Financial Results : Fakeeh Care profit slightly up to SAR 72.7M in Q1 2024

Fakeeh Care profit slightly up to SAR 72.7M in Q1 2024

03/07/2024 Argaam Exclusive

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Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care)) posted a net profit of SAR 72.7 million for Q1 2024, slightly up from SAR 72 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 529.41 680.33 28.5 %
Gross Income 144.40 188.58 30.6 %
Operating Income 78.44 103.15 31.5 %
Net Income 72.04 72.72 1.0 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.36 0.36 1.0 %

The healthcare provider reported an increase in revenue by 28.5% to SAR 680.3 million from SAR 529.4 million in Q1 2023, driven by growing patient numbers in Jeddah and Riyadh, further supported by the group's operate and manage (O&M) contract in NEOM.

 

Meanwhile, earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 10.7% to reach SAR 144.5 million from SAR 130.6 million in Q1 2023, reflecting strong revenue growth and optimized cost structure. EBITDA in Q1 2023 also included a one-off finance income of SAR 11.9 million from a long-term receivable balance which was settled in September 2023.

 

On a quarter-on-quarter basis, net earnings decreased 1.7% from SAR 73.99 million in Q4 2023 on higher financing costs and Zakat provisions.

 

Total shareholders' equity, after minority interest, reached SAR 1.09 billion at the end of March 2024, compared with SAR 1.96 billion a year before.

 

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