Aldawaa H1 profit down slightly to SAR 165.6 mln; Q2 at SAR 89.3 mln

02/08/2023 Argaam Exclusive

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Aldawaa Medical Services Co. (DMSCO) reported a net profit of SAR 165.6 million in H1 2023, slightly declining from SAR 167.8 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	2,605.01	2,844.33	9.2 %
Gross Income	1,000.97	1,060.62	6.0 %
Operating Income	161.27	242.28	50.2 %
Net Income	167.78	165.59	(1.3 %)
Average Shares	85.00	85.00	-
EPS (Riyals)	1.97	1.95	(1.3 %)

The profit decline was attributed to lower other income year-on-year (YoY).

However, the company’s revenue rose 9.2% YoY, while gross profit increased 6% YoY in H1. Operating profit also rose 47% YoY to SAR 237 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	1,310.19	1,436.74	9.7 %
Gross Income	506.79	525.64	3.7 %
Operating Income	90.55	126.28	39.5 %
Net Income	80.67	89.33	10.7 %
Average Shares	85.00	85.00	-
EPS (Riyals)	0.95	1.05	10.7 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	1,407.59	1,436.74	2.1 %
Gross Income	534.98	525.64	(1.7 %)
Operating Income	116.00	126.28	8.9 %
Net Income	76.25	89.33	17.2 %
Average Shares	85.00	85.00	-
EPS (Riyals)	0.90	1.05	17.2 %

The company reported a net profit of SAR 89.3 million in Q2 2023, an 11% increase from SAR 80.67 million a year earlier on higher revenue, as well as gross and operating profits.

On a sequential basis, net earnings rose 17.2% from SAR 76.26 million in Q1 2023.

Total shareholders’ equity, no minority interest, stood at SAR 1.25 billion as of June 30, 2023, compared to SAR 1.08 billion in the prior-year period.

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