Financial Results : Aldawaa profit up 15% to SAR 191.2M in H1 2024; Q2 at SAR 95.9M

Aldawaa profit up 15% to SAR 191.2M in H1 2024; Q2 at SAR 95.9M

04/08/2024 Argaam Exclusive

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Aldawaa Medical Services Co. (DMSCO) reported a net profit of SAR 191.2 million for the first half of 2024, a jump of 15.5% from SAR 165.6 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 2,844.33 3,102.69 9.1 %
Gross Income 1,060.62 1,140.39 7.5 %
Operating Income 242.28 269.08 11.1 %
Net Income 165.59 191.21 15.5 %
Average Shares 85.00 85.00 -
EPS (Riyals) 1.95 2.25 15.5 %

The first-half profit was triggered by better revenue, thanks to increased sales activities, own brands, and omnichannels.

 

The increase in sales boosted gross profit by SAR 79.7 million, or 7.5% compared to H1 2023. Additionally, the company’s cost control led to a rise of SAR 28.2 million, or 11.9% year-on-year (YoY), in operating profits.

 

In Q2 2024, net earnings increased by 7% to SAR 95.9 million from SAR 89.3 million in Q2 2023 on improved revenue amid increased sales activities, the company’s brands, and omnichannels.

 

Aldawaa’s net earnings were 0.6% up on a sequential basis from SAR 95.3 million in Q1 2024 as higher sales raised gross profit by 2% quarter-on-quarter (QoQ).



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 1,436.74 1,586.27 10.4 %
Gross Income 525.64 575.97 9.6 %
Operating Income 126.28 136.31 7.9 %
Net Income 89.33 95.88 7.3 %
Average Shares 85.00 85.00 -
EPS (Riyals) 1.05 1.13 7.3 %

Total shareholders’ equity, no minority interest, rose to SAR 1.37 billion as of June 30, 2024, from SAR 1.25 billion a year earlier.

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