Al-Modawat's IPO to close Feb. 5; profit jumps 200% in H1 2023

Logo of Al-Modawat Specialized Medical Co.

Qualified investors will continue subscription to 475,000 shares of Al-Modawat Specialized Medical Co. in its initial public offering (IPO) on the Nomu-Parallel Market, until the close of trading tomorrow, Feb. 5.

The offered shares represent 20% of the company's SAR 23.75 million post-IPO capital, divided into 2.38 million shares, at a price range of SAR 93-111.

Al-Modawat posted SAR 10.9 million net profit for H1 2023, a rise of 200% year-on-year, backed by collective growth in sales of operating segments, mainly medical services.

Interim Income Statement (SAR mln)
Period	H1 2022	H1 2023	Change
Sales	25.3	37.2	+47%
Gross Profit	11.9	21.4	+80%
Gross Profit Margins (%)	47.0%	57.5%	+10.5%
Net Profit	3.6	10.9	+200%
Number of Shares (mln)	1.9	1.9	--
EPS	1.92	5.75	+200%

The company's market capitalization, based on the subscription price range, will range between SAR 220-263 million, with the earnings per share (EPS) at 12.55-14.97x, as per profits for the last 12 months.

Annual Income Statement (SAR mln)
Period	2021	2022	Change
Sales	40.9	58.5	+43%
Gross Profit	14.7	28.5	+94%
Gross Profit Margins (%)	35.9%	48.7%	+12.8%
Net Profit	(2.2)	10.3	--
Number of Shares (mln)	1.9	1.9	--

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