Equipment House 9M 2023 profit dips 38% to SAR 26.4 mln; Q3 at SAR 17.6 mln

Scientific and Medical Equipment House Co. (Equipment House) reported a 38% profit fall in the first nine months of 2023 to SAR 26.4 million from SAR 42.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	524.93	546.70	4.1 %
Gross Income	120.77	92.50	(23.4 %)
Operating Income	59.95	50.30	(16.1 %)
Net Income	42.87	31.50	(26.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	1.43	1.05	(26.5 %)

The company reported an overall rise in finance costs (FCs) and direct operational costs, mainly labor, sub-contractor, spare parts and consumable materials.

Equipment House recorded revenues from finalized projects in the corresponding period of 2022, which bolstered net profit.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	186.07	206.60	11.0 %
Gross Income	36.03	35.60	(1.2 %)
Operating Income	15.94	26.70	67.5 %
Net Income	8.79	19.80	125.3 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.29	0.66	125.3 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	190.78	206.60	8.3 %
Gross Income	29.89	35.60	19.1 %
Operating Income	8.27	26.70	223.0 %
Net Income	1.94	19.80	920.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.06	0.66	920.8 %

In 2022, higher profit margins were reported on the completion and delivery of some projects.

By contrast, net revenue grew by 8% year-on-year (YoY) on winning new contracts and the renewal of existing ones.

The third-quarter bottom line more than doubled year-on-year (YoY) to SAR 17.6 million driven by a 14% YoY revenue jump. The company also started new projects, which were earlier announced.

In addition, it reassessed the provision for expected credit losses during the current quarter, leading to a decline of SAR 11.2 million in the provision based on the risk ratios related to historical events for collecting government receivables.

Net profit also saw a spike from SAR 1.94 million in Q2 2023 as net revenue leapt by 11% quarter-on-quarter (QoQ). Equipment House also embraced on new projects, recognizing additional operating revenue.

Total shareholders’ equity, before minority interest, declined to SAR 496.31 million as of Sept. 30, 2023, from SAR 496.32 million in the prior-year period.

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Share Price

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

	Current
Market Cap (M Riyal)	1,581.00
Enterprise Value (EV) (M)	1,788.09
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	1.53
Book Value (BV) ( Riyal)	17.78
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	34.40
P/E (TTM)	34.40
Price/book	2.96
Return on Average Assets (%) (TTM)	4.3
Return on Average Equity (%) (TTM)	8.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	556.27	-	108.44	-	54.70	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	583.91	5.0 %	131.02	20.8 %	80.32	46.9 %
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	597.02	2.2 %	133.81	2.1 %	68.09	(15.2 %)
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	617.48	3.4 %	150.85	12.7 %	88.06	29.3 %
Q1 2021	151.56	-	32.66	-	19.39	-
Q2 2021	166.08	-	43.72	-	27.30	-
Q3 2021	176.51	-	37.54	-	19.21	-
Q4 2021	205.30	-	39.07	-	17.52	-
2021	699.45	13.3 %	152.98	1.4 %	83.42	(5.3 %)
Q1 2022	162.56	7.3 %	37.92	16.1 %	21.84	12.7 %
Q2 2022	176.30	6.1 %	46.82	7.1 %	22.17	(18.8 %)
Q3 2022	186.07	5.4 %	36.03	(4.0 %)	15.94	(17.1 %)
Q4 2022	188.89	(8.0 %)	34.08	(12.8 %)	(22.44)	(228.1 %)
2022	713.82	2.1 %	154.85	1.2 %	37.51	(55.0 %)
Q1 2023	164.94	1.5 %	30.88	(18.6 %)	12.30	(43.7 %)
Q2 2023	190.78	8.2 %	29.89	(36.2 %)	8.27	(62.7 %)
Q3 2023	206.60	11.0 %	35.60	(1.2 %)	26.70	67.5 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	556.27	-	108.44	-	54.70	-
2018	583.91	5.0 %	131.02	20.8 %	80.32	46.9 %
2019	597.02	2.2 %	133.81	2.1 %	68.09	(15.2 %)
2020	617.48	3.4 %	150.85	12.7 %	88.06	29.3 %
2021	699.45	13.3 %	152.98	1.4 %	83.42	(5.3 %)
2022	713.82	2.1 %	154.85	1.2 %	37.51	(55.0 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	49.44	-	1.65	-	49.44	1.65
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	68.08	37.7 %	2.27	-	68.08	2.27
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	70.67	3.8 %	2.36	8.25	62.42	2.08
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	74.76	5.8 %	2.49	-	74.76	2.49
Q1 2021	19.19	-	0.64	3.74	15.45	0.52
Q2 2021	23.92	-	0.80	-	23.92	0.80
Q3 2021	16.97	-	0.57	-	16.97	0.57
Q4 2021	17.45	-	0.58	-	17.45	0.58
2021	77.52	3.7 %	2.58	3.74	73.79	2.46
Q1 2022	16.73	(12.8 %)	0.56	-	16.73	0.56
Q2 2022	17.36	(27.4 %)	0.58	-	17.36	0.58
Q3 2022	8.79	(48.2 %)	0.29	-	8.79	0.29
Q4 2022	(25.31)	(245.0 %)	(0.84)	-	(25.31)	(0.84)
2022	17.57	(77.3 %)	0.59	-	17.57	0.59
Q1 2023	6.86	(59.0 %)	0.23	-	6.86	0.23
Q2 2023	1.94	(88.8 %)	0.06	-	1.94	0.06
Q3 2023	19.80	125.3 %	0.66	-	19.80	0.66

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	49.44	-	1.65	-	49.44	1.65
2018	68.08	37.7 %	2.27	-	68.08	2.27
2019	70.67	3.8 %	2.36	8.25	62.42	2.08
2020	74.76	5.8 %	2.49	-	74.76	2.49
2021	77.52	3.7 %	2.58	3.74	73.79	2.46
2022	17.57	(77.3 %)	0.59	-	17.57	0.59

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	19.49 %	10.91 %	8.89 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	22.44 %	14.56 %	11.66 %
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	22.41 %	12.61 %	10.46 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	24.43 %	15.84 %	12.11 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	21.87 %	13.81 %	10.55 %
2021	21.87 %	13.81 %	10.55 %
Q1 2022	22.27 %	14.03 %	10.57 %
Q2 2022	22.39 %	13.20 %	9.51 %
Q3 2022	21.89 %	12.78 %	8.26 %
Q4 2022	21.69 %	7.64 %	2.46 %
2022	21.69 %	7.64 %	2.46 %
Q1 2023	20.64 %	6.45 %	1.08 %
Q2 2023	17.91 %	4.70 %	(1.06 %)
Q3 2023	17.37 %	6.26 %	0.44 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	19.49 %	10.91 %	8.89 %
2018	22.44 %	14.56 %	11.66 %
2019	22.41 %	12.61 %	10.46 %
2020	24.43 %	15.84 %	12.11 %
2021	21.87 %	13.81 %	10.55 %
2022	21.69 %	7.64 %	2.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	21.55 %	14.79 %	10.19 %
Q2 2021	26.32 %	18.48 %	14.40 %
Q3 2021	21.27 %	12.57 %	9.61 %
Q4 2021	19.03 %	10.37 %	8.50 %
Q1 2022	23.32 %	15.68 %	10.29 %
Q2 2022	26.56 %	14.84 %	9.85 %
Q3 2022	19.36 %	10.94 %	4.72 %
Q4 2022	18.04 %	(9.25 %)	(13.40 %)
Q1 2023	18.72 %	10.41 %	4.16 %
Q2 2023	15.67 %	7.48 %	1.02 %
Q3 2023	17.23 %	15.99 %	9.58 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	30.00	-	-	-
Q2 2021	30.00	-	-	14.70
Q3 2021	30.00	-	-	-
Q4 2021	30.00	2.58	2.46	15.78
Q1 2022	30.00	2.50	2.50	16.34
Q2 2022	30.00	2.28	2.28	16.25
Q3 2022	30.00	2.01	2.01	16.54
Q4 2022	30.00	0.59	0.59	15.68
Q1 2023	30.00	0.26	0.26	15.91
Q2 2023	30.00	(0.26)	(0.26)	15.97
Q3 2023	30.00	0.11	0.11	16.56

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	30.00	1.65	1.65	8.47
2018	30.00	2.27	2.27	10.02
2019	30.00	2.36	2.08	11.86
2020	30.00	2.49	2.49	14.27
2021	30.00	2.58	2.46	15.78
2022	30.00	0.59	0.59	15.68

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	21.32	21.32	3.27
Q2 2022	18.98	18.98	2.67
Q3 2022	21.69	21.69	2.64
Q4 2022	69.58	69.58	2.60
Q1 2023	More than 100	More than 100	2.93
Q2 2023	NEG	NEG	3.24
Q3 2023	More than 100	More than 100	2.79

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	69.59	69.59	2.60

Business Segments (Million)

Compared With The

Period	Operation and maintenance	Sales of medical devices and revenue from after-sales maintenance services	Construction	Medications and Medical Supplies	Meat and Food	Eliminations
Q1 2021	123.04	8.50	10.54	7.37	2.34	(0.22)
Q2 2021	137.92	8.50	10.44	8.00	2.87	(1.64)
Q3 2021	145.75	12.85	8.66	5.88	4.01	(0.65)
Q4 2021	164.19	33.17	20.44	(4.60)	1.30	(9.20)
Q1 2022	130.15	11.47	11.04	8.94	3.48	(2.51)
Q3 2022	144.11	11.32	15.37	14.70	1.19	(0.62)
Q4 2022	142.97	27.07	26.12	(5.58)	0.97	(2.66)
Q1 2023	132.79	14.34	10.87	9.24	1.86	(4.17)
Q2 2023	156.37	15.33	8.78	10.49	1.83	(2.01)
Q3 2023	184.52	13.05	9.54	5.36	1.75	(2.43)

Period	Operation and maintenance	Sales of medical devices and revenue from after-sales maintenance services	Construction	Medications and Medical Supplies	Meat and Food	Eliminations
2018	454.10	-	121.33	14.12	-	(5.64)
2019	459.79	-	128.20	13.02	-	(3.99)
2020	498.98	-	76.16	41.79	5.71	(5.17)
2021	570.90	63.02	50.08	16.65	10.51	(11.70)
2022	560.83	52.89	65.12	33.76	7.60	(6.38)

Analysts Estimates (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	6.00	19.80	230.00 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Al Rajhi Capital	6.00	19.80	230.0 %

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Equipment House 9M 2023 profit dips 38% to SAR 26.4 mln; Q3 at SAR 17.6 mln

Financials (M)

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Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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Financial results (Million)

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Profit Performance (Million)

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Equipment House 9M 2023 profit dips 38% to SAR 26.4 mln; Q3 at SAR 17.6 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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