Al Mujtama Alraida H1 profit rises 66% to SAR 11.3 mln

26/10/2023 Argaam Exclusive

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Almujtama Alraida Medical Co. posted SAR 11.3 million net profit for the first half of 2023, an increase of 66% from SAR 6.8 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	171.80	204.13	18.8 %
Gross Income	53.51	66.69	24.6 %
Operating Income	9.51	13.16	38.4 %
Net Income	6.84	11.33	65.7 %
Average Shares	9.50	9.50	-
EPS (Riyals)	0.72	1.19	65.7 %

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	171.80	204.13	18.8 %
Gross Income	53.51	66.69	24.6 %
Operating Income	9.51	13.16	38.4 %
Net Income	6.84	11.33	65.7 %
Average Shares	9.50	9.50	-
EPS (Riyals)	0.72	1.19	65.7 %

Item	H2 2022	H1 2023	Change‬
Revenues	195.27	204.13	4.5 %
Gross Income	65.21	66.69	2.3 %
Operating Income	14.59	13.16	(9.8 %)
Net Income	12.24	11.33	(7.4 %)
Average Shares	9.50	9.50	-
EPS (Riyals)	1.29	1.19	(7.4 %)

The profit increase came as sales rose 19% year-on-year (YoY) to SAR 204.1 million and gross profit margins increased to 33% from 31% in the prior-year period. Operating profit margin was stable YoY at 6%, while financing expenses declined.

Meanwhile, Zakat expenses surged 73% in H1 2023.

Shareholders' equity (with no minority interest) amounted to SAR 129.6 million in H1 2023, compared to SAR 105.7 million in H1 2022.

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