ProMedEx reports 32% net profit jump to SAR 12.1M in H1 2024

28/08/2024 Argaam Exclusive

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Professional Medical Expertise Co.'s (ProMedEx) net profit grew 32% to SAR 12.1 million in the first half of 2024, compared to SAR 9.2 million in the previous year.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	118.81	149.43	25.8 %
Gross Income	52.99	64.31	21.3 %
Operating Income	14.10	19.05	35.1 %
Net Income	9.16	12.11	32.1 %
Average Shares	3.50	3.50	-
EPS (Riyals)	2.62	3.46	32.1 %

The profit growth was driven by higher year-on-year (YoY) sales on large-value supply contracts during the first six months of 2024.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	118.81	149.43	25.8 %
Gross Income	52.99	64.31	21.3 %
Operating Income	14.10	19.05	35.1 %
Net Income	9.16	12.11	32.1 %
Average Shares	3.50	3.50	-
EPS (Riyals)	2.62	3.46	32.1 %

Item	H2 2023	H1 2024	Change‬
Revenues	131.30	149.43	13.8 %
Gross Income	58.97	64.31	9.0 %
Operating Income	19.25	19.05	(1.0 %)
Net Income	15.68	12.11	(22.8 %)
Average Shares	3.50	3.50	-
EPS (Riyals)	4.48	3.46	(22.8 %)

Total shareholders’ equity, no minority interest, reached SAR 99.33 million by June 30, 2024, compared to SAR 72.35 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	102.20	13.84	3.95
H1 2023	118.81	9.16	2.62
H2 2023	131.31	15.68	4.48
H1 2024	149.43	12.10	3.46

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