Advanced Technology Company (ATC) Announces Fiscal Year 2023 Results

Advanced Technology Company (ATC) Announces Fiscal Year 2023 Results

Kuwait City, May 12: Advanced Technology Company (ATC), the leading distributor of comprehensive health and environmental care solutions across the public and private sectors, yesterday held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), led by ATC Vice Chairman Faisal Sarkhou, who announced the Company’s financial results for the fiscal year ended 31 …

Kuwait City, May 12: Advanced Technology Company (ATC), the leading distributor of comprehensive health and environmental care solutions across the public and private sectors, yesterday held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), led by ATC Vice Chairman Faisal Sarkhou, who announced the Company’s financial results for the fiscal year ended 31 December 2023.

The Company posted yearly revenue of 168.6 million dinars, a 1.9% increase over FY 2022, and earnings of 5.03 million dinars, down 28.2% year over year. The higher cost of revenue from health services, coupled with rising interest rates resulted in a 57.2% increase in financing costs, totaling 10.8 million dinars in 2023. Earnings per share reached 33.53 fils per share in 2023, compared to 46.75 fils per share in 2022.

“Although partially offset by reduced SG&A costs, the decrease in net profit was largely attributable to the Company’s acquisition