Tibbiyah posts 14% drop in 2021 net profit to SAR 82.3 mln

13/03/2022 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) posted a 14% decline in net profit after Zakat and tax to SAR 82.3 million in 2021, compared to SAR 95.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	818.69	618.54	(24.4 %)
Gross Income	198.38	143.52	(27.7 %)
Operating Income	98.28	70.10	(28.7 %)
Net Income	95.79	82.31	(14.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	4.79	4.12	(14.1 %)

The company attributed the profit drop to a decline in annual revenue to SAR 618.5 million, from SAR 818.7 million in 2020.

On the other hand, Tibbiyah mitigated the negative impact on its annual net profit, as it focused on operating cost efficiencies and working capital management. Tibbiyah’s net profit margins also increased to 13% in 2021, from 12% in 2020.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	625.04	369.30	(40.9 %)
Gross Income	159.44	85.79	(46.2 %)
Operating Income	109.27	60.70	(44.4 %)
Net Income	126.75	77.22	(39.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	6.34	3.86	(39.1 %)

Item	H1 2021	H2 2021	Change‬
Revenues	249.24	369.30	48.2 %
Gross Income	57.73	85.79	48.6 %
Operating Income	9.40	60.70	546.1 %
Net Income	5.10	77.22	1415.5 %
Average Shares	20.00	20.00	-
EPS (Riyals)	0.25	3.86	1415.5 %

Shareholders' equity, excluding minority interest, saw a slight decline to SAR 332.1 million in 2021, from SAR 332.1 million in 2020.

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