Financial Results : Al-Modawat profit drops 67% to SAR 6.1M in 2024; H2 at SAR 2.9M

Al-Modawat profit drops 67% to SAR 6.1M in 2024; H2 at SAR 2.9M

30/03/2025 Argaam Exclusive

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Al-Modawat Specialized Medical Co.’s net profit fell by 67% to SAR 6.1 million in 2024 from SAR 18.6 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 74.31 75.49 1.6 %
Gross Income 40.63 31.01 (23.7 %)
Operating Income 20.17 7.56 (62.5 %)
Net Income 18.59 6.07 (67.3 %)
Average Shares 19.00 23.75 25.0 %
Earnings Per Share before unusual items (Riyals) 0.98 0.26 (73.9 %)
EPS (Riyals) 0.98 0.26 (73.9 %)

The company cited an increase in expenses related to upgrading the level of services and increasing the number of employees in preparation for the opening of new hospital and clinics.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 37.13 38.20 2.9 %
Gross Income 19.23 13.68 (28.8 %)
Operating Income 8.65 3.78 (56.3 %)
Net Income 7.66 2.91 (62.0 %)
Average Shares 19.00 23.75 25.0 %
Earnings Per Share before unusual items (Riyals) 0.40 0.12 (69.6 %)
EPS (Riyals) 0.40 0.12 (69.6 %)

In H2 2024, the company’s net profit plunged 62% to SAR 2.9 million from SAR 7.6 million in H2 2023.

 

Similarly, Al-Modawat’s net earnings dropped by 7.9% from SAR 3.1 million in H1 2024.

 

Total shareholders’ equity, no minority interest, reached SAR 77.12 million as of Dec. 31, 2024, up from SAR 39.25 million a year earlier.

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