Balsm Alofoq 2024 net profit up 15% to SAR 4.8M; H2 at SAR 3.3M

13/03/2025 Argaam Exclusive

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Balsm Alofoq Medical Co. reported a net profit of SAR 4.8 million for 2024, an increase of 15% from SAR 4.2 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Revenues	18.03	19.86	10.1 %
Gross Income	8.17	9.38	14.9 %
Operating Income	4.07	4.74	16.4 %
Net Income	4.16	4.78	14.8 %
Average Shares	0.74	1.02	38.4 %
Earnings Per Share before unusual items (Riyals)	5.64	4.68	(17.0 %)
EPS (Riyals)	5.64	4.68	(17.0 %)

Revenues rose 10.11% year-on-year (YoY) in 2024, due to higher operational capacity, improved performance efficiency, continued growth in the number of patients visiting the medical clinics, as well as the expansion in the import and sale of medical supplies and equipment.

In H2 2024, net profit rose 38% to SAR 3.3 million from SAR 2.43 million a year earlier.

Sequentially, H2 2024 profit grew 133.2% from SAR 1.43 million in H1 2024.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2023	H2 2024	Change‬
Revenues	9.24	10.31	11.5 %
Gross Income	4.31	4.83	12.1 %
Operating Income	2.27	3.23	42.8 %
Net Income	2.43	3.35	37.9 %
Average Shares	0.74	1.02	38.4 %
Earnings Per Share before unusual items (Riyals)	3.29	3.28	(0.3 %)
EPS (Riyals)	3.29	3.28	(0.3 %)

Item	H1 2024	H2 2024	Change‬
Revenues	9.55	10.31	7.9 %
Gross Income	4.55	4.83	6.1 %
Operating Income	1.51	3.23	114.9 %
Net Income	1.43	3.35	133.2 %
Average Shares	1.00	1.02	2.1 %
Earnings Per Share before unusual items (Riyals)	1.43	3.28	128.3 %
EPS (Riyals)	1.43	3.28	128.3 %

Total shareholders’ equity, no minority interest, stood at SAR 28.91 million as of Dec. 31, 2024, up from SAR 14.38 million in the prior-year period.

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