Sulaiman Al Habib 9M 2021 profit rises 35% to SAR 993 mln

Dr. Sulaiman Al Habib Medical Services Group reported a net profit after Zakat and tax of SAR 993 million for the first nine months of 2021, an increase of 35% from SAR 737.7 million a year earlier.

It attributed the strong performance to a 26.67% year-on-year (YoY) rise in revenue, driven by growth in the hospital segment, amid higher number of patients.

Moreover, the company’s net profit margin rose 1.11% to 18.80% compared to 17.69% in the corresponding period last year. The net income improvement was driven by the growth in revenue, due to increased numbers of patients and in inpatient occupancy rates, along with the continued acceleration of growth in Al Khobar Hospital during the nine-month period.

In Q3 2021, the net profit after Zakat and tax jumped 17% YoY to SAR 348.6 million due to a 13.08% YoY rise in revenue to SAR 1.836 billion amid a rise in the number of patients and inpatient occupancy rates. This growth boosted the pharmacy segment’s sales compared to Q3 2020.

On a quarterly basis, the third-quarter net profit grew by 7.1% from SAR 325.4 million.

Shareholders’ equity, after minority interest, rose to SAR 5.201 billion as of Sept. 30, 2021, from SAR 4.810 a year earlier.

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