Al-Modawat H1 2023 net profit jumps to SAR 10.9M

24/12/2023 Argaam Exclusive

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Al-Modawat Specialized Medical Co.’s net profit rose to SAR 10.9 million in the first six months of 2023, from SAR 3.6 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	25.30	37.18	46.9 %
Gross Income	11.91	21.40	79.8 %
Operating Income	4.05	11.52	184.6 %
Net Income	3.64	10.93	200.4 %
Average Shares	19.00	19.00	-
EPS (Riyals)	0.19	0.58	200.4 %

Revenues for the current period increased to SAR 37.2 million, compared to SAR 25.3 million in H1 2022, due to higher medical services revenue.

The gross profit margin grew to 58% in H1 2023 from 47% a year earlier as the cost of sales to revenue ratio soared to 42% during the current period.

Meanwhile, the operating profit margin jumped to 31% during the first half of this year from 16% in the same period of the previous year, despite the increase in general and administrative expenses.

On the other hand, financing expenses for the current period surged to SAR 565,000 compared to SAR 358,000 in the same period last year.

Furthermore, Zakat and income taxes inched up to SAR 393,000 in H1 2023, from SAR 101,000 in the same period of the previous year.

Total shareholders’ equity, no minority interest, stood at SAR 37.12 million by the end of H1 2023, compared to SAR 22.77 million in the year-earlier period.

On May 23, the company’s extraordinary general assembly (EGM) approved the capital increase from SAR 19 million to SAR 23.75 million by floating 475,000 shares, representing 25% of the company's pre-IPO capital, on Nomu-Parallel Market.

On June 30, the shareholders decided to distribute cash dividends worth SAR 4.79 million.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	25.30	37.18	46.9 %
Gross Income	11.91	21.40	79.8 %
Operating Income	4.05	11.52	184.6 %
Net Income	3.64	10.93	200.4 %
Average Shares	19.00	19.00	-
EPS (Riyals)	0.19	0.58	200.4 %

Item	H2 2022	H1 2023	Change‬
Revenues	33.26	37.18	11.8 %
Gross Income	16.61	21.40	28.8 %
Operating Income	7.40	11.52	55.7 %
Net Income	6.67	10.93	63.8 %
Average Shares	19.00	19.00	-
EPS (Riyals)	0.35	0.58	63.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	-	-	-	-	-	-
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	40.84	-	14.67	-	(0.89)	-
H1 2022	25.30	-	11.91	-	4.05	-
H2 2022	33.26	-	16.61	-	7.40	-
2022	58.57	43.4 %	28.52	94.4 %	11.44	1380.4 %
H1 2023	37.18	46.9 %	21.40	79.8 %	11.52	184.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	-	-	-	-	-	-
2021	40.84	-	14.67	-	(0.89)	-
2022	58.57	43.4 %	28.52	94.4 %	11.44	1380.4 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	-	-	-	-	-	-
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	-	-	-	-	-	-
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	(2.21)	-	(0.12)	-	(2.21)	(0.12)
H1 2022	3.64	-	0.19	-	3.64	0.19
H2 2022	6.67	-	0.35	-	6.67	0.35
2022	10.31	567.4 %	0.54	-	10.31	0.54
H1 2023	10.93	200.4 %	0.58	-	10.93	0.58

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	-	-	-	-	-	-
2020	-	-	-	-	-	-
2021	(2.21)	-	(0.12)	-	(2.21)	(0.12)
2022	10.31	567.4 %	0.54	-	10.31	0.54

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
2021	35.92 %	1.28 %	(5.40 %)
H1 2022	-	-	-
H2 2022	48.69 %	22.19 %	17.61 %
2022	48.69 %	22.19 %	17.61 %
H1 2023	53.96 %	30.58 %	25.00 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	35.92 %	1.28 %	(5.40 %)
2022	48.69 %	22.19 %	17.61 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	47.05 %	19.00 %	14.38 %
H2 2022	49.94 %	24.62 %	20.07 %
H1 2023	57.57 %	35.91 %	29.41 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2014	-	-	-	-
H2 2014	-	-	-	-
H1 2015	-	-	-	-
H2 2015	-	-	-	-
H1 2016	-	-	-	-
H2 2016	-	-	-	-
H1 2017	-	-	-	-
H2 2017	-	-	-	-
H1 2018	-	-	-	-
H2 2018	-	-	-	-
H1 2019	-	-	-	-
H2 2019	-	-	-	-
H1 2020	-	-	-	-
H2 2020	-	-	-	-
H1 2021	-	-	-	-
H2 2021	-	-	-	-
H1 2022	19.00	-	-	1.20
H2 2022	19.00	0.54	0.54	1.63
H1 2023	19.00	0.93	0.93	1.95

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	-	-	-	-
2020	-	-	-	-
2021	19.00	(0.12)	(0.12)	1.01
2022	19.00	0.54	0.54	1.63

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	-	-	-
H2 2020	-	-	-
H1 2021	-	-	-
H2 2021	-	-	-
H1 2022	-	-	-
H2 2022	-	-	-
H1 2023	-	-	-

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	-	-	-

Business Segments (Million)

Compared With The

Period	Medical Services	Pharmaceutical Products
Q2 2022	23.69	1.61
Q4 2022	31.82	1.44
Q2 2023	35.50	1.67

Period	Medical Services	Pharmaceutical Products
2021	38.75	2.08
2022	55.52	3.05

Financial Ratios

	Current
Market Cap (M Riyal)	338.68
Enterprise Value (EV) (M)	344.81
Shares Outstanding ((M))	23.75
Book Value (BV) ( Riyal)	2.07
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	18.22
Price/book	8.63

Al-Modawat Specialized Medical Co. (ALMODAWAT)

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Al-Modawat H1 2023 net profit jumps to SAR 10.9M

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Al-Modawat Specialized Medical Co. (ALMODAWAT)

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Al-Modawat H1 2023 net profit jumps to SAR 10.9M

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Financial Ratios

Share Price

Al-Modawat Specialized Medical Co. (ALMODAWAT)

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Business Segments (Million)