Al-Modawat H1 2023 net profit jumps to SAR 10.9M

24/12/2023 Argaam Exclusive

Al-Modawat Specialized Medical Co.’s net profit rose to SAR 10.9 million in the first six months of 2023, from SAR 3.6 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 25.30 37.18 46.9 %
Gross Income 11.91 21.40 79.8 %
Operating Income 4.05 11.52 184.6 %
Net Income 3.64 10.93 200.4 %
Average Shares 19.00 19.00 -
EPS (Riyals) 0.19 0.58 200.4 %

Revenues for the current period increased to SAR 37.2 million, compared to SAR 25.3 million in H1 2022, due to higher medical services revenue.

 

The gross profit margin grew to 58% in H1 2023 from 47% a year earlier as the cost of sales to revenue ratio soared to 42% during the current period.

 

Meanwhile, the operating profit margin jumped to 31% during the first half of this year from 16% in the same period of the previous year, despite the increase in general and administrative expenses.

 

On the other hand, financing expenses for the current period surged to SAR 565,000 compared to SAR 358,000 in the same period last year.

 

Furthermore, Zakat and income taxes inched up to SAR 393,000 in H1 2023, from SAR 101,000 in the same period of the previous year.

 

Total shareholders’ equity, no minority interest, stood at SAR 37.12 million by the end of H1 2023, compared to SAR 22.77 million in the year-earlier period.

 

On May 23, the company’s extraordinary general assembly (EGM) approved the capital increase from SAR 19 million to SAR 23.75 million by floating 475,000 shares, representing 25% of the company's pre-IPO capital, on Nomu-Parallel Market. 

 

On June 30, the shareholders decided to distribute cash dividends worth SAR 4.79 million.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 25.30 37.18 46.9 %
Gross Income 11.91 21.40 79.8 %
Operating Income 4.05 11.52 184.6 %
Net Income 3.64 10.93 200.4 %
Average Shares 19.00 19.00 -
EPS (Riyals) 0.19 0.58 200.4 %

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Share Price

Al-Modawat Specialized Medical Co.
14.76
(0.20) (1.34 %)

Al-Modawat Specialized Medical Co. (ALMODAWAT)

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Financial Ratios
Current
Market Cap (M Riyal) 350.55
Enterprise Value (EV) (M) 356.69
Shares Outstanding ((M)) 23.75
Book Value (BV) ( Riyal) 2.07
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 18.85
Price/book 8.93
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
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 - - -

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

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