Qomel logs 25% profit leap in 2024 to SAR 22M; H2 at SAR 11M
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The Nomu-listed Qomel Co. posted a net profit of SAR 22 million for 2024, up 25% from SAR 17.6 million a year before.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 105.47 | 124.20 | 17.8 % |
| Gross Income | 31.51 | 42.86 | 36.0 % |
| Operating Income | 20.62 | 26.22 | 27.2 % |
| Net Income | 17.59 | 21.96 | 24.8 % |
| Average Shares | 3.00 | 3.50 | 16.7 % |
| Earnings Per Share before unusual items | 5.86 | 6.27 | 7.0 % |
| EPS (Riyals) | 5.86 | 6.27 | 7.0 % |
The top line reached SAR 124.2 million, leaping 17.75% year-on-year (YoY), boosted by increased demand for registered products and expansion of product portfolio. The company also cited the registration and launch of new pharmaceutical products that contributed to higher sales volume and greater market share.
This is in addition to optimized pricing and sales strategy, as well as the implementation of dynamic pricing strategies, enhanced sales, and marketing efficiency, which led to higher profit margins.
Current Half Annual Comparison (M)
| Item | H2 2023 | H2 2024 | Change |
|---|---|---|---|
| Revenues | 61.44 | 65.64 | 6.8 % |
| Gross Income | 19.52 | 23.21 | 18.9 % |
| Operating Income | 13.45 | 13.62 | 1.2 % |
| Net Income | 12.38 | 10.95 | (11.5 %) |
| Average Shares | 3.00 | 3.50 | 16.7 % |
| Earnings Per Share before unusual items | 4.13 | 3.13 | (24.2 %) |
| EPS (Riyals) | 4.13 | 3.13 | (24.2 %) |
The second-half earnings drop 12% to SAR 11 million, compared with SAR 12.38 million a year before.
Total shareholders' equity, no minority interest, reached SAR 104.96 million by the end of 2024, compared with SAR 45.50 million in 2023.
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| H1 2024 | 11.01 | 111.0 % | 3.14 | - | 11.01 | 3.14 |
| H2 2024 | 10.95 | (11.5 %) | 3.13 | - | 10.95 | 3.13 |
| 2024 | 21.96 | 24.8 % | 6.27 | - | 21.96 | 6.27 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2024 | 58.56 | 33.0 % | 19.64 | 63.9 % | 12.60 | 75.9 % |
| H2 2024 | 65.64 | 6.8 % | 23.21 | 18.9 % | 13.62 | 1.2 % |
| 2024 | 124.20 | 17.8 % | 42.86 | 36.0 % | 26.22 | 27.2 % |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2024 | 31.37 % | 20.00 % | 17.20 % |
| H2 2024 | 32.38 % | - | 17.22 % |
| 2024 | 34.50 % | - | 17.68 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2024 | 3.50 | 9.93 | 9.93 | 26.89 |
| H2 2024 | 3.50 | 11.30 | 11.30 | 29.99 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2024 | 8.36 | 8.36 | 3.09 |
| H2 2024 | 10.62 | 10.62 | 4.00 |
| Current | |
| Market Cap (M Riyal) | 399.00 |
| Enterprise Value (EV) (M) | 392.21 |
| Shares Outstanding ((M)) | 3.50 |
| Book Value (BV) ( Riyal) | 29.99 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 18.17 |
| Price/book | 3.80 |
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