Aldawaa Medical profits fall 30.5% to SR16.4 mln in Q2‎

The net profit after zakat and tax for Aldawaa Medical Services Co. decreased to 16.4 million riyals during the second quarter, compared to 24 million riyals during the same quarter of the previous year, at a rate of 30.5%.

This came after today’s announcement of the financial results for the period ending on 30-06-2022 “6 months”.

The operational profit amounted to 22 million riyals during the second quarter, compared to 27 million riyals during the same quarter of the previous year, a decline of 19%.

Moreover, gross profits amounted to 47 million riyals during the second quarter, compared to 44 million riyals during the same quarter of the previous year, an increase of 7%.

The net profit after zakat and tax during the current period amounted to 16.4 million riyals, compared to 24 million riyals during the same period of the previous year, a decrease of 30.5%.

The profit per share during the current period amounted to 1.7 riyals, compared to 2.16 riyals during the same period of the previous year.

The reason for the increase of SR 27.7 million (52.4%) in net profit in comparison to the same quarter in year 2021 is due to the following:

Revenues: For the second quarter of 2022, the Company has achieved an increase in revenues of SR 43.4 million (3.4%) in comparison to the same quarter in year 2021.

Gross profit: The gross profit for the second quarter of year 2022 came to be SR 506.8 million with a percentage of 38.7% from revenues, achieving an increase of SR 48.8 million (10.7 %) compared to year 2021 (SR 457.9 million with a margin of 36.2% from revenues).

Operating profit: For the second quarter of 2022, the Company has achieved an increase of SR 23.6 million (35.3%) in operating profit with a total of of SR 91 million (7% from revenues), compared to SR 67 million (5.3% from revenues) for the same quarter of 2021.

Net profit: The net profit margin for the second quarter of year 2022 came to be %6.2 from revenues, compared to 4.2% for the same quarter of year 2021, achieving an increase of SR 27.7 million (52.4%), the reason is mainly due to the increase in sales which came as a result of the opening of new branches during the second half of the year 2021 and the first half of the year 2022 which has increased the gross margin and operating profit.

The reason for (the decrease) in the net profit for the second quarter of year 2022 compared to the previous quarter with an amount of SR 6.4 million (7.4%) is the following:

Revenues: The Company has achieved an increase in revenues in second quarter with an amount of SR 15.4 million (1.2%) compared to the previous quarter.

Gross profit: The gross profit for the second quarter of the year 2022 has increased with an amount of SR 12.6 million (2.6%) compared to the previous quarter.

Operating profit: The operating profit has increase in the second quarter of the year 2022 compared to the previous quarter with an amount of SR 19.8 million (28.1%).

Net profit: (The net profit has decrease) in the second quarter of 2022 compared to the previous quarter with an amount of SR 6.4 million (7.4%) due to the decrease in the fair value gain on swap derivatives liabilities in comparison to the previous quarter.

The reason for the increase in net profit for this period of the year 2022 compared to the same period of the year 2021 is the following:

Revenues: the Company has achieved an increase of SR 128.5 million in revenues during the first half of the year 2022 with an increase of 5.19% compared to the first half of the year 2021.

Gross profit: For the first half of the year 2022, the Company achieved a gross profit of SR 1,001 million with a percentage of 38.4% from the revenues, compared to SR 910 million (36.7%) for the first half of the year 2021, making increase of 91 million (10%) between the two periods.

Operating profit: The operating profit for the first half of the year 2022 came to be SR 161 million (6.2% from revenues), making an increase of SR 20 million (14.16%) compared to the first half of the year 2021 which came to be SR 141 million (5.7% from revenues).

Net profit: During the first half of the year 2022, the Company has achieved a net profit of SR 167.7 million with a margin of 6.4% of net revenues, compared to a net profit of SR 131.7 million and a margin of 5.3% for the first half of the year 2021, achieving an increase of SR 36 million (27.32%) compared to the same period of the year 2021, which came as a reason of increase in sales due to the opening of new branches in the second half of 2021 and the first quarter of year 2022 which has increased both gross margin and operating profit.