Al Razi profit falls 98% to SAR 10,100 in H1 2024

06/08/2024 Argaam Exclusive

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Al Razi Medical Co. reported a 98% drop in H1 2024 net profit to SAR 10,100 from SAR 606,000 in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	30.54	31.20	2.2 %
Gross Income	9.15	8.19	(10.5 %)
Operating Income	1.00	0.23	(77.2 %)
Net Income	0.61	0.01	(98.3 %)
Average Shares	1.52	1.52	-
EPS (Riyals)	0.40	0.01	(98.3 %)

The decline in profits was attributed to discounts and promotions driven by intense sector competition, as well as increased costs, and selling, distribution, and administrative expenses due to new branches that have not yet reached the break-even point.

However, this was offset by a 2.16% increae in revenue for the first half of 2024 compared to the same period in 2023, primarily driven by the expansion of the branch network.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	30.54	31.20	2.2 %
Gross Income	9.15	8.19	(10.5 %)
Operating Income	1.00	0.23	(77.2 %)
Net Income	0.61	0.01	(98.3 %)
Average Shares	1.52	1.52	-
EPS (Riyals)	0.40	0.01	(98.3 %)

Item	H2 2023	H1 2024	Change‬
Revenues	30.79	31.20	1.3 %
Gross Income	8.43	8.19	(3.0 %)
Operating Income	0.42	0.23	(45.1 %)
Net Income	0.08	0.01	(87.3 %)
Average Shares	1.52	1.52	-
EPS (Riyals)	0.05	0.01	(87.3 %)

Total shareholders’ equity, no minority interest, stood at SAR 22.37 million as of June 30, 2024, from SAR 22.36 million a year earlier.

Interim Data History
Period	Revenue (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
H1 2024	31.20	0.01	0.01

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