Al-Modawat H1 2023 net profit jumps to SAR 10.9M

Al-Modawat Specialized Medical Co.’s net profit rose to SAR 10.9 million in the first six months of 2023, from SAR 3.6 million a year earlier.

Revenues for the current period increased to SAR 37.2 million, compared to SAR 25.3 million in H1 2022, due to higher medical services revenue.

The gross profit margin grew to 58% in H1 2023 from 47% a year earlier as the cost of sales to revenue ratio soared to 42% during the current period.

Meanwhile, the operating profit margin jumped to 31% during the first half of this year from 16% in the same period of the previous year, despite the increase in general and administrative expenses.

On the other hand, financing expenses for the current period surged to SAR 565,000 compared to SAR 358,000 in the same period last year.

Furthermore, Zakat and income taxes inched up to SAR 393,000 in H1 2023, from SAR 101,000 in the same period of the previous year.

Total shareholders’ equity, no minority interest, stood at SAR 37.12 million by the end of H1 2023, compared to SAR 22.77 million in the year-earlier period.

On May 23, the company’s extraordinary general assembly (EGM) approved the capital increase from SAR 19 million to SAR 23.75 million by floating 475,000 shares, representing 25% of the company's pre-IPO capital, on Nomu-Parallel Market. 

On June 30, the shareholders decided to distribute cash dividends worth SAR 4.79 million.