Financial Results : Equipment House’s Q1 2024 profit up 27% to SAR 8.7M

Equipment House’s Q1 2024 profit up 27% to SAR 8.7M

16/05/2024 Argaam Exclusive

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Scientific and Medical Equipment House Co. reported a net profit of SAR 8.7 million for Q1 2024, a rise of 27% from SAR 6.9 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 164.94 217.76 32.0 %
Gross Income 30.88 37.74 22.2 %
Operating Income 12.30 15.53 26.3 %
Net Income 6.86 8.77 27.8 %
Average Shares 30.00 30.00 -
EPS (Riyals) 0.23 0.29 27.8 %

This annual profit increase was driven by receiving and commencing 10 new projects after the first quarter of 2023, especially in the medical, non-medical, and subsistence sectors, which led to an increase in operating revenues for Q1 2024.

 

There was also an uptick in the first-quarter sales of medical equipment and devices of 75%, compared to the same quarter of the previous year.

 

Several projects have been awarded to the company, most of which will be handed over throughout 2024. This will in turn positively impact the company’s results before 2024-end and onwards.

 

On a sequential basis, Equipment House profit fell 36% from SAR 13.59 million in Q4 2023 as revenues slid quarter-on-quarter (QoQ) by 6%.

 

Shareholders’ equity, after minority interest, advanced to SAR 519 million as of March 31, 2024, compared to SAR 477 million in the prior-year period.

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