Equipment House’s net profit surges to SAR 40.2M in 2023; Q4 at SAR 13.7M

25/03/2024 Argaam Exclusive

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Scientific and Medical Equipment House Co. (Equipment House) reported a net profit of SAR 40.2 million (excluding minority interest) for 2023, compared to SAR 17.6 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	713.82	799.28	12.0 %
Gross Income	154.85	133.05	(14.1 %)
Operating Income	37.51	68.65	83.0 %
Net Income	17.57	40.06	128.0 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.59	1.34	128.0 %

This was backed by the revaluation of provisions for expected credit losses for 2023 to stand at SAR 21.5 million. In addition, revenues jumped by 11.97% year-on-year (YoY) to SAR 85.5 million for the same year on new project launches and increased operating sales.

The annual profit growth came despite higher Zakat provisions, depreciation and amortization expenses, and financing costs due to the global increase in lending costs.

In Q4 2023, Equipment House turned to a net profit of SAR 13.7 million, versus a net loss of SAR 25.31 million in Q4 2022.

On a quarterly basis, net profit dropped 22.3% from SAR 17.67 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	188.89	231.78	22.7 %
Gross Income	34.08	35.31	3.6 %
Operating Income	(22.44)	23.14	203.1 %
Net Income	(25.31)	13.59	153.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.84)	0.45	153.7 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	206.60	231.78	12.2 %
Gross Income	35.60	35.31	(0.8 %)
Operating Income	26.70	23.14	(13.3 %)
Net Income	19.80	13.59	(31.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.66	0.45	(31.4 %)

Total shareholders’ equity, after minority interest, soared to SAR 510 million by Dec. 31, 2023, compared to SAR 470 million in the year before.

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