Al Razi profit drops 66% to SAR 686,000 in 2023

30/03/2024 Argaam Exclusive

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Al Razi Medical Co. reported a 66% fall in 2023 net profit to SAR 686,000, from SAR 2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	52.39	61.33	17.1 %
Gross Income	16.10	17.58	9.2 %
Operating Income	2.59	1.41	(45.4 %)
Net Income	2.01	0.69	(65.9 %)
Average Shares	1.52	1.52	-
EPS (Riyals)	1.33	0.45	(65.9 %)

The profit decline was due to the company's investment in promotions to support sales of non-pharmaceutical products on the website and branches, as well as the higher selling and distribution expenses of new branches that are in the process of growing to achieve the sales target.

However, revenues rose by 17.1% year-on-year (YoY), or SAR 8.9 million, driven by the increase in sales from pharmacy branches opened in late 2022 and 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	28.32	30.79	8.7 %
Gross Income	9.01	8.43	(6.3 %)
Operating Income	1.82	0.42	(77.2 %)
Net Income	1.43	0.08	(94.5 %)
Average Shares	1.52	1.52	-
EPS (Riyals)	0.94	0.05	(94.5 %)

Item	H1 2023	H2 2023	Change‬
Revenues	30.54	30.79	0.8 %
Gross Income	9.15	8.43	(7.8 %)
Operating Income	1.00	0.42	(58.4 %)
Net Income	0.61	0.08	(86.9 %)
Average Shares	1.52	1.52	-
EPS (Riyals)	0.40	0.05	(86.9 %)

Total shareholders’ equity, no minority interest, reached SAR 22.4 million as of Dec. 31, 2023, from SAR 23.6 million a year earlier.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	24.07	0.58	0.38
H2 2022	28.32	1.43	0.94
H1 2023	30.54	0.61	0.40
H2 2023	30.79	0.08	0.05

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