Naba Alsaha 2023 profit soars 95% to SAR 52.4M

30/03/2024 Argaam Exclusive

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Naba Alsaha Medical Services Co. reported a net profit surge of 95% to SAR 52.4 million in 2023, compared to SAR 26.9 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	129.68	182.35	40.6 %
Gross Income	51.64	73.77	42.9 %
Operating Income	28.31	42.97	51.8 %
Net Income	26.92	52.38	94.6 %
Average Shares	10.50	10.50	-
EPS (Riyals)	2.56	4.99	94.6 %

The profit increase was driven by a 40.6% or SAR 52.67 million increase in revenue to SAR 182.35 million compared to the previous period as income from outpatient clinics and inpatients rose by 14% and 31%, respectively, year-on-year (YoY).

In addition, Al-Anwar Medical Hospital reported a revenue of SAR 20.14 million.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	66.79	100.51	50.5 %
Gross Income	24.31	40.14	65.1 %
Operating Income	12.67	24.31	91.9 %
Net Income	11.53	24.61	113.5 %
Average Shares	10.50	10.50	-
EPS (Riyals)	1.10	2.34	113.5 %

Item	H1 2023	H2 2023	Change‬
Revenues	81.84	100.51	22.8 %
Gross Income	33.63	40.14	19.3 %
Operating Income	18.66	24.31	30.3 %
Net Income	27.77	24.61	(11.4 %)
Average Shares	10.50	10.50	-
EPS (Riyals)	2.64	2.34	(11.4 %)

Shareholders’ equity stood at SAR 180.09 million as of Dec. 31, 2023, compared to SAR 130.01 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	56.56	14.23	1.36
H2 2021	61.12	11.60	1.10
H1 2022	62.90	15.39	1.47
H2 2022	66.78	11.53	1.10
H1 2023	81.84	27.77	2.64
H2 2023	100.51	24.61	2.34

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