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Scientific & Medical Equipment House Co. announces its Annual Financial Results for the Period Ending on 31-12-2022
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 713.8 | 699.4 | 2.06 | ||
| Gross Profit (Loss) | 154.8 | 153 | 1.18 | ||
| Operational Profit (Loss) | 37.5 | 83.4 | -55.03 | ||
| Net Profit (Loss) after Zakat and Tax | 15.6 | 76.7 | -79.66 | ||
| Total Comprehensive Income | 14.9 | 74.7 | -80.05 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 470.37 | 473.46 | -0.65 | ||
| Profit (Loss) per Share | 0.88 | 3.88 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | • Revenues increased by 2.1% in 2022 over 2021 due mainly to increase in sales of pharmacy stores which expanded during 2022. • Gross profit % has not materially changed in 2022 and settled on 21.7%. • Operating income – before provision for expected credit loss reached SR 79.9 mil compared to SR 87.9 mil in 2022 (-12.5%) due to increase in the general and administrative expenses. The decline in net profit in 2022 compared to the previous year 2021 by an amount of SR 61.1 mil, due mainly to the following: • In compliance with the application of International Financial Reporting Standard No. (9) to measure expected credit losses for commercial receivables and contract assets, and according to provision assessment made by the external auditor using the provision matrix method within the expected credit loss assessment model, which resulted in an increase in the provision for expected credit losses by SR 41.4 mil in 2022 . However, as over 95% of the accounts receivable and contract assets are due from government sectors based on official contract and approvals with no loss history from government debts which bears the highest credit rating available in Saudi Arabia, management expects this increase in provision to reverse positively with the stabilized collections from government and upcoming expected credit loss assessments in the following periods. • Increase in finance costs SR 7.0 mil due to interest rate significant and frequent hikes during 2022. • Increase in Zakat provision SR 4.0 mil. • Increase in salaries and related costs in the head office by SR 5.0 mil riyals due to the actual increase in recruitment costs and salaries, in addition to creating new administrative positions after the company became a public in 2022. • Increase in depreciation expenses SR 3.7mil related to property, plant, and equipment, right of use that are associated with the increase in fixed assets and lease agreements for the taking over of new projects. • Decrease in the other income SR 4.2mil due to reversal in provision of SR 3.7mil in 2021. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | N/A |
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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