Almoosa Health 2024 net profit slips 4% to SAR 94.4M; Q4 at 54M

Almoosa Health Co. reported a net profit of SAR 94.4 million for 2024, a decrease of 4% from SAR 98.1 million in the year-earlier period.

The profit drop was driven by a significant increase in depreciation and finance costs due to the major portion of the construction work-in-progress transferred to property and equipment.

Meanwhile, revenues increased by 22.8% due to a rise in the number of patients, accompanied by higher average revenues from outpatient visits, an expanded range of specialties, and a focus on specialized healthcare.

Medical services revenue rose by 12.3% to reach SAR 825.6 million, driven by an increase in inpatient numbers and outpatient visits at Almoosa Specialist Hospital, alongside the expansion of specialized care services.

Pharmaceutical services revenue increased by 38.3% to reach SAR 258.2 million, reflecting the growth in the number of patients receiving services.

Meanwhile, revenue from rehabilitation services reached SAR 118.5 million, a 108.6% increase, supported by full occupancy rates at Almoosa Rehabilitation Hospital during its first year of operation.

Gross profit increased by 21.1% in 2024 to SAR 371.7 million, driven by service expansion, improved operational efficiency, and the implementation of optimal pricing strategies, all contributing to enhanced overall profitability.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 37.8%, indicating increased operational efficiency.

Q4 2024 net earnings rose 167.6% to SAR 54 million, compared to SAR 20.18 million in Q4 2023.

On a sequential basis, net profit grew 93.4% from SAR 27.93 million in Q3.

Total shareholders’ equity rose to SAR 717.7 million by Dec. 31, 2024, compared to SAR 656 million in the prior-year period.

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