Avalon Pharma’s profit rises 78% to SAR 31.2M in H1 2024; Q2 at SAR 21.8M

Middle East Pharmaceutical Industries Co. (Avalon Pharma) reported a net profit of SAR 31.2 million in H1 2024, an increase of 78% from SAR 17.6 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	148.52	176.95	19.1 %
Gross Income	86.40	110.80	28.2 %
Operating Income	23.83	36.93	55.0 %
Net Income	17.55	31.17	77.7 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.88	1.56	77.7 %

The company reported higher revenues on strong performance of the Avalon skin care and pain management lines, as well as sales of the new products such as Copan, Avotrene, Quenfil and Celenex. This is in addition to new customer accounts in both export and local customers leading to a 19.14% growth in sales during the current period.

Gross profit amounted to SAR 24.40 million, which was partially offset by an increase in operating expenses, reflecting the company’s continued commitment to investment in growth.

In Q2 2024, the company’s net profit rose 21% to SAR 21.8 million from SAR 18.04 million in Q2 2023, mainly due to higher sales and gross profit.

On a sequential basis, net profit surged 132.8% from SAR 9.37 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	93.29	101.13	8.4 %
Gross Income	52.67	64.34	22.2 %
Operating Income	20.88	24.52	17.5 %
Net Income	18.04	21.81	20.8 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.90	1.09	20.8 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	75.82	101.13	33.4 %
Gross Income	46.46	64.34	38.5 %
Operating Income	12.43	24.52	97.3 %
Net Income	9.37	21.81	132.7 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.47	1.09	132.7 %

Shareholders’ equity, no minority interest, rose to SAR 337.1 million by the end of H1 2024, from SAR 277.5 million in the year-ago period.

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Share Price

Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

	Current
Market Cap (M Riyal)	2,484.00
Enterprise Value (EV) (M)	2,492.50
Shares Outstanding ((M))	20.00
EPS ( Riyal) (TTM)	4.02
Book Value (BV) ( Riyal)	16.31
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	30.87
P/E (TTM)	30.87
Price/book	7.62
Return on Average Assets (%) (TTM)	-
Return on Average Equity (%) (TTM)	26.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	232.09	-	147.13	-	60.35	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	301.66	30.0 %	176.38	19.9 %	79.33	31.5 %
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	287.22	(4.8 %)	174.58	(1.0 %)	74.76	(5.8 %)
Q1 2022	49.67	-	29.30	-	(0.21)	-
Q2 2022	83.23	-	48.52	-	23.55	-
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	302.66	5.4 %	184.29	5.6 %	70.34	(5.9 %)
Q1 2023	55.23	11.2 %	33.74	15.1 %	2.96	1522.2 %
Q2 2023	93.29	12.1 %	52.67	8.5 %	20.88	(11.4 %)
Q3 2023	60.75	-	34.23	-	6.27	-
Q4 2023	129.17	-	86.74	-	49.08	-
2023	338.44	11.8 %	207.37	12.5 %	78.68	11.9 %
Q1 2024	75.82	37.3 %	46.46	37.7 %	12.43	320.1 %
Q2 2024	101.13	8.4 %	64.34	22.2 %	24.52	17.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	232.09	-	147.13	-	60.35	-
2020	301.66	30.0 %	176.38	19.9 %	79.33	31.5 %
2021	287.22	(4.8 %)	174.58	(1.0 %)	74.76	(5.8 %)
2022	302.66	5.4 %	184.29	5.6 %	70.34	(5.9 %)
2023	338.44	11.8 %	207.37	12.5 %	78.68	11.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	54.05	-	2.70	-	54.05	2.70
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	72.81	34.7 %	3.64	-	72.81	3.64
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	-	-	-	-	-	-
Q4 2021	-	-	-	-	-	-
2021	66.28	(9.0 %)	3.31	-	66.28	3.31
Q1 2022	(2.57)	-	(0.13)	-	(2.57)	(0.13)
Q2 2022	20.24	-	1.01	-	20.24	1.01
Q3 2022	-	-	-	-	-	-
Q4 2022	-	-	-	-	-	-
2022	59.45	(10.3 %)	2.97	-	59.45	2.97
Q1 2023	(0.50)	80.6 %	(0.02)	-	(0.50)	(0.02)
Q2 2023	18.04	(10.9 %)	0.90	-	18.04	0.90
Q3 2023	2.88	-	0.14	-	2.88	0.14
Q4 2023	45.41	-	2.27	-	45.41	2.27
2023	65.83	10.7 %	3.29	-	65.83	3.29
Q1 2024	9.37	1987.0 %	0.47	-	9.37	0.47
Q2 2024	21.81	20.8 %	1.09	-	21.81	1.09

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	54.05	-	2.70	-	54.05	2.70
2020	72.81	34.7 %	3.64	-	72.81	3.64
2021	66.28	(9.0 %)	3.31	-	66.28	3.31
2022	59.45	(10.3 %)	2.97	-	59.45	2.97
2023	65.83	10.7 %	3.29	-	65.83	3.29

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	63.39 %	29.75 %	23.29 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	58.47 %	29.24 %	24.14 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	60.78 %	29.36 %	23.08 %
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
2022	60.89 %	26.75 %	19.64 %
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	61.27 %	-	19.45 %
2023	61.27 %	26.77 %	19.45 %
Q1 2024	61.30 %	26.44 %	21.09 %
Q2 2024	63.17 %	27.01 %	21.66 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	63.39 %	29.75 %	23.29 %
2020	58.47 %	29.24 %	24.14 %
2021	60.78 %	29.36 %	23.08 %
2022	60.89 %	26.75 %	19.64 %
2023	61.27 %	26.77 %	19.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	59.00 %	-	(5.17 %)
Q2 2022	58.30 %	-	24.32 %
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	61.09 %	10.61 %	(0.90 %)
Q2 2023	56.45 %	25.56 %	19.34 %
Q3 2023	56.34 %	-	4.74 %
Q4 2023	67.15 %	-	35.16 %
Q1 2024	61.27 %	20.74 %	12.36 %
Q2 2024	63.62 %	27.70 %	21.56 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	-	-	-	-
Q4 2021	-	-	-	-
Q1 2022	20.00	-	-	-
Q2 2022	20.00	-	-	13.17
Q3 2022	-	-	-	-
Q4 2022	-	-	-	-
Q1 2023	20.00	-	-	13.50
Q2 2023	20.00	-	-	13.87
Q3 2023	20.00	-	-	13.64
Q4 2023	20.00	3.29	3.29	15.32
Q1 2024	20.00	3.79	3.79	15.77
Q2 2024	20.00	3.97	3.97	16.86

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	20.00	2.70	2.70	10.87
2020	20.00	3.64	3.64	12.62
2021	20.00	3.31	3.31	13.35
2022	20.00	2.97	2.97	14.01
2023	20.00	3.29	3.29	15.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	-	-	-
Q1 2023	-	-	-
Q2 2023	-	-	-
Q3 2023	-	-	-
Q4 2023	-	-	-
Q1 2024	38.68	38.68	9.28
Q2 2024	33.12	33.12	7.81

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

Business Segments (Million)

Compared With The

Period	Private customers	Public Customers	Export customers
Q1 2022	36.71	10.47	2.49
Q2 2022	63.55	15.92	3.76
Q1 2023	42.36	9.32	3.55
Q2 2023	69.28	16.65	7.36
Q3 2023	41.03	15.25	4.47
Q1 2024	54.78	12.11	8.94
Q2 2024	71.78	18.08	11.28

Period	Private customers	Public Customers	Export customers
2019	158.40	52.57	21.13
2020	190.92	88.16	22.58
2021	194.14	65.64	27.44
2022	207.97	68.58	26.11
2023	228.84	72.39	37.22

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	24.91	21.81	(12.5 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
Al Rajhi Capital	23.00	21.81	(5.2) %
SNB Capital	23.10	21.81	(5.6) %
GIB Capital	26.00	21.81	(16.1) %
OSOOL AND BAKHEET	27.55	21.81	(20.9) %

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Avalon Pharma’s profit rises 78% to SAR 31.2M in H1 2024; Q2 at SAR 21.8M

Financials (M)

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Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

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Financial results (Million)

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Profit Performance (Million)

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Avalon Pharma’s profit rises 78% to SAR 31.2M in H1 2024; Q2 at SAR 21.8M

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Middle East Pharmaceutical Industries Co. (AVALON PHARMA)

Financial Ratios

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)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Business Segments (Million)