Al Hammadi’s net profit falls 21% to SAR 79.4 mln in 9M 2021

11/11/2021 Argaam Exclusive

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Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 79.4 million for the first nine months of 2021, a decline of 21% from SAR 100.6 million in a prior-year period.

The drop in earnings was driven by SAR 8.8 million loss from discontinued operations of Al Hammadi Olaya Hospital, decreased sales of subsidiaries and higher provisions.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	533.59	670.10	25.6 %
Gross Income	184.35	255.52	38.6 %
Operating Income	84.57	105.97	25.3 %
Net Income	100.61	79.42	(21.1 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.63	0.50	(21.1 %)

Q3 2021 net profit after Zakat and tax plunged 90% year-on-year (YoY) to SAR 3.6 million, driven by SAR 36.7 million in loss from the discontinued operations of Al Hammadi Olaya Hospital for the current quarter, and subdued sales of subsidiaries.

The company also cited higher provisions for credit loss and increased Zakat expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	207.85	219.92	5.8 %
Gross Income	77.59	88.16	13.6 %
Operating Income	43.13	49.65	15.1 %
Net Income	36.57	3.58	(90.2 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.23	0.02	(90.2 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	223.90	219.92	(1.8 %)
Gross Income	79.96	88.16	10.3 %
Operating Income	33.63	49.65	47.6 %
Net Income	40.31	3.58	(91.1 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.25	0.02	(91.1 %)

On a quarterly basis, net earnings plummeted 91.1%.

Total shareholders’ equity (excluding minority interest) increased by 3.2% YoY to SAR 1.72 billion for the nine-month period.

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