Twareat Medical Care Co. announces its Interim Financial results for the Period Ending on 2025-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 45,149,028 | 51,162,016 | -11.752 | 45,571,387 | -0.926 |
| Gross Profit (Loss) | 11,567,421 | 19,489,956 | -40.649 | 14,876,726 | -22.244 |
| Operational Profit (Loss) | 4,517,836 | 11,123,932 | -59.386 | 2,488,763 | 81.529 |
| Net profit (Loss) | 3,289,377 | 10,285,110 | -68.018 | 2,235,713 | 47.128 |
| Total Comprehensive Income | 3,289,377 | 10,285,110 | -68.018 | 2,235,713 | 47.128 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 90,720,415 | 92,229,755 | -1.636 |
| Gross Profit (Loss) | 26,444,147 | 35,202,568 | -24.88 |
| Operational Profit (Loss) | 7,006,599 | 16,742,093 | -58.149 |
| Net profit (Loss) | 5,525,090 | 16,127,381 | -65.74 |
| Total Comprehensive Income | 5,525,090 | 16,127,381 | -65.74 |
| Total Shareholders Equity (after Deducting Minority Equity) | 62,764,100 | 60,695,074 | 3.408 |
| Profit (Loss) per Share | 0.14 | 0.4 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The Company recorded a decrease in revenue during the current quarter amounting to SAR 6 million, compared to the same quarter of last year. This decline is attributable to The expiration of certain medical service contracts in the prior year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Company recorded a decrease in net profit for the current quarter amounting to SAR 7 million compared to the same quarter of last year. This decline is attributable to:
• The expiration of certain medical service contracts in the prior year, resulted in a revenue shortfall of SAR 6 million. • An increase in finance costs amounting to SAR 489 thousand during the current quarter compared to the same quarter of the last year, primarily due to the expansion in the acquisition of fixed assets specifically ambulances and medical equipment at the Jubail Medical Center to support the execution of new medical service contracts. • An increase in the Zakat provision by SAR 272 thousand in the current quarter compared to the same quarter of last year. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Company recorded a slight decrease in revenue during the current quarter amounting to SAR 422 thousand compared to the previous quarter, representing less than 1%. This marginal decline is attributed to the execution of non-recurring additional requests from certain clients during the previous quarter. Overall, revenue remained stable with no significant changes between the two quarters |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The Company recorded an increase in net profit for the current quarter amounting to SAR 1 million compared to the previous quarter. This increase is attributable to:
• A reversal of an expected credit loss provision amounting to SAR 1 million in the current quarter compared to the previous quarter. This reversal is attributed to the strengthened role of the Company’s Credit Risk Department, which contributed to the recovery of overdue receivables from certain clients through payment restructuring and the collection of letter of credits. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The Company recorded a decrease in revenue during the current period amounting to SAR 1.5 million, compared to the same period of the last year. This decline is attributed to the expiration of certain medical service contracts in the prior year. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company recorded a decrease in net profit for the current period amounting to SAR 10.6 million compared to the same period of the last year. This decline is attributable to:
• The expiration of certain medical service contracts in the prior year, resulted in a revenue shortfall of SAR 1.5 million. • The recognition of professional fees during the current period amounting to SAR 1.7 million, compared to none in the same period of the last year. • An increase in finance costs of SAR 624 thousand during the current quarter compared to the same period of the last year, primarily due to the expansion in the acquisition of fixed assets—specifically ambulances and medical equipment at the Jubail Medical Center—to support the execution of new medical service contracts. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | As per the requirements of IFRS, the Company has reclassified the following:
• Reclassifying the allowance for expected credit losses for the six month period that ended in 30 Jun 2024G amounting to 224,233 SAR from general and administrative expenses to statement of profit or loss and other comprehensive income as a separate line item. • Reclassifying refunds received from the human resources development fund (HRDF) amounting to 863,383 SAR in respect of partial reimbursement of salaries of Saudi nationals from other income and netted them off with the relevant salaries and wages in general and administrative expenses. |
| Additional Information | Earnings per Share:
• The earnings per share (EPS) for the six-month period ended 30/06/2025 amounted to SAR 0.14, calculated by dividing the Company’s net profit of SAR 5,525,090 by the weighted average number of shares totaling 40,000,000. Similarly, the EPS for the six-month period ended 30/06/2024 amounted to SAR 0.40, calculated by dividing the Company’s net profit of SAR 16,127,381 by the same weighted average number of shares totaling 40,000,000. |
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