Basma Adeem profit rises 21% to SAR 2.4M in H1 2024

26/12/2024 Argaam Exclusive

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Basma Adeem Medical Co. (pending listing on the Nomu-Parallel Market) reported an increase in profits to SAR 2.4 million for the first half of 2024, compared to SAR 2 million a year ago.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	11.73	15.41	31.4 %
Gross Income	3.48	4.61	32.5 %
Operating Income	2.24	2.64	17.8 %
Net Income	1.98	2.38	20.6 %
Average Shares	8.26	16.00	93.8 %
EPS (Riyals)	0.24	0.15	(37.8 %)

The six-month profit growth was attributed to a 31.4% rise in revenues to SAR 15.4 million in H1 2024, compared to SAR 11.7 million in H1 2023.

This contributed to an increase in the gross profit margin for the current period to 29.9%, compared to 29.7% for the same period last year. Additionally, the cost-to-revenue ratio declined to 70.1% in H1 2024.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	11.73	15.41	31.4 %
Gross Income	3.48	4.61	32.5 %
Operating Income	2.24	2.64	17.8 %
Net Income	1.98	2.38	20.6 %
Average Shares	8.26	16.00	93.8 %
EPS (Riyals)	0.24	0.15	(37.8 %)

Item	H2 2023	H1 2024	Change‬
Revenues	14.79	15.41	4.2 %
Gross Income	4.86	4.61	(5.1 %)
Operating Income	3.00	2.64	(12.1 %)
Net Income	2.89	2.38	(17.6 %)
Average Shares	8.26	16.00	93.8 %
EPS (Riyals)	0.35	0.15	(57.5 %)

On a biannual basis, net income declined 17.6% from SAR 2.89 million in H2 2023.

Total shareholders’ equity stood at SAR 18.7 million as of the end of H1 2024, compared to SAR 6.9 million in the prior-year period.

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