Avalon Pharma’s profit rises 11% to SAR 65.8M in 2023

25/03/2024 Argaam Exclusive

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Middle East Pharmaceutical Industries Co. (Avalon Pharma) reported a net profit of SAR 65.8 million in 2023, an increase of 10.7% from SAR 59.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	302.66	338.44	11.8 %
Gross Income	184.29	207.37	12.5 %
Operating Income	70.34	78.68	11.9 %
Net Income	59.45	65.83	10.7 %
Average Shares	20.00	20.00	-
EPS (Riyals)	2.97	3.29	10.7 %

The annual profit growth was propelled by an 11.82% year-on-year (YoY) rise in revenues for 2023, as export sales grew by 42.5% YoY, resulting in a YoY hike in gross profit to SAR 23.08 million during the same year.

Moreover, sales for retail and public customers rose by 9.8% and 6.3% YoY, respectively, in 2023, due to growth in the customer base and the sales of new and existing portfolio products.

The company also reversed a provision for expected credit losses worth SAR 1.6 million in 2023.

On the other hand, during the same year, operating expenses and finance costs increased by SAR 16.37 million and SAR 1.3 million, respectively.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬

Item	Q3 2023	Q4 2023	Change‬
Revenues	60.75	129.17	112.6 %
Gross Income	34.23	86.74	153.4 %
Operating Income	6.27	49.08	682.9 %
Net Income	2.88	45.41	1476.7 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.14	2.27	1476.7 %

Shareholders’ equity, no minority interest, reached SAR 306.4 million as of Dec. 31, 2023, up from SAR 280.3 million a year earlier.

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