Middle East Pharmaceutical Industries Co. (Avalon Pharma) reported a net profit of SAR 65.8 million in 2023, an increase of 10.7% from SAR 59.4 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 302.66 | 338.44 | 11.8 % |
| Gross Income | 184.29 | 207.37 | 12.5 % |
| Operating Income | 70.34 | 78.68 | 11.9 % |
| Net Income | 59.45 | 65.83 | 10.7 % |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 2.97 | 3.29 | 10.7 % |
The annual profit growth was propelled by an 11.82% year-on-year (YoY) rise in revenues for 2023, as export sales grew by 42.5% YoY, resulting in a YoY hike in gross profit to SAR 23.08 million during the same year.
Moreover, sales for retail and public customers rose by 9.8% and 6.3% YoY, respectively, in 2023, due to growth in the customer base and the sales of new and existing portfolio products.
The company also reversed a provision for expected credit losses worth SAR 1.6 million in 2023.
On the other hand, during the same year, operating expenses and finance costs increased by SAR 16.37 million and SAR 1.3 million, respectively.
| Item | Q4 2022 | Q4 2023 | Change |
|---|
| Item | Q3 2023 | Q4 2023 | Change |
|---|
Shareholders’ equity, no minority interest, reached SAR 306.4 million as of Dec. 31, 2023, up from SAR 280.3 million a year earlier.
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