Financial Results : Al Hammadi reports 31% profit rise to SAR 81.4 mln in Q1 2023

Al Hammadi reports 31% profit rise to SAR 81.4 mln in Q1 2023

15/05/2023 Argaam Exclusive

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Al Hammadi Holding reported a net profit of SAR 81.4 million for Q1 2023, a rise of 31% from SAR 62 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 250.89 298.60 19.0 %
Gross Income 96.08 120.20 25.1 %
Operating Income 65.16 87.24 33.9 %
Net Income 61.96 81.42 31.4 %
Average Shares 160.00 160.00 -
EPS (Riyals) 0.39 0.51 31.4 %

Revenue rose 19% year-on-year (YoY) to SAR 298.6 million in Q1 2023, supported by a 22.2% YoY increase in revenue generated from the medical services segment, in addition to a 7.8% YoY rise in the pharmaceutical product segment on higher sales of Al Hammadi’s in-house pharmacies.

 

Gross profit rose 25.3% YoY to SAR 120.4 million during Q1 2023, and the expected credit loss provision declined to SAR 5.9 million in the three-month period from SAR 7.5 million a year earlier.

 

The healthcare services provider’s Q1 2023 net profit rose 11.3% from SAR 73.17 million in the previous quarter.

 

Shareholders’ equity, no minority interest, increased to SAR 1.73 billion by the end of Q1 2023, from SAR 1.67 billion a year earlier.

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