Scientific and Medical Equipment House Co.’s (Equipment House) net profit after Zakat and tax fell 21% to SAR 34 million in H1 2022, compared to SAR 43.1 million in the year-ago period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 317.64 | 338.86 | 6.7 % |
| Gross Income | 76.38 | 84.74 | 10.9 % |
| Operating Income | 46.69 | 44.02 | (5.7 %) |
| Net Income | 43.11 | 34.08 | (20.9 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 1.44 | 1.14 | (20.9 %) |
The profit decline is attributed to higher financing costs, Zakat expenses and employee expenses, in addition to lower share of profit from subsidiaries.
In Q2 2022, the company’s net profit after Zakat and tax dropped 28% to SAR 17.3 million, from SAR 23.9 million in the corresponding period of 2021, driven by improved property sales.
Sequentially, the company’s net profit fell by 2% from SAR 16.7 million in Q1 2022.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 166.08 | 176.30 | 6.1 % |
| Gross Income | 43.72 | 46.82 | 7.1 % |
| Operating Income | 27.30 | 22.17 | (18.8 %) |
| Net Income | 23.92 | 17.36 | (27.4 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.80 | 0.58 | (27.4 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 162.56 | 176.30 | 8.4 % |
| Gross Income | 37.92 | 46.82 | 23.5 % |
| Operating Income | 21.84 | 22.17 | 1.5 % |
| Net Income | 16.73 | 17.36 | 3.8 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.56 | 0.58 | 3.8 % |
Total shareholders’ equity, after minority interest, increased to SAR 487.5 million by the end of the six-month period, from SAR 441.1 million a year earlier.
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