Financial Results : Tibbiyah widens losses to SAR 22.8 mln in H1 2023

Tibbiyah widens losses to SAR 22.8 mln in H1 2023

03/09/2023 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) reported a net loss of SAR 22.8 million for H1 2023, up from SAR 20.7 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 215.24 315.96 46.8 %
Gross Income 40.80 63.19 54.9 %
Operating Income (16.92) (4.13) 75.6 %
Net Income (20.68) (23.52) (13.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) (1.03) (1.18) (13.7 %)

Tibbiyah achieved revenue of SAR 316 million for H1 2023, an increase of 46.8% from SAR 215.2 million in H1 2022, mainly attributed to the strong performance of the medical equipment division (FMS) and positive contribution of Innovative Healthcare Co. Holding Ltd. (NewYou).

 

Gross profit rose to SAR 63.2 million in the first six months, an increase of 54.9% year-on-year (YoY), primarily due to higher FMS revenue, effective cost management, and NewYou’s high margins.

 

Operating profit stood at SAR 1.1 million, against an operating loss of SAR 10.1 million a year earlier, mainly due to higher revenue, improved gross profit, effective cost management, and a reduction in impairment loss on trade receivable.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 215.24 315.96 46.8 %
Gross Income 40.80 63.19 54.9 %
Operating Income (16.92) (4.13) 75.6 %
Net Income (20.68) (23.52) (13.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) (1.03) (1.18) (13.7 %)

Total shareholders’ equity, excluding minority interest, fell to SAR 251.47 million as of June 30, 2023, from SAR 252.71 million a year earlier.

 

Attached Documents

 

 

                                                           Quarterly Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR/share)

H1 2020

193.65

(30.96)

(1.5%)

H2 2020

625.04

126.75

6.34

H1 2021

249.24

5.10

0.26

H2 2021

369.30

77.21

3.86

H1 2022

215.24

(20.68)

(1.03)

H2 2022

427.43

46.44

2.32

H1 2023

315.96

(23.00)

(1.15)

 

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