Financial Results : Al Hammadi profit down 21% to SAR 64M in Q1 2024

Al Hammadi profit down 21% to SAR 64M in Q1 2024

19/05/2024 Argaam Exclusive

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Al Hammadi Holding reported a net profit of SAR 64 million for Q1 2023, a decline of 21% from SAR 81 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 298.60 277.04 (7.2 %)
Gross Income 120.20 91.06 (24.2 %)
Operating Income 87.24 68.17 (21.9 %)
Net Income 81.42 64.04 (21.3 %)
Average Shares 160.00 160.00 -
EPS (Riyals) 0.51 0.40 (21.3 %)

The annual profit decline was attributed to a 7.2% revenue drop and higher costs due to increase in medical staff costs owing to yearly raises and new hires to staff Al Hammadi’s capacity expansions and new service offerings.

 

The healthcare services provider’s Q1 2024 net profit fell 1.8% from SAR 65.19 million in the previous quarter.

 

Shareholders’ equity, no minority interest, increased to SAR 1.85 billion by the end of Q1 2024, from SAR 1.73 billion a year earlier.

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