Logo of Aldawaa Medical Services Co.
Aldawaa Medical Services Co.’s operating income increased by 63% to SAR 115 million at the end of the first quarter of 2023, driven mainly by sales growth as well as a focus on controlling selling and distribution expenses.
The company's sales came in at SAR 1.4 billion, up about 9% year-on-year (YoY), thanks to the increase in sales activities and the continued focus on the company's own brands. This is in addition to the increase in sales across multiple channels and in-store operations, the company said.
Gross profit rose 8% to SAR 535 million as a result of sales growth, while operating expenses decreased to SAR 420 million during Q1 2023 compared to SAR 424 million during the same period last year.
|
Sales and Operating Income (SAR mln) |
|
|||||
|
Period |
2022 |
2023 |
|
|||
|
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
||
|
Sales |
1294.8 |
1310.2 |
1308.9 |
1458.3 |
1407.6 |
|
|
Gross profit |
494.2 |
506.8 |
484.9 |
533.7 |
535.0 |
|
|
OpEx |
(423.5) |
(416.2) |
(402.3) |
(408.6) |
(420.0) |
|
|
Operating income |
70.7 |
90.6 |
82.7 |
125.1 |
115.0 |
|
Aldawaa’s financial results showed that the corresponding quarter included exceptional non-recurring profit of SAR 38.1 million resulting from swap derivatives, which led to profit rising to SAR 87.1 million during Q1 2022.
The company achieved a net profit of SAR 76.3 million in Q1 2023, up 56% from the same quarter (excluding profit from derivatives).
|
Sales and Operating Income (SAR mln) |
|||||
|
Period |
2022 |
2023 |
|||
|
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
|
|
Net profit excluding swap derivatives |
49.0 |
66.2 |
49.2 |
89.6 |
76.3 |
|
Profit from swap derivatives |
38.1 |
14.5 |
(1.1) |
(0.04) |
-- |
|
Net profit after derivatives |
87.1 |
80.7 |
48.2 |
89.5 |
76.3 |
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