Almujtama Alraida net profit plummets 40% to SAR 11.4M in 2023

27/03/2024 Argaam Exclusive

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Almujtama Alraida Medical Co. reported a net profit of SAR 11.4 million for 2023, a 40% slump from SAR 19.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	367.08	407.74	11.1 %
Gross Income	118.71	129.21	8.8 %
Operating Income	24.10	13.95	(42.1 %)
Net Income	19.08	11.39	(40.3 %)
Average Shares	9.50	9.50	-
EPS (Riyals)	2.01	1.20	(40.3 %)

This was ascribed to the expenses pertaining to the company’s share listing on Nomu-Parallel Market, promotion offers to boost retail sales, and lower contract revenue.

Revenues increased by 11% compared with a year before due to strong sales from the company's activities and divisions.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	195.27	203.61	4.3 %
Gross Income	65.21	62.52	(4.1 %)
Operating Income	14.59	0.79	(94.6 %)
Net Income	12.24	0.06	(99.5 %)
Average Shares	9.50	9.50	-
EPS (Riyals)	1.29	0.01	(99.5 %)

Item	H1 2023	H2 2023	Change‬
Revenues	204.13	203.61	(0.3 %)
Gross Income	66.69	62.52	(6.3 %)
Operating Income	13.16	0.79	(94.0 %)
Net Income	11.33	0.06	(99.5 %)
Average Shares	9.50	9.50	-
EPS (Riyals)	1.19	0.01	(99.5 %)

Total shareholders’ equity, no minority interest, stood at SAR 129.78 million by Dec. 31, 2023, compared to SAR 118.59 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
H1 2022	171.80	6.84	0.72
H2 2022	195.28	12.24	1.29
H1 2023	204.13	11.33	1.19
H2 2023	203.61	0.06	0.01

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