Jana Medical narrows losses to SAR 3.3M in H1 2024

Jana Medical Co., on track to list on Nomu-Parallel Market, narrowed its net losses to SAR 3.3 million in the first six months of 2024, compared to SAR 3.8 million a year earlier.

This came as the first-half revenues grew to SAR 24.4 million, from SAR 21.4 million for the same period last year.

The gross profit margin also rose from 38% in H1 2023 to 41% in H1 2024, along with a decrease in the ratio of cost of sales (COGS) to total revenue to 59%.

Besides, Jana Medical saw a decrease in the expected credit loss provision for the current period to SAR 3.7 million, compared to SAR 5.7 million in the first half of 2023.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for H1 2024 amounted to SAR 758,000, against a loss of SAR 2.7 million in H1 2023.

On the other hand, financing costs increased to SAR 4.1 million in H1 2024, compared to SAR 894,500 in the year before.

Jana Medical’s top line is represented in sales of consumables, medical supplies and equipment. Its products are solely sold across Saudi Arabia through the company's branches nationwide.

Total shareholders’ equity, no minority interest, stood at SAR 32.91 million as of June 30, 2024, compared to SAR 26.76 million a year earlier.

In 2023, Jana Medical’s extraordinary general meeting (EGM) approved the board’s proposal to transform from a closed joint-stock company to a public joint-stock firm, besides floating all of the share capital on Nomu.

Besides, raising the issued capital from SAR 25.7 million to SAR 32.12 million has been greenlit, by way of cash shares that will be offered for public subscription in Nomu.

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