Financial Results : Al-Modawat H1 2024 net profit declines 71% to 3.2M

Al-Modawat H1 2024 net profit declines 71% to 3.2M

01/09/2024 Argaam Exclusive

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Al-Modawat Specialized Medical Co.’s net profit declined 71% to SAR 3.2 million in the first half of 2024, compared to SAR 10.9 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 37.18 37.29 0.3 %
Gross Income 21.40 17.33 (19.0 %)
Operating Income 11.52 3.79 (67.1 %)
Net Income 10.93 3.16 (71.1 %)
Average Shares 19.00 23.75 25.0 %
EPS (Riyals) 0.58 0.13 (76.9 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 37.18 37.29 0.3 %
Gross Income 21.40 17.33 (19.0 %)
Operating Income 11.52 3.79 (67.1 %)
Net Income 10.93 3.16 (71.1 %)
Average Shares 19.00 23.75 25.0 %
EPS (Riyals) 0.58 0.13 (76.9 %)

The drop was attributed to the additional expenses for listing on Nomu-Parallel Market and the higher costs dedicated for leveraging the medical services efficiency.

 

This was offset by an increase in sales and revenues during the first half of 2024 compared to the same period last year, a continued growth in all operational segments, and the increase in the number of hospital rooms.

 

Shareholders’ equity, no minority interest, rose to SAR 78.51 million as of June 30, 2024, from SAR 37.12 million a year earlier.

 

Historical Data 

Period  

Revenue 

(SAR mln)  

Net Profit 

(SAR mln)   

EPS 

(SAR/Share)  

H1 2022

25.30

3.64

0.19

H2 2022

33.27

6.67

0.35

H1 2023

37.18

10.93

0.58

H2 2023

37.13

7.66

0.40

H1 2024

37.29

3.16

0.13

H1 2024

33.27

6.67

0.35

 

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