Financial Results : Equipment House profit drops 35% to SAR 26.1M; Q4 loss at SAR 1.2M

Equipment House profit drops 35% to SAR 26.1M; Q4 loss at SAR 1.2M

25/03/2025 Argaam Exclusive

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Scientific and Medical Equipment House Co. (Equipment House) reported a net profit of SAR 26.1 million, after deducting minority interest, in 2024, a 35% decline compared to SAR 40.1 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 776.67 877.23 12.9 %
Gross Income 129.16 133.59 3.4 %
Operating Income 77.08 57.54 (25.4 %)
Net Income 40.06 26.17 (34.7 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) 1.34 0.87 (34.7 %)
EPS (Riyal) 1.34 0.87 (34.7 %)

Net profit decreased due to a reversal of the previous year's provision for expected credit losses of SAR 21.5 million, compared to the current year's reversal of SAR 4.6 million. This reversal was based on the risk ratios associated with historical debt collection events and future expectations.

 

Gross profit also decreased by 2% year-on-year (YoY) due to higher operating costs such as salaries and wages of medical staff and higher project costs for labor and subcontractors.

 

Meanwhile, the company reported an 11% increase in revenue of operation and supply divisions due to the commencement of several new projects in the sub-divisions of non-medical operations, catering sectors and biomedical maintenance.

 

It also cited a 24% increase in the contracting segment due to higher completion rates of projects and a 24% increase in sales of the medical devices and equipment division.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 229.97 227.23 (1.2 %)
Gross Income 36.65 26.51 (27.7 %)
Operating Income 26.81 5.54 (79.3 %)
Net Income 13.59 (1.17) (108.6 %)
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) 0.45 (0.04) (108.6 %)
EPS (Riyal) 0.45 (0.04) (108.6 %)

The company incurred SAR 1.2 million losses in Q4 2024 versus SAR 13.59 million profit in Q4 2023.

 

Sequentially, Equipment House turned to a loss from SAR 10.9 million profit in Q3 2024.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 510 million by Dec. 31, 2024, compared to SAR 507 million a year earlier.

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