Financial Results : Almujtama Alraida net profit plummets 30% to SAR 7.9M in 2024, H2 at SAR5.9M

Almujtama Alraida net profit plummets 30% to SAR 7.9M in 2024, H2 at SAR5.9M

23/03/2025 Argaam Exclusive

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Almujtama Alraida Medical Co. reported a net profit of SAR 7.9 million for 2023, a 30% slump from SAR 11.4 million a year earlier.

 


Financials (M)

Item 2023 2024 Change‬
Revenues 407.74 430.75 5.6 %
Gross Income 129.21 142.12 10.0 %
Operating Income 13.95 7.74 (44.5 %)
Net Income 11.39 7.93 (30.4 %)
Average Shares 9.50 9.50 -
Earnings Per Share before unusual items (Riyals) 1.20 0.83 (30.4 %)
EPS (Riyal) 1.20 0.83 (30.4 %)

The company attributed the year-on-year (YoY) profit decline to an increase in operating expenses by SAR 20 million, due to increased investments, including new store openings across the Kingdom.

 

Almujtama Alraida also reported a depreciation expense, which commenced in 2024, of the main warehouse in the Saudi Authority for Industrial Cities (MODON). Moreover, there was an increase of SAR 2 million compared to the previous year, primarily comprising interest expenses related to lease contract obligations, to support sales growth. This was offset by a 5.6% YoY increase in revenues in 2024. The growth resulted in an increase of SAR 22.8 million, bringing total sales to SAR 430.8 million, compared to SAR 407.7 million in 2023. This was primarily attributed to the expansion of its pharmacy network and its commitment to providing competitive value to its customers.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 203.61 221.36 8.7 %
Gross Income 62.52 73.27 17.2 %
Operating Income 0.79 4.12 423.5 %
Net Income 0.06 5.95 9729.1 %
Average Shares 9.50 9.50 -
Earnings Per Share before unusual items (Riyal) 0.01 0.63 9729.1 %
EPS (Riyal) 0.01 0.63 9729.1 %

Net profit leapt 200.2% to SAR 5.95 million in H2 2024 from SAR 1.98 million in H1 2024.

 

Total shareholders’ equity, no minority interest, rose to SAR 138.14 million by Dec. 31, 2024, from SAR 129.78 million a year ago.

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