Naba Alsaha posts 8% growth in H1 2022 net profit to SAR 15.4 mln

15/09/2022 Argaam Exclusive

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Naba Alsaha Medical Services Co. posted a rise of 8% in H1 2022 net profit after Zakat and tax to SAR 15.4 million, compared to SAR 14.2 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	56.56	62.90	11.2 %
Gross Income	23.16	27.34	18.1 %
Operating Income	14.17	15.65	10.4 %
Net Income	14.23	15.39	8.2 %
Average Shares	10.50	10.50	-
EPS (Riyals)	1.36	1.47	8.2 %

The profit growth was spurred by eased COVID-19 restrictions, which led to a significant improvement in outpatient revenues. Accordingly, it had a positive impact on improving the bed occupancy rate in the suites, which stood at 97% during the first half of 2022 compared to 86% in H1 2021.

Shareholders equity, after minority interest, reached SAR 118.25 million as of June 30, 2022, up from SAR 102.86 million a year earlier.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	56.56	62.90	11.2 %
Gross Income	23.16	27.34	18.1 %
Operating Income	14.17	15.65	10.4 %
Net Income	14.23	15.39	8.2 %
Average Shares	10.50	10.50	-
EPS (Riyals)	1.36	1.47	8.2 %

Item	H2 2021	H1 2022	Change‬
Revenues	61.12	62.90	2.9 %
Gross Income	23.63	27.34	15.7 %
Operating Income	12.80	15.65	22.2 %
Net Income	11.60	15.39	32.7 %
Average Shares	10.50	10.50	-
EPS (Riyals)	1.10	1.47	32.7 %

Naba Alsaha restated its 2021 financial statements to accommodate the first time adoption of “IFRS 16 – Leases”. Required adjustments and disclosure were made in that financial statements in accordance with “IAS 8 - Accounting policies, change in accounting estimates and errors”.

Accordingly, required adjustments were also made to the comparative figures in these condensed interim financial statements for the six months period ended June 30, 2022.

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