Financial Results : Jana Medical incurs losses of SAR 23.2M in 2024, SAR 19.8M in H2

Jana Medical incurs losses of SAR 23.2M in 2024, SAR 19.8M in H2

27/03/2025 Argaam Exclusive

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Jana Medical Co. swung to a net loss of SAR 23.2 million in 2024, from earnings of SAR 5.4 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 61.36 36.71 (40.2 %)
Gross Income 30.69 16.84 (45.1 %)
Operating Income 12.67 (5.20) (141.0 %)
Net Income 5.41 (23.17) (528.0 %)
Average Shares 2.57 3.21 25.0 %
Earnings Per Share before unusual items (Riyals) 2.11 (5.10) (342.1 %)
EPS (Riyal) 2.11 (7.21) (442.4 %)

This was due to a delay in signing the ambulance project contract, which resulted in postponing the planned supply timeline for 2024. This is together with the allocation of the higher provision for expected credit losses and the incremental provision for lawsuits, besides the soaring financing costs.

 

In H2 2024, Jana Medical also turned to losses of SAR 19.83 million, versus a net profit of SAR 9.27 million in H2 2023.

 

Meanwhile, the six-month net losses widened from SAR 3.35 million in H1 2024.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 39.91 12.28 (69.2 %)
Gross Income 22.60 6.72 (70.3 %)
Operating Income 15.54 (5.77) (137.1 %)
Net Income 9.26 (19.83) (314.1 %)
Average Shares 2.57 3.21 25.0 %
Earnings Per Share before unusual items (Riyal) 3.60 (4.06) (212.7 %)
EPS (Riyal) 3.60 (6.17) (271.3 %)

Total shareholders’ equity, no minority interest, grew to SAR 39.32 million by Dec. 31, 2024, compared to SAR 36.26 million a year earlier.

 

Accumulated losses amounted to SAR 13. 02 million by the end of 2024, representing 40.55% of the company's capital.

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