Financial Results : Al Hammadi’s H1 2023 profit up 29% to SAR 163.3 mln, Q2 at SAR 81.9 mln

Al Hammadi’s H1 2023 profit up 29% to SAR 163.3 mln, Q2 at SAR 81.9 mln

10/08/2023 Argaam Exclusive

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Al Hammadi Holding reported a net profit of SAR 163.3 million in H1 2023, a rise of 29% from SAR 127.1 million in the year-earlier period.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 532.83 575.26 8.0 %
Gross Income 205.17 213.62 4.1 %
Operating Income 135.18 174.77 29.3 %
Net Income 127.06 163.27 28.5 %
Average Shares 160.00 160.00 -
EPS (Riyals) 0.79 1.02 28.5 %

The growth was spurred by revenues, which grew by 7.96% year-on-year (YoY) to SAR 575.26 million in H1 2023, driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.

 

The company booked a credit loss reversal of SAR 17.84 million in the second quarter of 2023, reducing the net provision for expected credit losses reversed for the current period to SAR 11.96 million from SAR 24.31 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 281.94 276.66 (1.9 %)
Gross Income 109.09 93.42 (14.4 %)
Operating Income 70.02 87.53 25.0 %
Net Income 65.10 81.85 25.7 %
Average Shares 160.00 160.00 -
EPS (Riyals) 0.41 0.51 25.7 %

In Q2 2023, net profit jumped 25.7% to SAR 81.85 million from SAR 65.10 million in Q2 2022, as Al Hammadi recorded a credit loss reversal of SAR 17.84 million on better collection rates.

 

The net profit also was 0.5% up from SAR 81.42 million in Q1 2023 on a SAR 17.84 million provision reversal in Q2, against an expected credit loss provision of SAR 5.88 million in the previous quarter.

 

Shareholders’ equity, no minority interest, increased to SAR 1.76 billion as of June 30, 2023, from SAR 1.68 billion a year earlier.

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