ProMedEx reports 32% net profit jump to SAR 12.1M in H1 2024

ProMedEx reports 32% net profit jump to SAR 12.1M in H1 2024

28/08/2024 Argaam Exclusive

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Professional Medical Expertise Co.'s (ProMedEx) net profit grew 32% to SAR 12.1 million in the first half of 2024, compared to SAR 9.2 million in the previous year.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 118.81 149.43 25.8 %
Gross Income 52.99 64.31 21.3 %
Operating Income 14.10 19.05 35.1 %
Net Income 9.16 12.11 32.1 %
Average Shares 3.50 3.50 -
EPS (Riyals) 2.62 3.46 32.1 %

The profit growth was driven by higher year-on-year (YoY) sales on large-value supply contracts during the first six months of 2024.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 118.81 149.43 25.8 %
Gross Income 52.99 64.31 21.3 %
Operating Income 14.10 19.05 35.1 %
Net Income 9.16 12.11 32.1 %
Average Shares 3.50 3.50 -
EPS (Riyals) 2.62 3.46 32.1 %

Total shareholders’ equity, no minority interest, reached SAR 99.33 million by June 30, 2024, compared to SAR 72.35 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

102.20

13.84

3.95

H1 2023

118.81

9.16

2.62

H2 2023

131.31

15.68

4.48

H1 2024

149.43

12.10

3.46

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 73.85 - 34.21 - 8.74 -
H2 2022 102.20 - 49.44 - 17.27 -
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 %
H1 2024 149.43 25.8 % 64.31 21.3 % 19.05 35.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 5.18 - 1.48 - 5.18 1.48
H2 2022 13.83 - 3.95 - 13.83 3.95
H1 2023 9.16 76.9 % 2.62 - 9.16 2.62
H2 2023 15.68 13.3 % 4.48 - 15.68 4.48
H1 2024 12.11 32.1 % 3.46 - 12.11 3.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 47.51 % 16.52 % 10.80 %
H1 2023 46.35 % 16.07 % 10.41 %
H2 2023 44.77 % 15.51 % 9.93 %
H1 2024 43.91 % 15.84 % 9.90 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 3.50 - - 17.06
H2 2022 3.50 5.43 5.43 20.91
H1 2023 3.50 6.57 6.57 20.67
H2 2023 3.50 7.10 7.10 27.77
H1 2024 3.50 7.94 7.94 28.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 10.07 10.07 2.57
H1 2024 10.08 10.08 2.82

Business Segments (Million)

Compared With The
Period Public sector sales Private sector sales
Q2 2022 44.16 29.69
Q4 2022 76.46 25.74
Q2 2023 82.13 36.68
Q4 2023 90.86 40.45
Q2 2024 104.61 44.82


Financial Ratios
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
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Share Price

Professional Medical Expertise Co.
91.50
2.50 2.81 %

Professional Medical Expertise Co. (PRO MEDEX)

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