Al Hammadi’s H1 2023 profit up 29% to SAR 163.3 mln, Q2 at SAR 81.9 mln

Al Hammadi Holding reported a net profit of SAR 163.3 million in H1 2023, a rise of 29% from SAR 127.1 million in the year-earlier period.

The growth was spurred by revenues, which grew by 7.96% year-on-year (YoY) to SAR 575.26 million in H1 2023, driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.

The company booked a credit loss reversal of SAR 17.84 million in the second quarter of 2023, reducing the net provision for expected credit losses reversed for the current period to SAR 11.96 million from SAR 24.31 million in the year-ago period.

In Q2 2023, net profit jumped 25.7% to SAR 81.85 million from SAR 65.10 million in Q2 2022, as Al Hammadi recorded a credit loss reversal of SAR 17.84 million on better collection rates.

The net profit also was 0.5% up from SAR 81.42 million in Q1 2023 on a SAR 17.84 million provision reversal in Q2, against an expected credit loss provision of SAR 5.88 million in the previous quarter.

Shareholders’ equity, no minority interest, increased to SAR 1.76 billion as of June 30, 2023, from SAR 1.68 billion a year earlier.

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