AME profits increased to SR22.2 million during H1, by 44.3%‎

AME Company for Medical Equipment and Devices revealed an increase in net profit after zakat and tax in the first half to 22.2 million riyals, compared to 15.3 million riyals in the same half of last year, an increase of 44.3%. This came after announcing today the preliminary financial results for the ending in June 30, 2023, 6-month period.

The operational profit amounted to 24.4 million riyals in the first half, compared to 536.6 million (17.2 million riyals) in the same half of last year, an increase of 41.7%.

The total shareholders’ equity during the first half amounted to 115.5 million riyals, compared to 96.5 million riyals in the same half of last year, at a rate of 19.7%.

Earnings per share amounted to 3.17 riyals during the first half, compared to 2.2 riyals in the same half of last year.

The reason for the increase in net profit during this period of this year compared to the same period of the previous year is due to the increase in sales of medical supplies and devices by 11.99 million riyals and the increase in the net profit margin from 14.2% to 18.4%. This increase resulted from the company’s acquisition of a larger market share, thanks to the company’s participation in local and international conferences, making more efforts to advertise and market its products, and hiring new employees in the sales and marketing departments for greater coverage and rapid response to customers. As for the increase in the net profit margin, it is due to the decrease in some non-recurring expenses that affected the results of the last period compared to the current period, the largest of which is the expenses resulting from the company’s listing in the Nomu market, which were recorded under general and administrative expenses (about 4 million Saudi riyals).