Sulaiman Al Habib Group posts 9% profit growth to SAR 438.9 mln in H1 2020

16/08/2020 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Group (HMG) reported a net profit after Zakat and tax of SAR 438.9 million for the first half of 2020, a 9% year-on-year (YoY) increase, compared to SAR 402.1 million in the same period a year ago.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	2,385.09	2,546.35	6.8 %
Gross Income	738.90	759.71	2.8 %
Operating Income	411.75	461.92	12.2 %
Net Income	402.05	438.85	9.2 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.15	1.25	9.2 %

The company attributed the profit rise to 6.76% increase in revenues, higher gross profit and operating income, a 17.23% increase in net income margin, and 14.58% increase in EBITDA.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	1,157.19	1,203.01	4.0 %
Gross Income	334.70	359.86	7.5 %
Operating Income	163.58	203.31	24.3 %
Net Income	167.97	192.25	14.5 %
Average Shares	350.00	350.00	-
EPS (Riyals)	0.48	0.55	14.5 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	1,343.34	1,203.01	(10.4 %)
Gross Income	399.85	359.86	(10.0 %)
Operating Income	258.61	203.31	(21.4 %)
Net Income	246.60	192.25	(22.0 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	0.70	0.55	(22.0 %)

The company’s Q2 net profit after Zakat and tax increased by 15% YoY to SAR 192.3 million due to a 3.96% rise in revenues, higher net income by 14.46%, a 7.52% rise in gross profit, and 24.29% growth in operating income.

However, on a quarterly basis, Q2 net profit slumped 22% due to seasonality of revenue, which dropped by 10.45% quarter-on-quarter, in addition to the effect of the curfew in the second quarter.

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