Naba Alsaha posts 3% decline in 2021 net profit to SAR 25.8 mln

Naba Alsaha Medical Services Co., which will list shares on Nomu-Parallel Market soon, reported a 3% decrease in 2021 net profit to SAR 25.8 million, from SAR 26.7 million a year earlier.

The lower profit was attributed to a 2.4% year-on-year (YoY) drop in operating income, as the cost of sales increased by 1.6% YoY. The company also cited higher general and administrative (G&A) expenses.

The profit decline came despite a 1.7% YoY rise in revenue and lower financing costs.

Shareholders’ equity stood at SAR 25.827 million by the end of 2021, down from SAR 26.653 million a year earlier.

The company’s cash balance grew to SAR 6.99 million in 2021, compared to SAR 1.79 million in 2020. Cash from operations came in at SAR 30.7 million, up from SAR 6 million in 2020.

Naba Alsaha is currently operating and managing Alzahra General Hospital, which posted annual revenue of SAR 109 million, compared to SAR 100 million in 2020. The company also manages and operates Manarat Al-Haramain Pharmacy, whose revenue fell to SAR 9 million in 2021, from SAR 15.5 million a year earlier.

No revenue was generated from Naba Alsaha’s maintenance services branch.