By : JD Financial Editor
Jordan Daily – In a remarkable display of resilience and strategic prowess, the Arab Pesticides & Veterinary Drugs Manufacturing Co. (Mobedco) has reported impressive financial results for the first half of 2024.
The company’s financial statements for the period ending June 30, 2024, underscore significant growth across key financial metrics, signaling a robust outlook for the remainder of the year.
Mobedco’s total assets surged to JOD 52.13 million, a notable increase from JOD 48.15 million as of December 31, 2023. This upward trajectory is driven by strategic investments in non-current assets, which climbed to JOD 12.20 million from JOD 10.79 million. Investments in property, plant, and equipment were particularly strong, rising to JOD 8.40 million from JOD 7.63 million, while projects under construction saw an uptick to JOD 3.02 million from JOD 2.44 million.
On the current assets front, Mobedco’s figures rose to JOD 39.94 million from JOD 37.36 million, with accounts receivable reaching JOD 14.95 million, up from JOD 13.74 million. This growth is complemented by an increase in cash and cash equivalents, which expanded to JOD 5.39 million from JOD 4.48 million.
Shareholders’ equity has also seen a commendable rise, improving to JOD 33.78 million from JOD 32.56 million. This growth is underpinned by an increase in retained earnings, which rose to JOD 12.63 million from JOD 11.32 million. Including non-controlling interests, total equity reached JOD 41.88 million, up from JOD 40.00 million.
The income statement highlights the company’s strong operational performance. Net sales increased to JOD 16.30 million, up from JOD 15.05 million in the same period of 2023, demonstrating robust demand for the company’s products. Gross profit rose to JOD 5.73 million from JOD 4.90 million, indicating improved operational efficiency and cost management. Net profit saw a commendable rise to JOD 3.73 million, up from JOD 3.29 million, attributable to enhanced cost management and higher sales.
Earnings per share also reflected this positive trend, with basic and diluted earnings per share attributable to shareholders at JOD 0.179, compared to JOD 0.174 in the same period last year.
Mobedco’s performance reflects not just its resilience in a challenging market environment but also its strategic acumen in navigating complexities and seizing growth opportunities.
Established in 1991 and listed on the Amman Stock Exchange, Mobedco has carved a niche for itself in the production of pesticides and veterinary medicines, contributing significantly to agricultural productivity and animal health.
