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Scientific & Medical Equipment’s net profit falls 40% in 9M-23

Scientific & Medical Equipment’s net profit falls 40% in 9M-23
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Riyadh – Mubasher: Scientific & Medical Equipment House Company reported SAR 24.90 million in net profit after Zakat and tax during the first nine months (9M) of 2023, down by 40.43% from SAR 41.80 million in 9M-22.

The preliminary financial statements showed that the earnings per share (EPS) dropped to SAR 0.88 in 9M-23 from SAR 1.43 in 9M-22.

The company, meanwhile, saw an 8.12% increase in revenue to SAR 567.50 million in the period between January and September 2023, compared to SAR 524.90 million in the same period of 2022.

Financial Results for Q3

In the third quarter (Q3) of 2023, Scientific & Medical Equipment registered a net profit after Zakat and tax of SAR 17.20 million, a rise of 97.70% from SAR 8.70 million in Q3-22.

The revenues jumped by 13.81% to SAR 211.80 million from July to September 2023, compared to SAR 186.10 million in the same period of the previous year.

On a quarterly basis, the net profit in Q3-23 surged by 1,128.57% from SAR 1.40 million in Q2-23, while the revenues grew by 11.06% from SAR 190.70 million.

In October 2023, Scientific & Medical Equipment House was chosen by the Ministry of Health for a SAR 139.79 million project.