Al Hammadi 9M 2023 profit rises 29% to SAR 238.1 mln, Q3 at SAR 74.9 mln

05/11/2023 Argaam Exclusive

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Al Hammadi Holding reported a net profit of SAR 238.1 million in 9M 2023, a rise of 29% from SAR 184.2 million in the year-earlier period, as revenues grew 12% year-on-year (YoY) to SAR 873.1 million on improved topline of medical services and pharmaceutical segments.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	779.75	873.08	12.0 %
Gross Income	288.67	326.70	13.2 %
Operating Income	187.51	254.07	35.5 %
Net Income	184.17	238.14	29.3 %
Average Shares	160.00	160.00	-
EPS (Riyals)	1.15	1.49	29.3 %

Expected credit loss provision, which booked a net credit loss reversal of SAR 6.3 million during the nine-month period as the company continued improving collection rates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	246.92	297.83	20.6 %
Gross Income	83.50	113.08	35.4 %
Operating Income	52.33	79.30	51.5 %
Net Income	57.11	74.87	31.1 %
Average Shares	160.00	160.00	-
EPS (Riyals)	0.36	0.47	31.1 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	276.66	297.83	7.7 %
Gross Income	93.42	113.08	21.0 %
Operating Income	87.53	79.30	(9.4 %)
Net Income	81.85	74.87	(8.5 %)
Average Shares	160.00	160.00	-
EPS (Riyals)	0.51	0.47	(8.5 %)

Q3 2023 net profit jumped 31% YoY to SAR 74.9 million on solid revenue growth of 20.6% YoY, along with improved cost efficiencies where gross profit and operating profit margins improved by 4.1 percentage points and 2.3 percentage points, respectively. Expected credit loss provision declined to SAR 5.6 million from SAR 11.3 million in Q3 2022.

Sequentially, Q3 net profit fell 8.5% from SAR 81.85 million in Q2 2023.

Shareholders’ equity, no minority interest, increased to SAR 1.83 billion as of Sept. 30, 2023, from SAR 1.69 billion a year earlier.

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