ProMedEx reports 31% net profit jump to SAR 24.8M in 2023

31/03/2024 Argaam Exclusive

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Professional Medical Expertise Co.'s (ProMedEx) net profit grew 31% to SAR 24.8 million in 2023, compared to SAR 19 million in the previous year.

Financials (M)

Item	2022	2023	Change‬
Revenues	176.05	250.12	42.1 %
Gross Income	83.65	111.96	33.9 %
Operating Income	26.01	33.34	28.2 %
Net Income	19.02	24.84	30.7 %
Average Shares	3.50	3.50	-
EPS (Riyals)	5.43	7.10	30.7 %

The annual profit growth was driven by higher revenues from SAR 176.05 million in 2022 to SAR 205.11 million in 2023 amid firmer sales volumes. The company also cited expanded business activity in Saudi Arabia and the UAE.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	102.20	131.30	28.5 %
Gross Income	49.44	58.97	19.3 %
Operating Income	17.27	19.25	11.5 %
Net Income	13.83	15.68	13.3 %
Average Shares	3.50	3.50	-
EPS (Riyals)	3.95	4.48	13.3 %

Item	H1 2023	H2 2023	Change‬
Revenues	118.81	131.30	10.5 %
Gross Income	52.99	58.97	11.3 %
Operating Income	14.10	19.25	36.5 %
Net Income	9.16	15.68	71.1 %
Average Shares	3.50	3.50	-
EPS (Riyals)	2.62	4.48	71.1 %

Total shareholders’ equity, excluding minority interest, reached SAR 97.20 million by Dec. 31, 2023, compared to SAR 73.19 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	73.85	5.18	5.52
H2 2022	102.2	13.84	3.95
H1 2023	118.81	9.16	2.62
H2 2023	131.31	15.68	4.48

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