Upcoming Dividend • Mar 27
Upcoming dividend of د.إ0.17 per share Eligible shareholders must have bought the stock before 03 April 2026. Payment date: 17 April 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.1%. Within top quartile of Emirian dividend payers (7.1%). Higher than average of industry peers (2.1%). New Risk • Mar 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 110% Cash payout ratio: 107% Minor Risks Share price has been volatile over the past 3 months (5.4% average weekly change). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to د.إ2.39, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 19x in the Healthcare industry in Asia. Total returns to shareholders of 35% over the past three years. Announcement • Feb 24
Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 26, 2026 Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 26, 2026, at 12:00 Arabian Standard Time. Location: sharjah United Arab Emirates Declared Dividend • Feb 19
Dividend increased to د.إ0.17 Dividend of د.إ0.17 is 13% higher than last year. Ex-date: 3rd April 2026 Payment date: 17th April 2026 Dividend yield will be 7.5%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (110% earnings payout ratio) nor is it covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 8.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 22% to bring the payout ratio under control, which is less than the 26% EPS growth achieved over the last 5 years. Announcement • Feb 18
Gulf Medical Projects Company (PJSC) announces Annual dividend, payable on April 17, 2026 Gulf Medical Projects Company (PJSC) announced Annual dividend of AED 0.1700 per share payable on April 17, 2026, ex-date on April 03, 2026 and record date on April 06, 2026. Reported Earnings • Feb 18
Full year 2025 earnings released: EPS: د.إ0.15 (vs د.إ0.11 in FY 2024) Full year 2025 results: EPS: د.إ0.15 (up from د.إ0.11 in FY 2024). Revenue: د.إ767.5m (up 13% from FY 2024). Net income: د.إ108.5m (up 39% from FY 2024). Profit margin: 14% (up from 12% in FY 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Board Change • Feb 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 6 highly experienced directors. Non-Independent Non-Executive Director Ahmed Salem Al Hosani was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 14
Third quarter 2025 earnings released: EPS: د.إ0.03 (vs د.إ0.012 in 3Q 2024) Third quarter 2025 results: EPS: د.إ0.03 (up from د.إ0.012 in 3Q 2024). Revenue: د.إ188.3m (up 19% from 3Q 2024). Net income: د.إ20.9m (up 159% from 3Q 2024). Profit margin: 11% (up from 5.1% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Nov 14
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 106% Dividend yield: 7.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 94% Cash payout ratio: 106% Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Large one-off items impacting financial results. Announcement • Nov 04
Gulf Medical Projects Company (PJSC) to Report Q3, 2025 Results on Nov 13, 2025 Gulf Medical Projects Company (PJSC) announced that they will report Q3, 2025 results on Nov 13, 2025 New Risk • Sep 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Emirian stocks, typically moving 5.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by earnings (106% payout ratio). Share price has been volatile over the past 3 months (5.3% average weekly change). Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: د.إ0.05 (vs د.إ0.028 in 2Q 2024) Second quarter 2025 results: EPS: د.إ0.05 (up from د.إ0.028 in 2Q 2024). Revenue: د.إ185.4m (up 13% from 2Q 2024). Net income: د.إ35.0m (up 77% from 2Q 2024). Profit margin: 19% (up from 12% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 16
First quarter 2025 earnings released: EPS: د.إ0.032 (vs د.إ0.024 in 1Q 2024) First quarter 2025 results: EPS: د.إ0.032 (up from د.إ0.024 in 1Q 2024). Revenue: د.إ180.1m (up 7.8% from 1Q 2024). Net income: د.إ22.5m (up 34% from 1Q 2024). Profit margin: 13% (up from 10% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Declared Dividend • Feb 14
Dividend of د.إ0.15 announced Shareholders will receive a dividend of د.إ0.15. Ex-date: 26th March 2025 Payment date: 1st January 1970 Dividend yield will be 6.9%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (108% earnings payout ratio) nor is it adequately covered by cash flows (91% cash payout ratio). The dividend has increased by an average of 7.7% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 20% to bring the payout ratio under control. However, EPS has declined by 9.8% over the last 5 years so the company would need to reverse this trend. New Risk • Feb 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Emirian stocks, typically moving 8.7% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.7% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 91% Earnings have declined by 6.1% per year over the past 5 years. New Risk • Jan 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Emirian stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.2% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 108% Cash payout ratio: 91% Earnings have declined by 6.1% per year over the past 5 years. Reported Earnings • Nov 08
Third quarter 2024 earnings released: EPS: د.إ0.012 (vs د.إ0.017 in 3Q 2023) Third quarter 2024 results: EPS: د.إ0.012 (down from د.إ0.017 in 3Q 2023). Revenue: د.إ157.8m (up 14% from 3Q 2023). Net income: د.إ8.06m (down 33% from 3Q 2023). Profit margin: 5.1% (down from 8.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 14
Second quarter 2024 earnings released: EPS: د.إ0.028 (vs د.إ0.02 in 2Q 2023) Second quarter 2024 results: EPS: د.إ0.028 (up from د.إ0.02 in 2Q 2023). Revenue: د.إ164.2m (up 24% from 2Q 2023). Net income: د.إ19.8m (up 39% from 2Q 2023). Profit margin: 12% (up from 11% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2024 earnings released: EPS: د.إ0.024 (vs د.إ0.019 in 1Q 2023) First quarter 2024 results: EPS: د.إ0.024 (up from د.إ0.019 in 1Q 2023). Revenue: د.إ167.1m (up 23% from 1Q 2023). Net income: د.إ16.8m (up 27% from 1Q 2023). Profit margin: 10% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 15
Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 07, 2024 Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 07, 2024, at 08:00 Coordinated Universal Time. Agenda: To approve the Board of Directors' Report on the Company's activity and its financial position for the fiscal year ended on 31/12/2023; to approve the Auditor's Report for the fiscal year ended on 31/12/2023 and ratify it; to approve the Company's balance sheet and profit and loss account for the fiscal year; to consider the Board of Directors' recommendation on cash dividends; to approve a proposal concerning the remuneration of the members of the Board of Directors and determine the amount; and to discuss other matters. Declared Dividend • Feb 15
Dividend of د.إ0.10 announced Dividend of د.إ0.10 is the same as last year. Ex-date: 15th March 2024 Payment date: 1st January 1970 Dividend yield will be 5.4%, which is higher than the industry average of 1.7%. Sustainability & Growth Dividend is not covered by earnings (150% earnings payout ratio) nor is it adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 67% to bring the payout ratio under control. However, EPS has declined by 13% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Feb 14
Full year 2023 earnings released: EPS: د.إ0.086 (vs د.إ0.052 in FY 2022) Full year 2023 results: EPS: د.إ0.086 (up from د.إ0.052 in FY 2022). Revenue: د.إ569.6m (up 13% from FY 2022). Net income: د.إ59.8m (up 63% from FY 2022). Profit margin: 11% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: د.إ0.017 (vs د.إ0.01 in 3Q 2022) Third quarter 2023 results: EPS: د.إ0.017 (up from د.إ0.01 in 3Q 2022). Revenue: د.إ138.7m (up 14% from 3Q 2022). Net income: د.إ12.1m (up 67% from 3Q 2022). Profit margin: 8.7% (up from 6.0% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 7% per year. New Risk • Aug 17
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 168% Cash payout ratio: 97% Dividend yield: 5.3% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 168% Cash payout ratio: 97% Earnings have declined by 23% per year over the past 5 years. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: د.إ0.02 (vs د.إ0.01 in 2Q 2022) Second quarter 2023 results: EPS: د.إ0.02 (up from د.إ0.01 in 2Q 2022). Revenue: د.إ133.0m (up 7.7% from 2Q 2022). Net income: د.إ14.2m (up 98% from 2Q 2022). Profit margin: 11% (up from 5.8% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buying Opportunity • Aug 10
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 5.0%. The fair value is estimated to be د.إ2.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to د.إ1.72, the stock trades at a trailing P/E ratio of 34.7x. Average trailing P/E is 22x in the Healthcare industry in Asia. Total loss to shareholders of 25% over the past three years. Buying Opportunity • Jul 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 14%. The fair value is estimated to be د.إ2.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. New Risk • Jul 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Emirian stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (9.8% average weekly change). Earnings have declined by 19% per year over the past 5 years. Minor Risk Dividend is not well covered by earnings (202% payout ratio). Buying Opportunity • Jun 06
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be د.إ2.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 23%. Reported Earnings • May 15
First quarter 2023 earnings released: EPS: د.إ0.019 (vs د.إ0.022 in 1Q 2022) First quarter 2023 results: EPS: د.إ0.019 (down from د.إ0.022 in 1Q 2022). Revenue: د.إ136.0m (up 9.0% from 1Q 2022). Net income: د.إ13.2m (down 13% from 1Q 2022). Profit margin: 9.7% (down from 12% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Feb 05
Full year 2022 earnings released: EPS: د.إ0.052 (vs د.إ0.051 in FY 2021) Full year 2022 results: EPS: د.إ0.052 (up from د.إ0.051 in FY 2021). Revenue: د.إ503.8m (up 3.5% from FY 2021). Net income: د.إ36.6m (up 2.9% from FY 2021). Profit margin: 7.3% (in line with FY 2021). Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 18% share price gain to د.إ1.93, the stock trades at a trailing P/E ratio of 37.2x. Average trailing P/E is 19x in the Healthcare industry in Asia. Total returns to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to د.إ1.64, the stock trades at a trailing P/E ratio of 31.6x. Average trailing P/E is 19x in the Healthcare industry in Asia. Total returns to shareholders of 29% over the past three years. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: د.إ0.01 (vs د.إ0.006 in 3Q 2021) Third quarter 2022 results: EPS: د.إ0.01 (up from د.إ0.006 in 3Q 2021). Revenue: د.إ121.2m (up 3.1% from 3Q 2021). Net income: د.إ7.22m (up 66% from 3Q 2021). Profit margin: 6.0% (up from 3.7% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Buying Opportunity • Oct 03
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be د.إ2.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 43%. Buying Opportunity • Sep 15
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be د.إ2.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 43%. Buying Opportunity • Aug 23
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be د.إ2.62, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 43%. Reported Earnings • Aug 15
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: د.إ123.5m (up 2.0% from 2Q 2021). Net income: د.إ7.20m (down 43% from 2Q 2021). Profit margin: 5.8% (down from 10% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Buying Opportunity • Jul 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be د.إ2.40, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 45%. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to د.إ2.10, the stock trades at a trailing P/E ratio of 37.8x. Average trailing P/E is 18x in the Healthcare industry in Asia. Total returns to shareholders of 89% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 19% share price decline to د.إ2.24, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 17x in the Healthcare industry in Asia. Total returns to shareholders of 82% over the past three years. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (9 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 11
Upcoming dividend of د.إ0.10 per share Eligible shareholders must have bought the stock before 18 March 2022. Payment date: 07 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 3.6%. Lower than top quartile of Emirian dividend payers (5.7%). Higher than average of industry peers (1.7%). Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improved over the past week After last week's 54% share price gain to د.إ2.75, the stock trades at a trailing P/E ratio of 54x. Average trailing P/E is 19x in the Healthcare industry in Asia. Total returns to shareholders of 123% over the past three years. Announcement • Feb 16
Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 10, 2022 Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 10, 2022, at 08:00 Coordinated Universal Time. Location: GMPC Head Office AlHind Towe,AlKhan Sharjah United Arab Emirates Agenda: To listen and approve the Board of Directors' report on the company's activity and its financial position for the fiscal year ended on December 31, 2021; to listen to and approve the auditor's report for the fiscal year ended December 31, 2021; to discuss and approve the company's balance sheet and profit and loss account for the fiscal year ended on December 31, 2021; to consider the Board of Directors' recommendation on cash dividends in the sum of AED 69,891,609 which is equal to 10% of the shares nominal value, of 10 fils per share of the net profit for the year 2020 and ratification thereof for the fiscal year ended on December 31, 2021; and to consider other matters. Reported Earnings • Feb 11
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: د.إ0.051 (up from د.إ0.049 in FY 2020). Revenue: د.إ486.8m (flat on FY 2020). Net income: د.إ35.6m (up 3.0% from FY 2020). Profit margin: 7.3% (up from 7.1% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Feb 11
Gulf Medical Projects Company Proposes Cash Dividend for the Year Ended 31 December 2021 Gulf Medical Projects Company (PJSC) proposed 10% cash dividend for the year ended 31 December 2021 Subject to approval of Securities and Commodities Authority and AGM approval. In respect of the current year, the Board of Directors have proposed a cash dividend of AED. 69,891,609 at AED. 0.10 per share to be paid to shareholders in 2022. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improved over the past week After last week's 32% share price gain to د.إ2.40, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 20x in the Healthcare industry in Asia. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment deteriorated over the past week After last week's 19% share price decline to د.إ1.62, the stock trades at a trailing P/E ratio of 33.9x. Average trailing P/E is 20x in the Healthcare industry in Asia. Total returns to shareholders of 3.6% over the past three years. Reported Earnings • Nov 06
Third quarter 2021 earnings released: EPS د.إ0.006 (vs د.إ0.017 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: د.إ117.5m (down 13% from 3Q 2020). Net income: د.إ4.36m (down 63% from 3Q 2020). Profit margin: 3.7% (down from 8.7% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Reported Earnings • Aug 10
Second quarter 2021 earnings released: EPS د.إ0.018 (vs د.إ0.009 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: د.إ121.1m (up 24% from 2Q 2020). Net income: د.إ12.6m (up 97% from 2Q 2020). Profit margin: 10% (up from 6.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 08
First quarter 2021 earnings released: EPS د.إ0.017 (vs د.إ0.017 in 1Q 2020) The company reported a soft first quarter result with weaker revenues, although earnings and profit margins were flat. First quarter 2021 results: Revenue: د.إ124.8m (down 4.6% from 1Q 2020). Net income: د.إ11.9m (flat on 1Q 2020). Profit margin: 9.5% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Announcement • Mar 03
Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 07, 2021 Gulf Medical Projects Company (PJSC), Annual General Meeting, Mar 07, 2021. Agenda: To consider remuneration to board of directors. Reported Earnings • Feb 10
Full year 2020 earnings released: EPS د.إ0.05 (vs د.إ0.10 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: د.إ487.3m (down 8.9% from FY 2019). Net income: د.إ34.6m (down 51% from FY 2019). Profit margin: 7.1% (down from 13% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 103 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorated over the past week After last week's 18% share price decline to د.إ1.97, the stock is trading at a trailing P/E ratio of 20.7x, down from the previous P/E ratio of 25.3x. This compares to an average P/E of 26x in the Healthcare industry in Asia. Total returns to shareholders over the past three years are 55%. Is New 90 Day High Low • Feb 01
New 90-day low: د.إ2.17 The company is down 7.0% from its price of د.إ2.33 on 03 November 2020. The Emirian market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 27
New 90-day low: د.إ2.22 The company is down 5.0% from its price of د.إ2.33 on 27 August 2020. The Emirian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Healthcare industry, which is up 4.0% over the same period. Reported Earnings • Nov 12
Third quarter 2020 earnings released: EPS د.إ0.017 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: د.إ134.2m (up 4.4% from 3Q 2019). Net income: د.إ11.7m (up 40% from 3Q 2019). Profit margin: 8.7% (up from 6.5% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 114% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. 
