Financial Results : Fakeeh Care profit falls 14% to SAR 279.6M in 2023; Q4 at SAR 74M

Fakeeh Care profit falls 14% to SAR 279.6M in 2023; Q4 at SAR 74M

25/04/2024 Argaam Exclusive

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Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care), slated to be listed on the main market (TASI), posted a net profit of SAR 279.6 million for 2023, down 14% from SAR 326.3 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 2,012.39 2,326.69 15.6 %
Gross Income 612.25 616.68 0.7 %
Operating Income 369.69 312.84 (15.4 %)
Net Income 326.32 279.59 (14.3 %)
Average Shares 200.00 200.00 -
EPS (Riyals) 1.63 1.40 (14.3 %)

The profit decline was attributed to a 32% year-on-year (YoY) rise in operating expenses to SAR 292.5 million. Financing costs also increased to SAR 122.2 million, while gross profit margin declined to 27% compared with 30% a year earlier. The operating profit margin fell to 13% in 2023, versus 18% a year ago.

 

However, revenues surged to SAR 2.32 billion in 2023 as other income also grew to SAR 25.8 million by year-end. Further, Financing revenues went up to SAR 38.2 million during the same year.

 

In Q4 2023, net earnings dropped 30% to SAR 74 million, compared with SAR 104.91 million in the same period of 2022.

 

On a quarter-on-quarter basis, net earnings decreased 7.1% from SAR 79.65 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 540.37 662.32 22.6 %
Gross Income 176.32 182.10 3.3 %
Operating Income 97.59 79.73 (18.3 %)
Net Income 104.91 73.99 (29.5 %)
Average Shares 200.00 200.00 -
EPS (Riyals) 0.52 0.37 (29.5 %)

Total shareholders' equity, after minority interest, reached SAR 1.02 billion at the end of December 2023, compared with SAR 1.89 billion a year before.

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