Al Hammadi 9M 2022 profit spikes to SAR 184.2 mln; Q3 soars to SAR 57.1 mln

Al Hammadi Holding Co. posted a surge in 9M 2022 net profit after Zakat and tax to SAR 184.2 million, compared to SAR 79.4 million a year earlier.  

The profit surge was buoyed by a 16.36% year-on-year (YoY) rise in revenue from the medical services segment at Al Hammadi Nuzha and Suwaidi branches, on increased number of outpatients and inpatients, compared with the same period last year.  

The loss from discontinued operations at Al Hammadi Olaya Hospital for the first nine months of 2021 amounted to SAR 8.78 million, as the hospital’s activities were suspended, as part of the company’s plan to replace it with a new hospital. 

Al Hammadi also reported a decrease in the provision for credit losses during the current period compared to the 9M 2021 provision, based on the updated data related to the amounts expected to be recovered and used in the model for calculating expected credit losses in accordance with the IFRS 9 requirements. 

In Q3 2022, net profit after Zakat and tax skyrocketed to SAR 57.1 million, from SAR 3.58 million, as revenue from the medical services segment at Al Hammadi Nuzha and Suwaidi branches jumped 12.28% YoY. The loss from discontinued operations at Al Hammadi Olaya Hospital reached SAR 36.74 million. 

The company’s net profit after Zakat and tax dropped by 12.3% year-on-year from SAR 65.10 million in Q2 2022, hit by a 12.42% drop in revenues of medical services and pharmaceutical products segments at Al Hammadi Nuzha and Suwaidi branches for the current quarter. 

Shareholders’ equity, after minority interest, dropped to SAR 1.698 billion as of Sept. 30, 2022, from SAR 1.720 million a year earlier. 

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