Financial Results : Fakeeh Care profit jumps to SAR 213.8M in 9M 2024, SAR 93.6M in Q3

Fakeeh Care profit jumps to SAR 213.8M in 9M 2024, SAR 93.6M in Q3

07/11/2024 Argaam Exclusive

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Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) recorded a net profit of SAR 213.8 million in the first nine months of 2024, a 4% rise from SAR 205.6 million in a year-earlier period.


Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 1,664.37 2,048.20 23.1 %
Gross Income 443.95 534.28 20.3 %
Operating Income 233.11 276.21 18.5 %
Net Income 205.61 213.78 4.0 %
Average Shares 200.00 232.00 16.0 %
Earnings Per Share before unusual items 0.84 0.92 10.1 %
EPS (Riyals) 1.03 0.92 (10.4 %)

The profit rise was spurred by higher revenue due to an increase in the number of billable patients and better average revenue per patient across the group. Fakeeh Care also cited a favorable business mix, and a growing contribution from the group’s operate and manage (O&M) contracts.

 

The group’s net profit margins expanded to 9.5%, from 7.9% in 9M 2023.

 

Fakeer Care posted EBITDA of SAR 404 million in 9M 2024, an increase of 15.5% compared to the year-earlier period, with EBITDA margin reaching 19.7%, which reflects the organic growth and profitability of the group’s operations.

 

On the other hand, the current period included a one-off finance income causing a high-base effect of SAR 38.2 million. Adjusting for this non-recurring item, the Group’s net profit would record 49.4% growth.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 589.29 713.82 21.1 %
Gross Income 173.37 183.82 6.0 %
Operating Income 96.08 101.69 5.8 %
Net Income 79.65 93.59 17.5 %
Average Shares 200.00 232.00 16.0 %
Earnings Per Share before unusual items 0.33 0.40 21.7 %
EPS (Riyals) 0.40 0.40 1.3 %

The third-quarter net income jumped 17.5% to SAR 93.6 million, from SAR 79.6 million as revenue grew by 21.1% YoY. EBITDA increased 6.4% on an annual basis, sending EBITDA margins up at 20.4%.

 

The healthcare services provider’s net income saw a surge of 97.2% from SAR 47.4 million in Q2 2024. The group’s topline rose by 9.1% quarter-on-quarter to SAR 713.8 million due to seasonal factors. Moreover, EBITDA jumped to SAR 145.3 million, from SAR 116.2 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, reached SAR 2.88 billion as of Sept. 30, 2024, compared to SAR 953.24 million in the corresponding period of 2023.

 

The nine-month net profit before minority interest reached SAR 195.28 million, up from SAR 186.91 million a year earlier.

 

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