Scientific and Medical Equipment House Co. reported a net profit of SAR 6.8 million for Q1 2023, a slump of 59% from SAR 16.8 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 162.56 | 164.94 | 1.5 % |
| Gross Income | 37.92 | 30.88 | (18.6 %) |
| Operating Income | 21.84 | 12.30 | (43.7 %) |
| Net Income | 16.73 | 6.86 | (59.0 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.56 | 0.23 | (59.0 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 188.89 | 164.94 | (12.7 %) |
| Gross Income | 34.08 | 30.88 | (9.4 %) |
| Operating Income | (22.44) | 12.30 | 154.8 % |
| Net Income | (25.31) | 6.86 | 127.1 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.84) | 0.23 | 127.1 % |
This profit decline was driven by substantial mobilization and startup costs related to the new projects which commenced during 2023, in addition to higher employee salaries, and increased cost of finance.
On a sequential basis, Equipment House turned to profit versus net losses of SAR 25.3 million in the year-earlier period.
Shareholders’ equity, no minority interest, reached SAR 474.9 million as of March 31, 2023, compared to SAR 490.4 million in the prior-year period.
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