Al Hammadi’s 2022 profit soars to SAR 257.3 mln; Q4 at SAR 73.2 mln

02/03/2023 Argaam Exclusive

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Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 257.3 million for 2022, more than doubling from SAR 90.1 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	951.89	1,122.40	17.9 %
Gross Income	364.05	419.67	15.3 %
Operating Income	125.24	262.81	109.8 %
Net Income	90.09	257.34	185.6 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.56	1.61	185.6 %

This profit growth was driven by revenue that grew by 17.91% in 2022, thanks to the medical services and pharmaceuticals segments that recorded solid growth of 18.00% and 17.60%, respectively.

The firm also cited a decrease in expected credit loss provision of 64.82% compared with a year earlier. This is in addition to a SAR 8.78 million loss from discontinued operations at Al Hammadi Olaya Hospital in 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	281.78	342.64	21.6 %
Gross Income	108.53	131.00	20.7 %
Operating Income	19.27	75.30	290.7 %
Net Income	10.67	73.17	586.0 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.07	0.46	586.0 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	246.92	342.64	38.8 %
Gross Income	83.50	131.00	56.9 %
Operating Income	52.33	75.30	43.9 %
Net Income	57.11	73.17	28.1 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.36	0.46	28.1 %

Q4 2022 net profit also soared to SAR 73.2 million, from SAR 10.67 million in Q4 2021.

On a sequential basis, net earnings leapt 28.1% from SAR 57.11 million.

Total shareholders’ equity, no minority interest, reached SAR 1.71 billion at the end of 2022, compared with SAR 1.65 billion a year earlier.

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