Sulaiman Al Habib 9M 2023 profit rises 26% to SAR 1.52 bln; Q3 at SAR 544.8 mln

Dr. Sulaiman Al Habib Medical Services Group posted a 26% profit jump in the first nine months of 2023 to SAR 1.52 billion, compared to SAR 1.20 billion in the year-earlier period. 

The medical services provider reported a 15.93% rise year-on-year (YoY) in revenues to SAR 7.02 billion, on continued growth across the group’s operational segments.

The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy, which in turn boosts the pharmacy segment’s sales, compared to the year-earlier period.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to SAR 1.91 billion, implying an increase of 20.37% YoY. EBITDA margin also improved reaching 27.26% compared to 26.26% in the same period of 2022.

The net income margin rose to 21.66% from 19.96% in the first nine months of 2022. The net Income increase was spurred by the revenue growth, due to an increase in the number of patients and inpatient occupancy.

In Q3 2023, the net profit climbed 30% to SAR 544.8 million from SAR 420.6 million in Q3 2022.

Revenues jumped 19.03% year-on-year (YoY) to SAR 2.44 billion, on continued growth across the group’s operational segments.

The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy, which in turn boosts the pharmacy segment’s sales, compared to the year-earlier period.

EBITDA rose by 24.46% YoY to SAR 676.05 million. EBITDA margin also increased to 27.68% compared to 26.47% in the same period of 2022.

The net income margin rose to 22.30% from 20.50% on the improved number of patients and inpatient occupancy rates.

On a sequential basis, the bottom line grew by 11.9% from SAR 486.9 million in Q2 2023, thanks to a 7.51% rise in revenues, which were hit during the second quarter due to the holy month of Ramadan and Hajj season.

Shareholders’ equity, after minority interest, reached SAR 6.39 billion as of Sept. 30, 2023, up from SAR 5.71 billion a year earlier.

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