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.
| 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.
| 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 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 589.29 | 662.32 | 12.4 % |
| Gross Income | 176.00 | 182.10 | 3.5 % |
| Operating Income | 96.08 | 79.73 | (17.0 %) |
| Net Income | 79.65 | 73.99 | (7.1 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.40 | 0.37 | (7.1 %) |
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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