RIYADH: Al-Dawaa Medical Services Co. recorded a 3-percent decline in net profit in its first annual results post listing on the Saudi exchange.
Profits of the pharma chain operator slipped from SR246 million ($66 million) to SR239 million even as revenues grew 1.5 percent year-on-year, according to a bourse filing.
Al-Dawaa attributed the strong revenue to a 68-percent hike in sales from its ‘Wasfaty’ program — an e-service that enables patients to receive medications from the nearest pharmacy.
Two weeks earlier, the company made a strong debut on the Kingdom’s stock market after collecting $500 million in an IPO from share buyers.
