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.
| 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.
| 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 | 24.51 | 17.4 % |
| Net Income | 18.04 | 21.81 | 20.8 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.90 | 1.09 | 20.8 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 75.82 | 101.13 | 33.4 % |
| Gross Income | 46.46 | 64.34 | 38.5 % |
| Operating Income | 12.43 | 24.51 | 97.2 % |
| Net Income | 9.37 | 21.81 | 132.7 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 0.47 | 1.09 | 132.7 % |
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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