Lana Medical posts 45% profit decline to SAR 3M in 2023

31/03/2024 Argaam Exclusive

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Lana Medical Co. reported a net profit of SAR 3 million in 2023, a slump of 45% from SAR 5.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	40.80	48.63	19.2 %
Gross Income	18.87	20.14	6.7 %
Operating Income	6.56	4.57	(30.4 %)
Net Income	5.49	3.01	(45.2 %)
Average Shares	3.00	3.60	20.0 %
EPS (Riyals)	1.83	0.84	(54.3 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬

Item	H1 2023	H2 2023	Change‬
Revenues	21.67	26.96	24.4 %
Gross Income	8.09	12.06	49.1 %
Operating Income	3.84	0.73	(80.9 %)
Net Income	3.06	(0.05)	(101.6 %)
Average Shares	3.00	3.60	20.0 %
EPS (Riyals)	1.02	(0.01)	(101.3 %)

The annual profit decline was attributed to recording expenses related to the company’s Nomu listing, which took place on Dec. 6, 2023, and the pre-operating expenses related to the waste treatment plant in Jeddah and the hazardous medical waste treatment plant in Hail.

This came despite the 19.2% year-on-year (YoY) increase in net revenues due to the company’s expansion of its market share, with the awarding of government projects also playing a pivotal role in boosting sales.

Total shareholders’ equity, no minority interest, advanced to SAR 68.05 million by Dec. 31, 2023, compared to SAR 47.42 million a year ago.

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