Tibbiyah incurs SAR 31.8M losses in H1 2024

01/09/2024 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) reported a net loss of SAR 31.8 million for H1 2024, compared to a loss of SAR 23.5 million a year earlier.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	315.96	274.10	(13.3 %)
Gross Income	63.19	61.96	(1.9 %)
Operating Income	(4.13)	(16.48)	(299.0 %)
Net Income	(23.52)	(31.81)	(35.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	(1.18)	(1.59)	(35.3 %)

Losses widened in H1 2024 on lower revenues, due to the effective implementation of backlog projects at Al Faisaliah Medical Systems Co. (FMS) in the second half of 2023, which led to a reduction in available work during the first half of 2024.

Gross profit dropped 1.9% year-on-year (YoY) to SAR 62 million in H1 2024. However, margins improved from 20.0% to 22.6% YoY on the company's strategic focus on managing costs across its core segments.

Tibbiyah recorded an operating loss excluding goodwill impairment of SAR 12.8 million in H1 2024, compared to an operating loss of SAR 0.3 million in H1 2023.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	315.96	274.10	(13.3 %)
Gross Income	63.19	61.96	(1.9 %)
Operating Income	(4.13)	(16.48)	(299.0 %)
Net Income	(23.52)	(31.81)	(35.3 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	(1.18)	(1.59)	(35.3 %)

Item	H2 2023	H1 2024	Change‬
Revenues	490.96	274.10	(44.2 %)
Gross Income	126.85	61.96	(51.2 %)
Operating Income	50.85	(16.48)	(132.4 %)
Net Income	61.61	(31.81)	(151.6 %)
Average Shares	20.00	20.00	-
EPS (Riyals)	3.08	(1.59)	(151.6 %)

Total shareholders’ equity, after excluding minority interest, rose to SAR 277.34 million as of June 30, 2024, from SAR 251.47 million a year earlier.

Attached Documents

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	249.24	5.10	0.25
H2 2021	369.30	77.21	3.87
H1 2022	215.24	(20.68)	(1.03)
H2 2022	427.43	41.15	2.05
H1 2023	315.96	(23.52)	(1.18)
H2 2023	490.96	61.61	3.08
H1 2024	274.10	(31.81)	(1.59)

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