Al Hammadi’s H1 2022 profit leaps 68% to SAR 127.1 mln, Q2 rises 62% to SAR 65.1 mln

Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 127.1 million for H1 2022, a rise of 68% from SAR 75.8 million a year earlier.

The profit growth was driven by an increase of 18.36% year-on-year (YoY) in revenue from the medical services segment of Al Hammadi Hospital Nuzha and Suwaidi branches due to a rise in the number of outpatients and inpatients compared to H1 2021.

The company also recorded a decline in the credit loss provision allocated during the current period, compared to that in H1 2021. This was based on the updated data related to the amounts expected to be recovered and used in the model of calculating expected credit losses in line with the requirements of IFRS No. 9.

In Q2 2022, the company’s net profit after Zakat and tax jumped 62% to SAR 65.1 million, from SAR 40.3 million a year earlier.

The medical services provider’s net profit grew by 5.1% on a sequential basis.

Shareholders’ equity, after minority interest, declined to SAR 1.689 billion by the end of H1 2022, from SAR 1.717 billion a year earlier.

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