Al-Modawat 2023 profit jumps 80% to SAR 18.6M

31/03/2024 Argaam Exclusive

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Al-Modawat Specialized Medical Co.’s net profit leapt 80% to SAR 18.6 million in 2023, from SAR 10.3 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	58.57	74.31	26.9 %
Gross Income	28.52	40.63	42.5 %
Operating Income	11.44	20.17	76.3 %
Net Income	10.31	18.59	80.3 %
Average Shares	19.00	19.00	-
EPS (Riyals)	0.54	0.98	80.3 %

The company posted higher revenues due to the opening of new departments such as neurology and the increase in the number of internists.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	33.26	37.13	11.6 %
Gross Income	16.61	19.23	15.8 %
Operating Income	7.40	8.65	17.0 %
Net Income	6.67	7.66	14.8 %
Average Shares	19.00	19.00	-
EPS (Riyals)	0.35	0.40	14.8 %

Item	H1 2023	H2 2023	Change‬
Revenues	37.18	37.13	(0.1 %)
Gross Income	21.40	19.23	(10.2 %)
Operating Income	11.52	8.65	(24.9 %)
Net Income	10.93	7.66	(29.9 %)
Average Shares	19.00	19.00	-
EPS (Riyals)	0.58	0.40	(29.9 %)

Total shareholders’ equity, no minority interest, stood at SAR 39.25 million by the end of 2023, compared to SAR 30.98 million a year before.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2022	25.30	3.64	1.92
H2 2022	33.27	6.67	3.51
H1 2023	37.18	10.93	5.75
H2 2023	37.13	7.66	4.03

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