Al Razi profit drops 66% to SAR 686,000 in 2023
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Al Razi Medical Co. reported a 66% fall in 2023 net profit to SAR 686,000, from SAR 2 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 52.39 | 61.33 | 17.1 % |
| Gross Income | 16.10 | 17.58 | 9.2 % |
| Operating Income | 2.59 | 1.41 | (45.4 %) |
| Net Income | 2.01 | 0.69 | (65.9 %) |
| Average Shares | 1.52 | 1.52 | - |
| EPS (Riyals) | 1.33 | 0.45 | (65.9 %) |
The profit decline was due to the company's investment in promotions to support sales of non-pharmaceutical products on the website and branches, as well as the higher selling and distribution expenses of new branches that are in the process of growing to achieve the sales target.
However, revenues rose by 17.1% year-on-year (YoY), or SAR 8.9 million, driven by the increase in sales from pharmacy branches opened in late 2022 and 2023.
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 28.32 | 30.79 | 8.7 % |
| Gross Income | 9.01 | 8.43 | (6.3 %) |
| Operating Income | 1.82 | 0.42 | (77.2 %) |
| Net Income | 1.43 | 0.08 | (94.5 %) |
| Average Shares | 1.52 | 1.52 | - |
| EPS (Riyals) | 0.94 | 0.05 | (94.5 %) |
Total shareholders’ equity, no minority interest, reached SAR 22.4 million as of Dec. 31, 2023, from SAR 23.6 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
24.07 |
0.58 |
0.38 |
|
H2 2022 |
28.32 |
1.43 |
0.94 |
|
H1 2023 |
30.54 |
0.61 |
0.40 |
|
H2 2023 |
30.79 |
0.08 |
0.05 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 30.54 | 26.9 % | 9.15 | 29.0 % | 1.00 | 29.6 % |
| H2 2023 | 30.79 | 8.7 % | 8.43 | (6.3 %) | 0.42 | (77.2 %) |
| 2023 | 61.33 | 17.1 % | 17.58 | 9.2 % | 1.41 | (45.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 0.61 | 4.6 % | 0.40 | - | 0.61 | 0.40 |
| H2 2023 | 0.08 | (94.5 %) | 0.05 | - | 0.08 | 0.05 |
| 2023 | 0.69 | (65.9 %) | 0.45 | - | 0.69 | 0.45 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 30.84 % | 10.49 % | 3.47 % |
| H2 2023 | 28.67 % | 8.32 % | 1.12 % |
| 2023 | 28.67 % | 8.32 % | 1.12 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 1.52 | 1.34 | 1.34 | 15.16 |
| H2 2023 | 1.52 | 0.45 | 0.45 | 14.72 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | 27.11 | 27.11 | 2.40 |
| H2 2023 | More than 100 | More than 100 | 4.06 |
Business Segments (Million)
Q4 2023
| Period | Medicines | Cosmetics | Baby preparations | Medical equipment | Medical preparations | Other |
|---|---|---|---|---|---|---|
| Q2 2023 | 15.61 | 3.92 | 6.87 | 2.14 | 2.00 | - |
| Q4 2023 | 14.70 | 5.42 | 1.33 | 2.21 | 1.96 | 5.17 |
| Current | |
| Market Cap (M Riyal) | 82.84 |
| Enterprise Value (EV) (M) | 84.85 |
| Shares Outstanding ((M)) | 1.52 |
| Book Value (BV) ( Riyal) | 14.72 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 3.70 |
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