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Scientific & Medical Equipment House Co. announces its Interim Financial Results for the Period Ending on 30-09-2023 (Nine Months)

4014
EQUIPMENT HOUSE
0.92 %
1445/04/23     07/11/2023 15:34:56

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 211.8186.113.81190.711.06
Gross Profit (Loss) 37362.7829.923.75
Operational Profit (Loss) 2515.957.238.3201.2
Net Profit (Loss) after Zakat and Tax 17.28.797.71.41,128.57
Total Comprehensive Income 17.28.797.71.41,128.57
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 567.5524.98.12
Gross Profit (Loss) 97.7120.8-19.12
Operational Profit (Loss) 45.560-24.17
Net Profit (Loss) after Zakat and Tax 24.941.8-40.43
Total Comprehensive Income 24.941.8-40.43
Total Share Holders Equity (after Deducting Minority Equity) 493.5495.5-0.4
Profit (Loss) per Share 0.881.43
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Net revenues increased by 14% during the current quarter compared to the same quarter of the previous year, and net profit also increased by 98% between the two quarters due mainly to the following:

• Receiving and commencing new projects that were announced during previous periods

• Reassessing the provision for expected credit losses which led to a reduction of SR 11.2 million based on risk ratios related to historical events for collecting government debts and their future recoveries.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net revenues increased by 11% during the current quarter compared to the previous quarter, and net profit increased between the two quarters by 1129% due mainly to the following:

• Receiving and commencing new projects that were announced during previous periods which led to the recognition of additional operating revenues.

• Reassessing the provision for expected credit losses which led to a reduction of SR 11.2 million based on risk ratios related to historical events for collecting government debts and their future recoveries.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Although net revenues increased by 8% between the two periods as a result of receiving new projects and renewing existing projects, net profit decreased during the current period compared to the similar period of the previous year for the following reasons:

• A general increase in financing expenses and direct operating costs, the most important mainly cost of labor, subcontractors, spare parts and consumable materials

• Recording revenues during the similar period in 2022 for completed projects, which led to an increase in net profit.

• During 2022, higher profit margins were recorded during the completion periods of some completed and handed over projects.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items Comparative figures were reclassified in prior period to conform with current period.
Additional Information On 3 September 2023, after obtaining necessary approvals from the competent authorities, the Extraordinary General Assembly ("EGA") approved the increase of the Company's share capital by SAR 100 million and the commensurate increase of the number of the Company's issued ordinary shares by 10 million without par value. Such increase was affected through capitalization of the Company's retained earnings.

Each shareholder was granted one (1) bonus share for every two (2) shares owned. The Company's share capital after the increase is SAR 300 million divided into 30 million fully paid ordinary shares with equal voting rights without par value.

The earnings per share is calculated based on the net profit for the period attributable to the Company’s shareholders on the basis of the weighted average number of outstanding shares during that period, which amounted to 30 million shares.

The diluted earnings per share is the same as the basic earnings per share as the Group does not have any issued dilutive instruments. Earnings per share for the three-month and nine-month periods ended September 30, 2023 and 2022 have been calculated by retrospectively adjusting the weighted average number of outstanding shares to reflect the effect of the issuance of the bonus shares.

Accordingly, the Company's EPS has been adjusted after the capital increase, which has been approved by the extraordinary general assembly held on 03 September 2023.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 55.1
Net Change 0.5 (+0.92%)
Value Traded (Sar) 18,856,967.2
Volume Traded 345,931
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