Tibbiyah posts 69% profit fall to SAR 25.8 mln in 2022

30/03/2023 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) reported a 69% drop in 2022 net profit to SAR 25.8 million, from SAR 82.3 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	618.54	642.67	3.9 %
Gross Income	143.52	154.16	7.4 %
Operating Income	70.10	44.03	(37.2 %)
Net Income	82.31	20.47	(75.1 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	4.12	1.02	(75.1 %)

Operating profit dropped 42.6% year-on-year (YoY) to SAR 107.1 million, due to higher selling, general and administrative expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	369.30	427.43	15.7 %
Gross Income	85.79	113.36	32.1 %
Operating Income	60.70	60.94	0.4 %
Net Income	77.22	41.15	(46.7 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	3.86	2.06	(46.7 %)

Item	H1 2022	H2 2022	Change‬
Revenues	215.24	427.43	98.6 %
Gross Income	40.80	113.36	177.8 %
Operating Income	(16.92)	60.94	460.2 %
Net Income	(20.68)	41.15	299.0 %
Average Shares	20.00	20.00	-
EPS (Riyals)	(1.03)	2.06	299.0 %

On the other hand, revenues grew 3.9% YoY to SAR 618.5 million in 2022.

Shareholders’ equity, no minority interest, declined to SAR 249.96 million as of Dec. 31, 2022, from SAR 333.39 million a year earlier.

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