Naba Alsaha earns SAR 13M in H1 2024

25/08/2024 Argaam Exclusive

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Naba Alsaha Medical Services Co. reported a net profit of SAR 13 million in the first half of 2024, compared to SAR 27.8 million in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	81.84	96.27	17.6 %
Gross Income	33.63	31.53	(6.3 %)
Operating Income	18.66	14.69	(21.3 %)
Net Income	27.77	13.04	(53.0 %)
Average Shares	10.50	10.50	-
EPS (Riyals)	2.64	1.24	(53.0 %)

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	81.84	96.27	17.6 %
Gross Income	33.63	31.53	(6.3 %)
Operating Income	18.66	14.69	(21.3 %)
Net Income	27.77	13.04	(53.0 %)
Average Shares	10.50	10.50	-
EPS (Riyals)	2.64	1.24	(53.0 %)

Item	H2 2023	H1 2024	Change‬
Revenues	100.51	96.27	(4.2 %)
Gross Income	40.14	31.53	(21.4 %)
Operating Income	24.31	14.69	(39.6 %)
Net Income	24.61	13.04	(47.0 %)
Average Shares	10.50	10.50	-
EPS (Riyals)	2.34	1.24	(47.0 %)

The lower profit was attributed to the one-off gains included on the acquisition of Al-Anwar Medical Hospital in Hail during H1 2023. Naba Alsaha opened new facilities at the newly-acquired hospital, which led the company to incur higher operating expenses. The positive financial impact of these expansions is expected to show in H1 2025.

Meanwhile, Naba Alsaha reported higher revenue on the increased inpatient and outpatient count, as well as the improved utilization rate.

Shareholders’ equity, no minority interest, reached SAR 193.13 million as of June 30, 2024, up from SAR 155.68 million a year earlier.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	56.56	14.23	2.03
H2 2021	61.12	11.60	1.66
H1 2022	62.90	15.39	2.20
H2 2022	66.78	11.53	1.65
H1 2023	81.84	27.77	2.64
H2 2023	100.51	24.61	2.34
H1 2024	96.27	13.04	1.24

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