Aldawaa net profit up 28% to SAR 305.4 mln in 2022; Q4 at SAR 89.5 mln

21/03/2023 Argaam Exclusive

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Aldawaa Medical Services Co. posted a net profit of SAR 305.4 million in 2022, a 28% increase from SAR 239.2 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	5,034.38	5,372.24	6.7 %
Gross Income	1,894.40	2,019.60	6.6 %
Operating Income	267.89	374.35	39.7 %
Net Income	239.15	305.45	27.7 %
Average Shares	85.00	85.00	-
EPS (Riyals)	2.81	3.59	27.7 %

The profit jump was driven by a 6.7% year-on-year (YoY) leap in revenue to SAR 337.9 million, buoyed by higher cash, online and insurance sales. This is along with an uptick in sales from the Wasfaty e-prescribing program.

Gross profit climbed from SAR 1.89 billion in 2021 to SAR 2.01 billion in 2022, with a profit margin of 37.6%. Further, operating profit grew by SAR 101.1 million, or 37.7% YoY, to SAR 369 million last year.

The fourth-quarter net profit rose 30% YoY to SAR 89.51 million from SAR 69.08 million a year earlier.

Sequentially, net profit rose 85.9% from SAR 48.15 million in Q3 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	1,298.34	1,458.30	12.3 %
Gross Income	533.08	533.69	0.1 %
Operating Income	75.82	130.39	72.0 %
Net Income	69.08	89.51	29.6 %
Average Shares	85.00	85.00	-
EPS (Riyals)	0.81	1.05	29.6 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	1,308.93	1,458.30	11.4 %
Gross Income	484.94	533.69	10.1 %
Operating Income	82.69	130.39	57.7 %
Net Income	48.15	89.51	85.9 %
Average Shares	85.00	85.00	-
EPS (Riyals)	0.57	1.05	85.9 %

Shareholders’ equity, no minority interest, stood at SAR 1.09 billion as of Dec. 31, 2022, compared to SAR 989.18 million a year earlier.

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