Equipment House profit up 88% to SAR 16.5M in H1 2024; Q2 at SAR 7.7M

07/08/2024 Argaam Exclusive

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Scientific & Medical Equipment House Co. (Equipment House) posted a SAR 16.5 million net profit after minority interest for H1 2024, an 88% increase from SAR 8.8 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	355.72	434.58	22.2 %
Gross Income	60.77	71.61	17.8 %
Operating Income	20.56	30.33	47.5 %
Net Income	8.80	16.43	86.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.29	0.55	86.7 %

The profit rise was supported by a 22% revenue increase year-on-year (YoY) due to commencing five new projects and the 64% YoY rise in sales of medical equipment.

The company's Q2 net profit surged to SAR 7.7 million compared to SAR 1.94 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	190.78	216.82	13.7 %
Gross Income	29.89	33.87	13.3 %
Operating Income	8.27	14.80	79.1 %
Net Income	1.94	7.66	295.0 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.06	0.26	295.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	217.76	216.82	(0.4 %)
Gross Income	37.74	33.87	(10.3 %)
Operating Income	15.53	14.80	(4.7 %)
Net Income	8.77	7.66	(12.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.29	0.26	(12.6 %)

Quarter-on-quarter net earnings fell 12.2% from SAR 8.77 million in Q1 2024.

Shareholders' equity, excluding minority interest, rose to SAR 522.4 million as of June 30, 2024, compared to SAR 476.4 million in the prior-year period.

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