Aldawaa 9M 2023 profit grows 10% to SAR 236.9 mln; Q3 at SAR 71.3 mln

Aldawaa Medical Services Co. (DMSCO) posted a 10% profit jump in the first nine months of 2023 to SAR 236.9 million, compared to SAR 215.9 million in the year-earlier period, thanks to an increase in sales, which led to an improvement in gross profit and operating profits.

The company reported a 9.4% rise year-on-year (YoY) in the nine-month revenue. Gross profit grew by 6.4% YoY to SAR 1.58 billion.

Operating profit jumped 39% YoY to SAR 339 million in the current period, with a profit margin of 7.9% of net sales, compared to 6.2% in the corresponding period of 2022.

In Q3 2023, net profit climbed 48% to SAR 71.3 million from SAR 48.15 million in Q3 2022.

Revenue grew by 9.9% YoY. Gross profit increased by 7.4% YoY to SAR 520.9 million.

Operating profit leapt 23.3% YoY to SAR 102 million in the current period, with a profit margin of 7.1% of net sales, compared to 6.3% in the corresponding period of 2022.

Aldawaa’s Q3 bottom line dropped 20.2% from SAR 89.33 million in Q2 2023, hurt by higher selling and distribution expenses on new openings. The company also reported higher promotional offers expenses to maintain the sales.

Shareholders’ equity, no minority interest, reached SAR 1.20 billion as of Sept. 30, 2023, up from SAR 1.02 billion a year earlier.

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