Financial Results : Twareat net profit rises to SAR 16.1M in H1 2024

Twareat net profit rises to SAR 16.1M in H1 2024

29/12/2024 Argaam Exclusive

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Twareat Medical Center (TMC), slated for direct listing on the Nomu-Parallel Market, posted SAR 16.1 million in net profit for the first half of 2024, up from SAR 6.5 million in the year-ago period.

The first-half profit rise was driven by a 29% annual increase in the six-month revenues, coupled with the higher gross and operating profit margins.

 

In addition, EBITDA rose to SAR 17.7 million in H1 2024, from SAR 8 million in H1 2023.

 

On a biannual basis, the company’s bottom line more than doubled from SAR 7.64 million in H2 2023.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 71.70 92.23 28.6 %
Gross Income 23.58 35.20 49.3 %
Operating Income 6.62 15.88 140.0 %
Net Income 6.53 16.13 147.0 %
Average Shares 40.00 40.00 -
Earnings Per Share before unusual items (Riyals) 0.16 0.40 147.0 %
EPS (Riyals) 0.16 0.40 147.0 %

Shareholders’ equity amounted to SAR 60.69 million by the end of H1 2024, compared to SAR 44.34 million in H1 2023.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 71.70 - 23.58 - 6.62 -
H2 2023 83.02 - 25.55 - 9.37 -
H1 2024 92.23 28.6 % 35.20 49.3 % 15.88 140.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 - - - - - -
H1 2023 6.53 - 0.16 - 6.53 0.16
H2 2023 7.64 - 0.19 - 7.64 0.19
H1 2024 16.13 147.0 % 0.40 - 16.13 0.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 31.75 % 12.35 % 9.16 %
2023 31.75 % 12.35 % 9.16 %
H1 2024 34.67 % 16.45 % 13.56 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 - - - -
H2 2021 - - - -
H1 2022 - - - -
H2 2022 - - - -
H1 2023 40.00 - - 1.11
H2 2023 40.00 0.35 0.35 1.29
H1 2024 40.00 0.59 0.59 1.52

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 - - -
H2 2023 - - -
H1 2024 - - -

Business Segments (Million)

Compared With The
Period Rural Area Unit Industrial Services Unit Medical Operations Department Tawreat Medical Center
Q2 2023 44.62 18.23 8.81 0.04
Q4 2023 8.32 21.71 52.87 0.12
Q2 2024 57.90 21.18 9.56 3.59


Financial Ratios
Current
Market Cap (M Riyal) 685.60
Enterprise Value (EV) (M) 694.74
Shares Outstanding ((M)) 40.00
Book Value (BV) ( Riyal) 1.68
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) 29.16
Price/book 10.20
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Share Price

Twareat Medical Care Co.
17.14
(0.66) (3.71 %)

Twareat Medical Care Co. (TMC)

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