Al-Modawat H1 2024 net profit declines 71% to 3.2M

Al-Modawat H1 2024 net profit declines 71% to 3.2M

01/09/2024 Argaam Exclusive

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Al-Modawat Specialized Medical Co.’s net profit declined 71% to SAR 3.2 million in the first half of 2024, compared to SAR 10.9 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 37.18 37.29 0.3 %
Gross Income 21.40 17.33 (19.0 %)
Operating Income 11.52 3.79 (67.1 %)
Net Income 10.93 3.16 (71.1 %)
Average Shares 19.00 23.75 25.0 %
EPS (Riyals) 0.58 0.13 (76.9 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 37.18 37.29 0.3 %
Gross Income 21.40 17.33 (19.0 %)
Operating Income 11.52 3.79 (67.1 %)
Net Income 10.93 3.16 (71.1 %)
Average Shares 19.00 23.75 25.0 %
EPS (Riyals) 0.58 0.13 (76.9 %)

The drop was attributed to the additional expenses for listing on Nomu-Parallel Market and the higher costs dedicated for leveraging the medical services efficiency.

 

This was offset by an increase in sales and revenues during the first half of 2024 compared to the same period last year, a continued growth in all operational segments, and the increase in the number of hospital rooms.

 

Shareholders’ equity, no minority interest, rose to SAR 78.51 million as of June 30, 2024, from SAR 37.12 million a year earlier.

 

Historical Data 

Period  

Revenue 

(SAR mln)  

Net Profit 

(SAR mln)   

EPS 

(SAR/Share)  

H1 2022

25.30

3.64

0.19

H2 2022

33.27

6.67

0.35

H1 2023

37.18

10.93

0.58

H2 2023

37.13

7.66

0.40

H1 2024

37.29

3.16

0.13

H1 2024

33.27

6.67

0.35

 

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 25.30 - 11.91 - 4.05 -
H2 2022 33.26 - 16.61 - 7.40 -
H1 2023 37.18 46.9 % 21.40 79.8 % 11.52 184.6 %
H2 2023 37.13 11.6 % 19.23 15.8 % 8.65 17.0 %
H1 2024 37.29 0.3 % 17.33 (19.0 %) 3.79 (67.1 %)


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 3.64 - 0.19 - 3.64 0.19
H2 2022 6.67 - 0.35 - 6.67 0.35
H1 2023 10.93 200.4 % 0.58 - 10.93 0.58
H2 2023 7.66 14.8 % 0.40 - 7.66 0.40
H1 2024 3.16 (71.1 %) 0.13 - 3.16 0.13

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 48.69 % 22.19 % 17.61 %
H1 2023 53.96 % 30.58 % 25.00 %
H2 2023 54.67 % 29.50 % 25.02 %
H1 2024 49.12 % 19.83 % 14.54 %


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 19.00 - - 1.20
H2 2022 19.00 0.54 0.54 1.63
H1 2023 19.00 0.93 0.93 1.95
H2 2023 19.00 0.98 0.98 2.07
H1 2024 23.75 0.46 0.46 3.31

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 - - -
H1 2024 33.36 33.36 4.60

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products
Q2 2022 23.69 1.61
Q4 2022 31.82 1.44
Q2 2023 35.50 1.67
Q4 2023 35.40 1.73
Q2 2024 35.27 2.01


Financial Ratios
Current
Market Cap (M Riyal) 362.43
Enterprise Value (EV) (M) 368.56
Shares Outstanding ((M)) 23.75
Book Value (BV) ( Riyal) 2.07
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 19.49
Price/book 9.23
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Share Price

Al-Modawat Specialized Medical Co.
15.34
0.24 1.59 %

Al-Modawat Specialized Medical Co. (ALMODAWAT)

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