Equipment House H1 2022 net profit down 21% to SAR 34 mln; Q2 at SAR 17.3 mln

24/08/2022 Argaam Exclusive

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Scientific and Medical Equipment House Co.’s (Equipment House) net profit after Zakat and tax fell 21% to SAR 34 million in H1 2022, compared to SAR 43.1 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	317.64	338.86	6.7 %
Gross Income	76.38	84.74	10.9 %
Operating Income	46.69	44.02	(5.7 %)
Net Income	43.11	34.08	(20.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.44	1.14	(20.9 %)

The profit decline is attributed to higher financing costs, Zakat expenses and employee expenses, in addition to lower share of profit from subsidiaries.

In Q2 2022, the company’s net profit after Zakat and tax dropped 28% to SAR 17.3 million, from SAR 23.9 million in the corresponding period of 2021, driven by improved property sales.

Sequentially, the company’s net profit fell by 2% from SAR 16.7 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	166.08	176.30	6.1 %
Gross Income	43.72	46.82	7.1 %
Operating Income	27.30	22.17	(18.8 %)
Net Income	23.92	17.36	(27.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.80	0.58	(27.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	162.56	176.30	8.4 %
Gross Income	37.92	46.82	23.5 %
Operating Income	21.84	22.17	1.5 %
Net Income	16.73	17.36	3.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.56	0.58	3.8 %

Total shareholders’ equity, after minority interest, increased to SAR 487.5 million by the end of the six-month period, from SAR 441.1 million a year earlier.

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