Financial Results : Avalon Pharma’s profit rises 78% to SAR 31.2M in H1 2024; Q2 at SAR 21.8M

Avalon Pharma’s profit rises 78% to SAR 31.2M in H1 2024; Q2 at SAR 21.8M

05/08/2024 Argaam Exclusive

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Middle East Pharmaceutical Industries Co. (Avalon Pharma) reported a net profit of SAR 31.2 million in H1 2024, an increase of 78% from SAR 17.6 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 148.52 176.95 19.1 %
Gross Income 86.40 110.80 28.2 %
Operating Income 23.83 36.93 55.0 %
Net Income 17.55 31.17 77.7 %
Average Shares 20.00 20.00 -
EPS (Riyals) 0.88 1.56 77.7 %

The company reported higher revenues on strong performance of the Avalon skin care and pain management lines, as well as sales of the new products such as Copan, Avotrene, Quenfil and Celenex. This is in addition to new customer accounts in both export and local customers leading to a 19.14% growth in sales during the current period.

 

Gross profit amounted to SAR 24.40 million, which was partially offset by an increase in operating expenses, reflecting the company’s continued commitment to investment in growth.

 

In Q2 2024, the company’s net profit rose 21% to SAR 21.8 million from SAR 18.04 million in Q2 2023, mainly due to higher sales and gross profit.

 

On a sequential basis, net profit surged 132.8% from SAR 9.37 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 93.29 101.13 8.4 %
Gross Income 52.67 64.34 22.2 %
Operating Income 20.88 24.52 17.5 %
Net Income 18.04 21.81 20.8 %
Average Shares 20.00 20.00 -
EPS (Riyals) 0.90 1.09 20.8 %

Shareholders’ equity, no minority interest, rose to SAR 337.1 million by the end of H1 2024, from SAR 277.5 million in the year-ago period.

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