ProMedEx reports 31% net profit jump to SAR 24.8M in 2023
31/03/2024
Argaam Exclusive
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Professional Medical Expertise Co.'s (ProMedEx) net profit grew 31% to SAR 24.8 million in 2023, compared to SAR 19 million in the previous year.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 176.05 | 250.12 | 42.1 % |
| Gross Income | 83.65 | 111.96 | 33.9 % |
| Operating Income | 26.01 | 33.34 | 28.2 % |
| Net Income | 19.02 | 24.84 | 30.7 % |
| Average Shares | 3.50 | 3.50 | - |
| EPS (Riyals) | 5.43 | 7.10 | 30.7 % |
The annual profit growth was driven by higher revenues from SAR 176.05 million in 2022 to SAR 205.11 million in 2023 amid firmer sales volumes. The company also cited expanded business activity in Saudi Arabia and the UAE.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|---|---|---|
| Revenues | 102.20 | 131.30 | 28.5 % |
| Gross Income | 49.44 | 58.97 | 19.3 % |
| Operating Income | 17.27 | 19.25 | 11.5 % |
| Net Income | 13.83 | 15.68 | 13.3 % |
| Average Shares | 3.50 | 3.50 | - |
| EPS (Riyals) | 3.95 | 4.48 | 13.3 % |
Total shareholders’ equity, excluding minority interest, reached SAR 97.20 million by Dec. 31, 2023, compared to SAR 73.19 million a year earlier.
|
Historical Data |
|||
|
Period |
Revenues (SAR mln) |
Net Profit (SAR mln) |
EPS (SAR) |
|
H1 2022 |
73.85 |
5.18 |
5.52 |
|
H2 2022 |
102.2 |
13.84 |
3.95 |
|
H1 2023 |
118.81 |
9.16 |
2.62 |
|
H2 2023 |
131.31 |
15.68 |
4.48 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 118.81 | 60.9 % | 52.99 | 54.9 % | 14.10 | 61.2 % |
| H2 2023 | 131.30 | 28.5 % | 58.97 | 19.3 % | 19.25 | 11.5 % |
| 2023 | 250.12 | 42.1 % | 111.96 | 33.9 % | 33.34 | 28.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 9.16 | 76.9 % | 2.62 | - | 9.16 | 2.62 |
| H2 2023 | 15.68 | 13.3 % | 4.48 | - | 15.68 | 4.48 |
| 2023 | 24.84 | 30.7 % | 7.10 | - | 24.84 | 7.10 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | 46.35 % | 16.07 % | 10.41 % |
| H2 2023 | 44.77 % | 15.51 % | 9.93 % |
| 2023 | 44.76 % | 15.51 % | 9.93 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 3.50 | 6.57 | 6.57 | 20.67 |
| H2 2023 | 3.50 | 7.10 | 7.10 | 27.77 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 10.07 | 10.07 | 2.57 |
Business Segments (Million)
Q4 2023
| Period | Public sector sales | Private sector sales |
|---|---|---|
| Q2 2023 | 82.13 | 36.68 |
| Q4 2023 | 90.86 | 40.45 |
| Current | |
| Market Cap (M Riyal) | 320.25 |
| Enterprise Value (EV) (M) | 378.95 |
| Shares Outstanding ((M)) | 3.50 |
| Book Value (BV) ( Riyal) | 27.77 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 12.89 |
| Price/book | 3.29 |
Share Price
Professional Medical Expertise Co. (PRO MEDEX)
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