Equipment House’s Q1 profit slumps 59% to SAR 6.8 mln

Equipment House’s Q1 profit slumps 59% to SAR 6.8 mln

22/05/2023 Argaam Exclusive

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Scientific and Medical Equipment House Co. reported a net profit of SAR 6.8 million for Q1 2023, a slump of 59% from SAR 16.8 million in the prior-year period.

 


Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 162.56 164.94 1.5 %
Gross Income 37.92 30.88 (18.6 %)
Operating Income 21.84 12.30 (43.7 %)
Net Income 16.73 6.86 (59.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.56 0.23 (59.0 %)

This profit decline was driven by substantial mobilization and startup costs related to the new projects which commenced during 2023, in addition to higher employee salaries, and increased cost of finance.

 

On a sequential basis, Equipment House turned to profit versus net losses of SAR 25.3 million in the year-earlier period.

 

Shareholders’ equity, no minority interest, reached SAR 474.9 million as of March 31, 2023, compared to SAR 490.4 million in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
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 151.56 - 32.66 - 19.39 -
Q2 2021 166.08 - 43.72 - 27.30 -
Q3 2021 176.51 - 37.54 - 19.21 -
Q4 2021 205.30 - 39.07 - 17.52 -
Q1 2022 162.56 7.3 % 37.92 16.1 % 21.84 12.7 %
Q2 2022 176.30 6.1 % 46.82 7.1 % 22.17 (18.8 %)
Q3 2022 186.07 5.4 % 36.03 (4.0 %) 15.94 (17.1 %)
Q4 2022 188.89 (8.0 %) 34.08 (12.8 %) (22.44) (228.1 %)
Q1 2023 164.94 1.5 % 30.88 (18.6 %) 12.30 (43.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 - - - - - -
Q2 2014 - - - - - -
Q3 2014 - - - - - -
Q4 2014 - - - - - -
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 19.19 - 0.64 3.74 15.45 0.52
Q2 2021 23.92 - 0.80 - 23.92 0.80
Q3 2021 16.97 - 0.57 - 16.97 0.57
Q4 2021 17.45 - 0.58 - 17.45 0.58
Q1 2022 16.73 (12.8 %) 0.56 - 16.73 0.56
Q2 2022 17.36 (27.4 %) 0.58 - 17.36 0.58
Q3 2022 8.79 (48.2 %) 0.29 - 8.79 0.29
Q4 2022 (25.31) (245.0 %) (0.84) - (25.31) (0.84)
Q1 2023 6.86 (59.0 %) 0.23 - 6.86 0.23

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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 21.87 % 13.81 % 10.55 %
Q1 2022 22.27 % 14.03 % 10.57 %
Q2 2022 22.39 % 13.20 % 9.51 %
Q3 2022 21.89 % 12.78 % 8.26 %
Q4 2022 21.69 % 7.64 % 2.46 %
Q1 2023 20.64 % 6.45 % 1.08 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 - - - -
Q2 2014 - - - -
Q3 2014 - - - -
Q4 2014 - - - -
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 30.00 - - -
Q2 2021 30.00 - - 14.70
Q3 2021 30.00 - - -
Q4 2021 30.00 2.58 2.46 15.78
Q1 2022 30.00 2.50 2.50 16.34
Q2 2022 30.00 2.28 2.28 16.25
Q3 2022 30.00 2.01 2.01 16.54
Q4 2022 30.00 0.59 0.59 15.68
Q1 2023 30.00 0.26 0.26 15.91

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
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 21.32 21.32 3.27
Q2 2022 18.98 18.98 2.67
Q3 2022 21.69 21.69 2.64
Q4 2022 69.58 69.58 2.60
Q1 2023 More than 100 More than 100 2.93

Business Segments (Million)

Compared With The
Period Operation and maintenance Sales of medical devices and revenue from after-sales maintenance services Construction Medications and Medical Supplies Meat and Food Eliminations
Q1 2021 123.04 8.50 10.54 7.37 2.34 (0.22)
Q2 2021 137.92 8.50 10.44 8.00 2.87 (1.64)
Q3 2021 145.75 12.85 8.66 5.88 4.01 (0.65)
Q4 2021 164.19 33.17 20.44 (4.60) 1.30 (9.20)
Q1 2022 130.15 11.47 11.04 8.94 3.48 (2.51)
Q3 2022 144.11 11.32 15.37 14.70 1.19 (0.62)
Q4 2022 142.97 27.07 26.12 (5.58) 0.97 (2.66)
Q1 2023 132.79 14.34 10.87 9.24 1.86 (4.17)

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 16.00 6.86 (57.1 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Al Rajhi Capital 16.00 6.86 (57.1) %


Financial Ratios
Current
Market Cap (M Riyal) 1,563.00
Enterprise Value (EV) (M) 1,770.09
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 1.53
Book Value (BV) ( Riyal) 17.78
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.01
P/E (TTM) 34.01
Price/book 2.93
Return on Average Assets (%) (TTM) 4.3
Return on Average Equity (%) (TTM) 8.9
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Share Price

Scientific and Medical Equipment House Co.
52.10
0.40 0.77 %

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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