Scientific & Medical Equipment House Company Announces its consolidated annual financial results for the year ended on December 31, 2023 (twelve months).

Element List
Current Year
Previous Year
Gross Profit (Loss)
Operational Profit (Loss)
Net profit (Loss)
Total Comprehensive Income
Total Share Holders Equity (After Deducting the Minority Equity)
Profit (Loss) per Share

All figures are in (Millions) Saudi Arabia, Riyals

Element List Explanation

The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year The reason for the increase in revenues by 85.5 million riyals 11.97% between this year compared to the previous year is due to the following:

• Commencing several new projects that had been announced during previous periods, especially in the medical, non-medical and catering operations sectors, which led to the recognition of additional operating revenues.

• An increase in sales of the medical equipment and devices division.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is
Net profit increased by 142% on the current year compared to the previous year due to the reassessment of the provision for expected credit losses for the current year based on the risk ratios associated with historical events for collecting government debts and their future recoverability, which led to a reduction in the provision by 21.5 million riyals.

Gross profit decreased between both years due to the increase in operational costs such as salaries and wages of medical staff, and the increase in projects cost such as labor, spare parts, and subcontractors.

This is in addition to the increase in the provision for zakat, depreciation and amortization expenses, and financing costs due to the global increase in lending cost.

Statement of the type of external auditor's report
Unmodified opinion

Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)

Reclassification of Comparison Items
Certain comparative figures from annual financial statements for 31 December 2022 have been reclassified to conform with the current period presentation.

Additional Information

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