Sulaiman Al Habib Group posts 23% profit rise to SAR 737.7 mln in 9M 2020

25/10/2020 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Group (HMG) reported a net profit after Zakat and tax of SAR 737.7 million for the first nine months of 2020, a 23% year-on-year (YoY) increase, compared to SAR 600.1 million in the same period a year ago.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	3,611.83	4,170.26	15.5 %
Gross Income	1,087.87	1,318.60	21.2 %
Operating Income	604.23	785.81	30.1 %
Net Income	600.05	737.65	22.9 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.71	2.11	22.9 %

The company attributed the profit rise to 15.46% increase in revenues, 24.47%% increase in EBITDA, and higher net income by 22.93%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	1,226.74	1,623.91	32.4 %
Gross Income	348.97	558.89	60.2 %
Operating Income	192.48	323.89	68.3 %
Net Income	198.00	298.80	50.9 %
Average Shares	350.00	350.00	-
EPS (Riyals)	0.57	0.85	50.9 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	1,203.01	1,623.91	35.0 %
Gross Income	359.86	558.89	55.3 %
Operating Income	203.31	323.89	59.3 %
Net Income	192.25	298.80	55.4 %
Average Shares	350.00	350.00	-
EPS (Riyals)	0.55	0.85	55.4 %

The company’s Q3 net profit after Zakat and tax increased by 51% YoY to SAR 298.8 million due to a 32.38% rise in revenues, higher net income by 50.9%, and a 47.11% rise in EBITDA.

On a quarterly basis, Q3 net profit surged 55.4% due to seasonality of revenue as travel during the summer period remained limited due to COVID-19.

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