Al Hammadi’s 2021 profit declines 31% to SAR 90.1 mln; Q4 at SAR 10.7 mln

24/03/2022 Argaam Exclusive

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Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 90.1 million for 2021, a decline of 31% from SAR 130.8 million a year earlier.

This profit drop was driven by a SAR 8.8 million loss from discontinued operations of Al Hammadi Olaya Hospital in 2021.

The Saudi medical services provider also cited higher credit loss provisions, SAR 9.7 million goodwill impairment loss, in addition to lower sales of subsidiaries last year.

Financials (M)

Item	2020	2021	Change‬
Revenues	764.06	951.89	24.6 %
Gross Income	252.83	364.05	44.0 %
Operating Income	103.91	125.24	20.5 %
Net Income	130.83	90.09	(31.1 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.82	0.56	(31.1 %)

Q4 2021 net profit tumbled 65% year-on-year (YoY) to SAR 10.7 million, from SAR 30.2 million in Q4 2020.

On a sequential basis, net earnings more than doubled from SAR 3.58 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	230.47	281.78	22.3 %
Gross Income	68.48	108.53	58.5 %
Operating Income	19.33	19.27	(0.3 %)
Net Income	30.21	10.67	(64.7 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.19	0.07	(64.7 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	219.92	281.78	28.1 %
Gross Income	88.16	108.53	23.1 %
Operating Income	49.65	19.27	(61.2 %)
Net Income	3.58	10.67	197.8 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.02	0.07	197.8 %

Total shareholders’ equity, excluding minority interest, dropped 2.32% YoY to SAR 1.659 billion for 2021, from SAR 1.698 billion a year earlier.

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