ProMedEx profits leap 77% to SAR 9.2 mln in H1 2023

03/09/2023 Argaam Exclusive

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Professional Medical Expertise Co. (ProMedEx) reported a net profit jump of 77% to SAR 9.2 million in the first half of 2023 from SAR 5.2 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	73.85	118.81	60.9 %
Gross Income	34.21	52.99	54.9 %
Operating Income	8.74	14.10	61.2 %
Net Income	5.18	9.16	76.9 %
Average Shares	3.50	3.50	-
EPS (Riyals)	1.48	2.62	76.9 %

The company attributed the profit growth to the rise in contracts concluded with clients.

Shareholders’ equity, no minority interest, rose to SAR 72.35 million as of June 30, 2023, from SAR 59.72 million a year earlier.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	73.85	118.81	60.9 %
Gross Income	34.21	52.99	54.9 %
Operating Income	8.74	14.10	61.2 %
Net Income	5.18	9.16	76.9 %
Average Shares	3.50	3.50	-
EPS (Riyals)	1.48	2.62	76.9 %

Item	H2 2022	H1 2023	Change‬
Revenues	102.20	118.81	16.3 %
Gross Income	49.44	52.99	7.2 %
Operating Income	17.27	14.10	(18.4 %)
Net Income	13.83	9.16	(33.8 %)
Average Shares	3.50	3.50	-
EPS (Riyals)	3.95	2.62	(33.8 %)

Historical Quarterly Performance
Period	Revenues (SAR mln)	Net Profit (SAR mln)	Profit Share (SAR/ Share)
H1 2022	73.85	5.18	5.52
H2 2022	102.20	13.84	3.95
H1 2023	118.81	9.16	2.62

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