2.3 billion riyals, the company's total projects by the end of 2022

Barakat bin Saud Al-Arifi, CEO and Managing Director of the Scientific & Medical Equipment House Co. said that the company's current projects - as of February 13, 2023 - amounted to 3.3 billion riyals, an increase of 1 billion riyals over the end of last year, distributed between existing projects and expected projects that have been awarded. It is expected to be received sequentially during the current year.

Al-Arifi said in an interview with Argaam that the projects expected to be received will have a positive impact on the company's performance during each quarter.

He pointed out that the company's financial position is stable, indicating that the company's total loans do not exceed 300 million riyals.

As for the financial position of the Scientific & Medical Equipment House Co. he explained that the company's capital amounts to 200 million riyals, and the total shareholders' equity is about 500 million riyals, which includes retained profits and a statutory reserve equivalent to approximately one and a half times of the company's capital, or about 300 million riyals.

Regarding the company's expansion plans and projects, he indicated that a large part of the company's investments are in the health sector, whether in the private health sector or in manufacturing the health sector, and whenever there is a suitable opportunity for expansion, it is studied and entered into.

For his part, Yasser Al-Safadi (CFO) said that the total projects amounting to 3.3 billion riyals are divided into projects that are expected to be received during the second and third quarters of 2023, with a value exceeding 1 billion riyals, in addition to existing projects amounting to 2.3 billion riyals.

He explained that the company's total declared assets exceed one billion riyals, including capital investments and working capital investments, and they are distributed in project investments, most of which are governmental projects spread in several sectors, including operation, medical, subsistence, nutrition and others, which gives the company a greater advantage and strength due to its diversity.

And he indicated that the disparity in the performance of the company's sectors is not significant, indicating that the non-medical operating sector acquires the largest share of assets and working capital with a good profit margin, and the rest of the company's operating sectors contribute acceptable profit margins commensurate with the volume of competition in the markets for those sectors.

He pointed out that most of the company's profits are reinjected into the company for its growth, which gives it stability, including maintaining dividends to shareholders and ensuring that new projects are met.

Link to the meeting on the Argaam website