Equipment House’s Q1 2024 profit up 27% to SAR 8.7M

Scientific and Medical Equipment House Co. reported a net profit of SAR 8.7 million for Q1 2024, a rise of 27% from SAR 6.9 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	164.94	217.76	32.0 %
Gross Income	30.88	37.74	22.2 %
Operating Income	12.30	15.53	26.3 %
Net Income	6.86	8.77	27.8 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.23	0.29	27.8 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	231.78	217.76	(6.0 %)
Gross Income	35.31	37.74	6.9 %
Operating Income	23.14	15.53	(32.9 %)
Net Income	13.59	8.77	(35.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.45	0.29	(35.5 %)

This annual profit increase was driven by receiving and commencing 10 new projects after the first quarter of 2023, especially in the medical, non-medical, and subsistence sectors, which led to an increase in operating revenues for Q1 2024.

There was also an uptick in the first-quarter sales of medical equipment and devices of 75%, compared to the same quarter of the previous year.

Several projects have been awarded to the company, most of which will be handed over throughout 2024. This will in turn positively impact the company’s results before 2024-end and onwards.

On a sequential basis, Equipment House profit fell 36% from SAR 13.59 million in Q4 2023 as revenues slid quarter-on-quarter (QoQ) by 6%.

Shareholders’ equity, after minority interest, advanced to SAR 519 million as of March 31, 2024, compared to SAR 477 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)	1,489.50
Enterprise Value (EV) (M)	1,696.59
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)	32.41
P/E (TTM)	32.41
Price/book	2.79
Return on Average Assets (%) (TTM)	4.3
Return on Average Equity (%) (TTM)	8.9

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
Q4 2023	231.78	22.7 %	35.31	3.6 %	23.14	203.1 %
2023	799.28	12.0 %	133.05	(14.1 %)	68.65	83.0 %
Q1 2024	217.76	32.0 %	37.74	22.2 %	15.53	26.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2023	799.28	12.0 %	133.05	(14.1 %)	68.65	83.0 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
Q4 2023	13.59	153.7 %	0.45	-	13.59	0.45
2023	40.06	128.0 %	1.34	-	40.06	1.34
Q1 2024	8.77	27.8 %	0.29	-	8.77	0.29

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2023	40.06	128.0 %	1.34	-	40.06	1.34

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	16.58 %	11.62 %	5.31 %
2023	16.65 %	11.33 %	5.01 %
Q1 2024	16.36 %	11.33 %	5.21 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	16.65 %	11.33 %	5.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	15.24 %	12.01 %	5.86 %
Q1 2024	17.33 %	9.55 %	4.03 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2023	30.00	1.41	1.41	17.03
Q1 2024	30.00	1.47	1.47	17.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2023	30.00	1.34	1.34	17.03

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2023	33.95	33.95	2.80
Q1 2024	35.99	35.99	3.05

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	69.59	69.59	2.60
2023	35.76	35.76	2.80

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	0.18	1.75	(2.43)
Q4 2023	188.81	28.59	15.81	3.38	2.67	(7.49)
Q1 2024	178.91	22.31	11.94	4.02	4.93	(4.35)

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)
2023	662.48	71.31	45.00	28.46	8.12	(16.10)

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	8.00	8.77	9.59 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Al Rajhi Capital	8.00	8.77	9.6 %

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Equipment House’s Q1 2024 profit up 27% to SAR 8.7M

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Scientific and Medical Equipment House Co. (EQUIPMENT HOUSE)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

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Profitability

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Equipment House’s Q1 2024 profit up 27% to SAR 8.7M

Current Quarter Comparison (M)

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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) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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