Aldawaa profit rises 12% to SAR 266.3M in 9M 2024; Q3 at SAR 75.1M

04/11/2024 Argaam Exclusive

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Aldawaa Medical Services Co. (DMSCO) reported a net profit rise of 12% to SAR 266.3 million for the first nine months of 2024, compared to SAR 236.9 million in the prior-year period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	4,283.28	4,728.92	10.4 %
Gross Income	1,581.53	1,710.51	8.2 %
Operating Income	346.88	378.92	9.2 %
Net Income	236.87	266.29	12.4 %
Average Shares	85.00	85.00	-
EPS (Riyals)	2.79	3.13	12.4 %

The nine-month net profit was buoyed by higher sales, which drove gross profits up by 8.2% year-on-year (YoY) on the back of increased sales activities, private brands and multiple channels.

Aldawaa controlled expenses, which led to an increase of SAR. 6.5 million, or 6.2% YoY, in operating profits over the same period of the 2023.

In Q3 2024, Aldawaa’s net profit grew by 5% to SAR 75.1 million from SAR 71.2 million a year earlier as sales grew, leading to a 9.4% YoY rise in gross profits.

On the other hand, quarterly net earnings dropped by 21.7% from SAR 95.8 million in Q2 2024 on an increase in selling and distribution expenses of the company’s new openings. It also reported higher expenses of promotional offers to boost sales.

This came despite a 2.5% rise in the topline quarter-on-quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	1,438.95	1,626.23	13.0 %
Gross Income	520.91	570.11	9.4 %
Operating Income	104.60	109.84	5.0 %
Net Income	71.28	75.09	5.3 %
Average Shares	85.00	85.00	-
EPS (Riyals)	0.84	0.88	5.3 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	1,586.27	1,626.23	2.5 %
Gross Income	575.97	570.11	(1.0 %)
Operating Income	136.31	109.84	(19.4 %)
Net Income	95.88	75.09	(21.7 %)
Average Shares	85.00	85.00	-
EPS (Riyals)	1.13	0.88	(21.7 %)

Total shareholders’ equity, no minority interest, rose to SAR 1.41 billion as of Sept. 30, 2024, from SAR 1.20 billion in the corresponding period of the year before.

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