Sulaiman Al Habib posts 22% profit leap in 9M 2022 to SAR 1.209 bln; Q3 at SAR 420.6 mln

Dr. Sulaiman Al Habib Medical Services Group (HMG) posted a 22% jump in net profit after Zakat and tax to SAR 1.209 billion in the first nine months of 2022, from SAR 993.2 million in the year-earlier period.

The profit growth was triggered by better revenue due to an increase in the number of patients and higher inpatient occupancy rates.

The nine-month revenues grew by 14.67% year-on-year (YoY) to SAR 6.057 billion, thanks to growth in all segments. The higher revenue was spurred by growth in the hospital segment, due to increased number of patients and higher inpatient occupancy rates. The pharmacy segment sales increased on a rise in the number of patients compared to the similar period of 2021. 

Earnings before interest, tax, depreciation, and amortization (EBITDA) jumped 17.39% YoY to SAR 1.590 billion. EBITDA margin improved to 26.26% compared to 25.65% in the same period of the previous year.

The third-quarter net profit grew 21% to SAR 420.6 million, from 348.62 billion in Q3 2021, thanks to better revenue due to an increase in the number of patients and higher inpatient occupancy rates.

Revenue rose 11.75% YoY to SAR 2.052 billion in the three-month period. EBITDA recorded a rise of 15.36% YoY to SAR 72.33 million, pushing margins higher to 26.47% from 25.64% in Q3 2021.

Compared to the previous quarter, net profit rose 5.6% from SAR 398.13 million.

Shareholders’ equity, after minority interest, rose to SAR 5.713 billion as of Sept. 30, 2022, from SAR 5.201 billion a year earlier.

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