Al Hammadi profits up 18% to SAR 303.3M in 2023; Q4 at SAR 65.2M

18/03/2024 Argaam Exclusive

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Al Hammadi Holding Co.’s net profit jumped 18% to SAR 303.3 million in 2023, compared to SAR 257.3 million in the year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,122.40	1,176.76	4.8 %
Gross Income	419.67	433.14	3.2 %
Operating Income	262.81	313.16	19.2 %
Net Income	257.34	303.33	17.9 %
Average Shares	160.00	160.00	-
EPS (Riyals)	1.61	1.90	17.9 %

The profit growth was due to the net profit margin soaring to 25.8% in 2023, from 22.9% in 2022. Further, Al Hammadi’s top line grew 4.8% year-on-year (YoY) for the same year, lifted by increased revenues from the medical services and the pharmaceutical products segments within the company’s hospitals.

In Q4 2023, the company’s bottom line slumped by 11% to SAR 65.2 million, compared to SAR 73.17 million in the year-ago period.

On a quarterly basis, net income fell 12.9% from SAR 74.87 million in the third quarter of 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	342.64	303.68	(11.4 %)
Gross Income	131.00	106.45	(18.7 %)
Operating Income	75.30	59.10	(21.5 %)
Net Income	73.17	65.19	(10.9 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.46	0.41	(10.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	297.83	303.68	2.0 %
Gross Income	113.08	106.45	(5.9 %)
Operating Income	86.58	59.10	(31.7 %)
Net Income	74.87	65.19	(12.9 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.47	0.41	(12.9 %)

Total shareholders’ equity, no minority interest, widened to SAR 1.84 billion by the end of Dec. 31, 2023, from SAR 1.71 billion in the year-earlier period.

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