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.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 30.54 | 31.20 | 2.2 % |
| 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.
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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