Qatari German Company for Medical Devices (Q.P.S.C.) (QGMD) Earnings Call Transcript & Summary

Hello, and welcome to Qatar German Medical Devices Conference Call. Please note that this call is being recorded. [Operator Instructions] Now I would like to hand the call over to Roy, you may begin.

Thanks, Angela. Hello, everyone. This is Roy Thomas from QNB Financial Services. I want to welcome everyone to Qatar German Medical Devices Company's Fourth Quarter and Year-End 2024 Financial Results Conference Call. On this call from Qatar German Medical Devices Company, we have Amer Abu Shaikha, the Chief Executive Officer. We will conduct this conference call with Amer Abu Shaikha first reviewing the company's results, followed by Q&A. I will turn the call now over to Amer. Go ahead.

Thank you, my friend. Thanks for everybody. Well, the update for our financial as 2024 end of the year, we have some major changes in our financials for this year. We did some amendment into our financial statement, which will -- which reflected actually a big loss in this year. These, actually, changes which we did is for the benefit of the company because it's an old provision for previous year. We just actually did the provision for it in this year, that's why there is a big hit in our profit and loss account. Well, talking about the figures, our revenue for 2024, we closed the revenue at QAR 9.984 million, with cost of revenue of QAR 6.94 million. Our gross profit is QAR 3,044,461, having other incomes of QAR 2.762 million. All the investors or shareholders, or anyone who's knowing the financial, would see in the provision of impairment of trade receivables, there is a QAR 45 million in brackets. This is actually the big hit for us for this year to do -- to have a loss compared to the last years. But this is, as well, give us a good, let's say, jump in the future to work in a proper way and make things transparent and to clean our financials and our figures. Again, the big hit as well in our finance costs, which has increased to QAR 11 million, and this is due to our QDB court case, which we are closing it soon and we are doing a settlement agreement for it. And some of these figures as well will be reflected in Q1 or Q2 in 2025, to be as in other incomes. So overall, yes, the figure is not looking good in this year, with big loss of QAR 68 million. But this is -- it's all about the provisions which we amended in 2024 and the finance costs which has been accrued in 2024. But this has given us a clean financial in 2025. And all the lending, all the issues, has been closed. That's why our financial is a loss, to be honest. In 2025, our strategy is different after cleaning all these provisions. And hopefully, our figures will be looking much better and promising, [Foreign Language], for all the investors. This is from my part. Thank you very much, guys.

We will now begin the question-and-answer session. [Operator Instructions] There are no questions. I will now turn the call back over to Roy.

All right. If there are no questions, we'd like to thank Amer Abu Shaikha for the results update. And we look forward to speaking to you all for the first quarter 2025 results conference call. Thank you.

Sure. Thank you. Thank you very much. Thank you, all.

This concludes today's conference call. Thank you all for joining. You may now disconnect.