Financial Results : Al Hammadi net profit jumps 45% to SAR 64.1 mln in H1 2020

Al Hammadi net profit jumps 45% to SAR 64.1 mln in H1 2020

24/08/2020 Argaam Exclusive

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Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 64.1 million for H1 2020, a 45% increase compared to SAR 44.2 million a year earlier.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 483.51 450.99 (6.7 %)
Gross Income 136.69 157.29 15.1 %
Operating Income 58.14 86.99 49.6 %
Net Income 44.18 64.05 45.0 %
Average Shares 160.00 160.00 -
EPS (Riyals) 0.28 0.40 45.0 %

The higher net profit was backed by improved performance of Hospital Al-Nuzha branch, higher inpatient revenues, due to the increased referrals from the Ministry of Health, and a decline in some expenses and staff costs.

 

Moreover, a decrease in finance costs due to lower loan balances and lower lending cost also boosted the first-half figures.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 253.83 244.30 (3.8 %)
Gross Income 71.08 90.81 27.7 %
Operating Income 30.95 53.15 71.8 %
Net Income 20.01 39.10 95.4 %
Average Shares 160.00 160.00 -
EPS (Riyals) 0.13 0.24 95.4 %

The second-quarter net profit surged 95% year-on-year to SAR 39.1 million, driven by improved performance of Hospital Al-Nuzha branch, higher inpatient revenues, and a decrease in finance costs.

 

When compared to the previous quarter, net profit climbed 57% on higher inpatient revenues and a decline in some expenses and staff costs.

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