Financial Results : Equipment House’s Q1 profit slumps 59% to SAR 6.8 mln

Equipment House’s Q1 profit slumps 59% to SAR 6.8 mln

22/05/2023 Argaam Exclusive

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Scientific and Medical Equipment House Co. reported a net profit of SAR 6.8 million for Q1 2023, a slump of 59% from SAR 16.8 million in the prior-year period.

 


Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 162.56 164.94 1.5 %
Gross Income 37.92 30.88 (18.6 %)
Operating Income 21.84 12.30 (43.7 %)
Net Income 16.73 6.86 (59.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.56 0.23 (59.0 %)

This profit decline was driven by substantial mobilization and startup costs related to the new projects which commenced during 2023, in addition to higher employee salaries, and increased cost of finance.

 

On a sequential basis, Equipment House turned to profit versus net losses of SAR 25.3 million in the year-earlier period.

 

Shareholders’ equity, no minority interest, reached SAR 474.9 million as of March 31, 2023, compared to SAR 490.4 million in the prior-year period.

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