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 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	206.69	244.30	18.2 %
Gross Income	66.48	90.81	36.6 %
Operating Income	33.84	53.15	57.0 %
Net Income	24.94	39.10	56.8 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.16	0.24	56.8 %

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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