Equipment House profit down 77% to SAR 17.6 million in 2022; Q4 loss at SAR 25.3 mln

30/03/2023 Argaam Exclusive

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Scientific & Medical Equipment House Co. reported a net profit after minorities of SAR 17.6 million for 2022, a decline of 77% from SAR 77.5 million a year before.

Financials (M)

Item	2021	2022	Change‬
Revenues	699.45	713.82	2.1 %
Gross Income	152.98	154.85	1.2 %
Operating Income	83.42	37.51	(55.0 %)
Net Income	77.52	17.57	(77.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	2.58	0.59	(77.3 %)

Gross profit ratio settled at 21.7% in 2022, while operating income, before provision for expected credit loss, fell 12.5% year-on-year (YoY) to SAR 76.9 million.

Finance costs reached SAR 7.0 million due to significant interest rate hikes in 2022, and Zakat provision amounted to SAR 4.0 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	205.30	188.89	(8.0 %)
Gross Income	39.07	34.08	(12.8 %)
Operating Income	17.52	(22.44)	(228.1 %)
Net Income	17.45	(25.31)	(245.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.58	(0.84)	(245.0 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	186.07	188.89	1.5 %
Gross Income	36.03	34.08	(5.4 %)
Operating Income	15.94	(22.44)	(240.8 %)
Net Income	8.79	(25.31)	(388.0 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.29	(0.84)	(388.0 %)

The company incurred a loss of SAR 25.3 million in Q4 2022, against a profit of SAR 17.4 million a year before.

Sequentially, the company turned to a loss in Q4 2022 from a profit of SAR 8.79 million.

Shareholders’ equity, after minority interest, stood at SAR 470.3 million as of Dec. 31, 2022, compared to SAR 473.4 million a year earlier.

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