71.6 %

Revenue jumped 23% year-on-year (YoY) to SAR 258 million. Gross profit margins improved on better gross profit.

 

Revenue from private customers increased from SAR 152.7 million in 9M 2023 to SAR 168.3M in the current period. The growth mainly came from the opening of new accounts and the sales of newly launched products during the current period.

 

On the other hand, selling and distribution expenses increased by SAR 9.8 million YoY, with general and administrative expenses (G&A) rising SAR 9.44 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 60.75 81.06 33.4 %
Gross Income 34.23 46.77 36.7 %
Operating Income 6.27 6.94 10.7 %
Net Income 2.88 3.87 34.4 %
Average Shares 20.00 20.00 -
EPS (Riyals) 0.14 0.19 34.4 %
The third-quarter net earnings climbed 34.4% to SAR 3.9 million from SAR 2.9 million.
 
However, the company’s net income fell 82.3% from SAR 21.8 million in Q2 2024.
 
Total shareholders’ equity, no minority interest, reached SAR 326.19 million as of Sept. 30, 2024, compared to SAR 272.82 million in the corresponding period of 2023.

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Quarterly Actuals vs Estimates 07/11/2024

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Share Price

Middle East Pharmaceutical Industries Co.
130.60
(1.80) (1.36 %)

Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

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Financial Ratios
Current
Market Cap (M Riyal) 2,612.00
Enterprise Value (EV) (M) 2,620.50
Shares Outstanding ((M)) 20.00
EPS ( Riyal) (TTM) 4.02
Book Value (BV) ( Riyal) 16.31
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.47
P/E (TTM) 32.47
Price/book 8.01
Return on Average Assets (%) (TTM) -
Return on Average Equity (%) (TTM) 26.9
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