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

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 %

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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