Lana Medical posts 45% profit decline to SAR 3M in 2023
31/03/2024
Argaam Exclusive
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Lana Medical Co. reported a net profit of SAR 3 million in 2023, a slump of 45% from SAR 5.5 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 40.80 | 48.63 | 19.2 % |
| Gross Income | 18.87 | 20.14 | 6.7 % |
| Operating Income | 6.56 | 4.57 | (30.4 %) |
| Net Income | 5.49 | 3.01 | (45.2 %) |
| Average Shares | 3.00 | 3.60 | 20.0 % |
| EPS (Riyals) | 1.83 | 0.84 | (54.3 %) |
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2022 | H2 2023 | Change |
|---|
The annual profit decline was attributed to recording expenses related to the company’s Nomu listing, which took place on Dec. 6, 2023, and the pre-operating expenses related to the waste treatment plant in Jeddah and the hazardous medical waste treatment plant in Hail.
This came despite the 19.2% year-on-year (YoY) increase in net revenues due to the company’s expansion of its market share, with the awarding of government projects also playing a pivotal role in boosting sales.
Total shareholders’ equity, no minority interest, advanced to SAR 68.05 million by Dec. 31, 2023, compared to SAR 47.42 million a year ago.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2023 | 21.67 | - | 8.09 | - | 3.84 | - |
| H2 2023 | 26.96 | - | 12.06 | - | 0.73 | - |
| 2023 | 48.63 | 19.2 % | 20.14 | 6.7 % | 4.57 | (30.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2023 | 3.06 | - | 1.02 | - | 3.06 | 1.02 |
| H2 2023 | (0.05) | - | (0.01) | - | (0.05) | (0.01) |
| 2023 | 3.01 | (45.2 %) | 0.84 | - | 3.01 | 0.84 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 41.42 % | 13.18 % | 6.19 % |
| 2023 | 41.42 % | 13.18 % | 6.19 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2023 | 3.00 | - | - | 16.83 |
| H2 2023 | 3.60 | 0.84 | 0.84 | 18.90 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | - | - | - |
| H2 2023 | 38.28 | 38.28 | 1.69 |
Business Segments (Million)
Q4 2023
| Period | Medical waste treatment | Medical supplies | Medical devices | Contracting |
|---|---|---|---|---|
| Q2 2023 | 10.89 | 5.50 | 5.28 | - |
| Q4 2023 | 9.62 | 6.55 | 7.08 | 3.71 |
| Current | |
| Market Cap (M Riyal) | 132.12 |
| Enterprise Value (EV) (M) | 118.88 |
| Shares Outstanding ((M)) | 3.60 |
| Book Value (BV) ( Riyal) | 18.90 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 43.90 |
| Price/book | 1.94 |
Share Price
Lana Medical Co. (LANA)
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