Equipment House 9M 2024 profit rises 10% to SAR 34.5M; Q3 at SAR 12.8M

07/11/2024 Argaam Exclusive

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Scientific and Medical Equipment House Co. (Equipment House) reported a 10% profit rise in the first nine months of 2024 to SAR 34.5 million (before minority interest), from SAR 31.5 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	546.70	650.00	18.9 %
Gross Income	92.50	107.10	15.8 %
Operating Income	50.30	52.00	3.4 %
Net Income	31.50	34.50	9.5 %
Average Shares	30.00	30.00	-
EPS (Riyals)	1.05	1.15	9.5 %

The company's revenues increased by 18.9% (SAR 103 million) compared with the same period a year earlier, driven by commencing operations on eight new projects as of the end of the third quarter of 2023. Further, sales of the medical devices and equipment division climbed by 57% YoY.

In addition, the partial reversal of the provision for expected credit losses (ECL) in the current period was SAR 5.9 million less than the reversal made in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	206.60	218.40	5.7 %
Gross Income	35.60	34.80	(2.2 %)
Operating Income	26.70	17.30	(35.2 %)
Net Income	19.80	12.80	(35.4 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.66	0.43	(35.4 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	215.40	218.40	1.4 %
Gross Income	34.90	34.80	(0.3 %)
Operating Income	17.60	17.30	(1.7 %)
Net Income	10.80	12.80	18.5 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.36	0.43	18.5 %

Meanwhile, the Q3 2024 net profit dropped 35% to SAR 12.8 million, compared with SAR 19.8 million in Q3 2023. This was due to a partial reversal of an ECL provision amounting to SAR 4.1 million in the current quarter, which was SAR 7.2 million less than the amount reversed a year before.

On the other hand, net earnings leapt 18.5% from SAR 10.80 million in Q2 2024. This was attributed to the quarterly increase in the three-month revenues and operating income, with financing costs dropping and other miscellaneous income soaring quarter-on-quarter (QoQ) in Q3 2024.

Total shareholders’ equity, after minority interest, increased to SAR 533.3 million as of Sept. 30, 2024, from SAR 496.84 million in the prior-year period.

Attached document

View More Financial Results

Financial results (Million)

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	556.27	-	108.44	-	54.70	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	583.91	5.0 %	131.02	20.8 %	80.32	46.9 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	597.02	2.2 %	133.81	2.1 %	68.09	(15.2 %)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	617.48	3.4 %	150.85	12.7 %	88.06	29.3 %
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	-
2021	699.45	13.3 %	152.98	1.4 %	83.42	(5.3 %)
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 %)
2022	713.82	2.1 %	154.85	1.2 %	37.51	(55.0 %)
Q1 2023	164.94	1.5 %	30.88	(18.6 %)	12.30	(43.7 %)
Q2 2023	190.78	8.2 %	29.89	(36.2 %)	8.27	(62.7 %)
Q3 2023	206.60	11.0 %	35.60	(1.2 %)	26.70	67.5 %
Q4 2023	231.78	22.7 %	35.31	3.6 %	23.14	203.1 %
2023	799.28	12.0 %	133.05	(14.1 %)	68.65	83.0 %
Q1 2024	217.76	32.0 %	37.74	22.2 %	15.53	26.3 %
Q2 2024	215.40	12.9 %	34.90	16.8 %	17.60	112.9 %
Q3 2024	218.40	5.7 %	34.80	(2.2 %)	17.30	(35.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	556.27	-	108.44	-	54.70	-
2018	583.91	5.0 %	131.02	20.8 %	80.32	46.9 %
2019	597.02	2.2 %	133.81	2.1 %	68.09	(15.2 %)
2020	617.48	3.4 %	150.85	12.7 %	88.06	29.3 %
2021	699.45	13.3 %	152.98	1.4 %	83.42	(5.3 %)
2022	713.82	2.1 %	154.85	1.2 %	37.51	(55.0 %)
2023	799.28	12.0 %	133.05	(14.1 %)	68.65	83.0 %

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	49.44	-	1.65	-	49.44	1.65
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	68.08	37.7 %	2.27	-	68.08	2.27
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	70.67	3.8 %	2.36	8.25	62.42	2.08
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	74.76	5.8 %	2.49	-	74.76	2.49
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
2021	77.52	3.7 %	2.58	3.74	73.79	2.46
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)
2022	17.57	(77.3 %)	0.59	-	17.57	0.59
Q1 2023	6.86	(59.0 %)	0.23	-	6.86	0.23
Q2 2023	1.94	(88.8 %)	0.06	-	1.94	0.06
Q3 2023	19.80	125.3 %	0.66	-	19.80	0.66
Q4 2023	13.59	153.7 %	0.45	-	13.59	0.45
2023	40.06	128.0 %	1.34	-	40.06	1.34
Q1 2024	8.77	27.8 %	0.29	-	8.77	0.29
Q2 2024	10.80	456.8 %	0.36	-	10.80	0.36
Q3 2024	12.80	(35.4 %)	0.43	-	12.80	0.43

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	49.44	-	1.65	-	49.44	1.65
2018	68.08	37.7 %	2.27	-	68.08	2.27
2019	70.67	3.8 %	2.36	8.25	62.42	2.08
2020	74.76	5.8 %	2.49	-	74.76	2.49
2021	77.52	3.7 %	2.58	3.74	73.79	2.46
2022	17.57	(77.3 %)	0.59	-	17.57	0.59
2023	40.06	128.0 %	1.34	-	40.06	1.34

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	19.49 %	10.91 %	8.89 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	22.44 %	14.56 %	11.66 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	22.41 %	12.61 %	10.46 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	24.43 %	15.84 %	12.11 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	21.87 %	13.81 %	10.55 %
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 %
2022	21.69 %	7.64 %	2.46 %
Q1 2023	20.64 %	6.45 %	1.08 %
Q2 2023	17.91 %	4.70 %	(1.06 %)
Q3 2023	17.37 %	6.26 %	0.44 %
Q4 2023	16.58 %	11.62 %	5.31 %
2023	16.65 %	11.33 %	5.01 %
Q1 2024	16.36 %	11.33 %	5.21 %
Q2 2024	16.47 %	11.99 %	6.08 %
Q3 2024	16.16 %	-	5.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	19.49 %	10.91 %	8.89 %
2018	22.44 %	14.56 %	11.66 %
2019	22.41 %	12.61 %	10.46 %
2020	24.43 %	15.84 %	12.11 %
2021	21.87 %	13.81 %	10.55 %
2022	21.69 %	7.64 %	2.46 %
2023	16.65 %	11.33 %	5.01 %

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	21.55 %	14.79 %	10.19 %
Q2 2021	26.32 %	18.48 %	14.40 %
Q3 2021	21.27 %	12.57 %	9.61 %
Q4 2021	19.03 %	10.37 %	8.50 %
Q1 2022	23.32 %	15.68 %	10.29 %
Q2 2022	26.56 %	14.84 %	9.85 %
Q3 2022	19.36 %	10.94 %	4.72 %
Q4 2022	18.04 %	(9.25 %)	(13.40 %)
Q1 2023	18.72 %	10.41 %	4.16 %
Q2 2023	15.67 %	7.48 %	1.02 %
Q3 2023	17.23 %	15.99 %	9.58 %
Q4 2023	15.24 %	12.01 %	5.86 %
Q1 2024	17.33 %	9.55 %	4.03 %
Q2 2024	16.20 %	10.61 %	5.01 %
Q3 2024	15.93 %	-	5.86 %

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	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
Q2 2023	30.00	(0.26)	(0.26)	15.97
Q3 2023	30.00	0.11	0.11	16.56
Q4 2023	30.00	1.41	1.41	17.03
Q1 2024	30.00	1.47	1.47	17.32
Q2 2024	30.00	1.77	1.77	17.57
Q3 2024	30.00	1.53	1.53	17.78

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	30.00	1.65	1.65	8.47
2018	30.00	2.27	2.27	10.02
2019	30.00	2.36	2.08	11.86
2020	30.00	2.49	2.49	14.27
2021	30.00	2.58	2.46	15.78
2022	30.00	0.59	0.59	15.68
2023	30.00	1.34	1.34	17.03

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	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
Q2 2023	NEG	NEG	3.24
Q3 2023	More than 100	More than 100	2.79
Q4 2023	33.95	33.95	2.80
Q1 2024	35.99	35.99	3.05
Q2 2024	29.12	29.12	2.92
Q3 2024	36.49	36.49	3.14

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	69.59	69.59	2.60
2023	35.76	35.76	2.80

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)
Q2 2023	156.37	15.33	8.78	10.49	1.83	(2.01)
Q3 2023	184.52	13.05	9.54	0.18	1.75	(2.43)
Q4 2023	188.81	28.59	15.81	3.38	2.67	(7.49)
Q1 2024	178.91	22.31	11.94	4.02	4.93	(4.35)
Q2 2024	183.30	19.83	12.86	2.75	3.04	(4.97)
Q3 2024	188.70	20.91	11.16	1.34	2.99	(6.70)

Period	Operation and maintenance	Sales of medical devices and revenue from after-sales maintenance services	Construction	Medications and Medical Supplies	Meat and Food	Eliminations
2018	454.10	-	121.33	14.12	-	(5.64)
2019	459.79	-	128.20	13.02	-	(3.99)
2020	498.98	-	76.16	41.79	5.71	(5.17)
2021	570.90	63.02	50.08	16.65	10.51	(11.70)
2022	560.83	52.89	65.12	33.76	7.60	(6.38)
2023	662.48	71.31	45.00	28.46	8.12	(16.10)

Analysts Estimates (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change‬
Average	19.00	10.91	(42.6 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (a)	Change
Al Rajhi Capital	19.00	10.91	(42.6) %

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

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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Equipment House 9M 2024 profit rises 10% to SAR 34.5M; Q3 at SAR 12.8M

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Financials (M)

Current Quarter 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)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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Equipment House 9M 2024 profit rises 10% to SAR 34.5M; Q3 at SAR 12.8M

View other reports

Financials (M)

Current Quarter 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)

Ratios And Multiples

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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Business Segments (Million)