Equipment House 9M 2023 profit dips 38% to SAR 26.4 mln; Q3 at SAR 17.6 mln

Equipment House 9M 2023 profit dips 38% to SAR 26.4 mln; Q3 at SAR 17.6 mln

07/11/2023 Argaam Exclusive

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Scientific and Medical Equipment House Co. (Equipment House) reported a 38% profit fall in the first nine months of 2023 to SAR 26.4 million from SAR 42.9 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 524.93 546.70 4.1 %
Gross Income 120.77 92.50 (23.4 %)
Operating Income 59.95 50.27 (16.2 %)
Net Income 42.87 26.47 (38.3 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 1.43 0.88 (38.3 %)
EPS (Riyals) 1.43 0.88 (38.3 %)

The company reported an overall rise in finance costs (FCs) and direct operational costs, mainly labor, sub-contractor, spare parts and consumable materials.

 

Equipment House recorded revenues from finalized projects in the corresponding period of 2022, which bolstered net profit.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 186.07 206.61 11.0 %
Gross Income 36.03 35.58 (1.2 %)
Operating Income 15.94 26.74 67.8 %
Net Income 8.79 17.67 101.1 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items 0.29 0.59 101.1 %
EPS (Riyals) 0.29 0.59 101.1 %

In 2022, higher profit margins were reported on the completion and delivery of some projects.

 

By contrast, net revenue grew by 8% year-on-year (YoY) on winning new contracts and the renewal of existing ones.

 

The third-quarter bottom line more than doubled year-on-year (YoY) to SAR 17.6 million driven by a 14% YoY revenue jump. The company also started new projects, which were earlier announced.

 

In addition, it reassessed the provision for expected credit losses during the current quarter, leading to a decline of SAR 11.2 million in the provision based on the risk ratios related to historical events for collecting government receivables.

 

Net profit also saw a spike from SAR 1.94 million in Q2 2023 as net revenue leapt by 11% quarter-on-quarter (QoQ). Equipment House also embraced on new projects, recognizing additional operating revenue.

 

Total shareholders’ equity, before minority interest, declined to SAR 496.31 million as of Sept. 30, 2023, from SAR 496.32 million in the prior-year period.

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