Sulaiman Al Habib profit surges 24% to SAR 2.04B in 2023; Q4 at SAR 525M

18/02/2024 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group (HMG) posted a 24% rise in net profit to SAR 2.04 billion for 2023, compared to SAR 1.65 billion in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	8,310.74	9,508.44	14.4 %
Gross Income	2,748.14	3,270.05	19.0 %
Operating Income	1,700.49	2,095.65	23.2 %
Net Income	1,650.75	2,046.01	23.9 %
Average Shares	350.00	350.00	-
EPS (Riyals)	4.72	5.85	23.9 %

The increase in net profit came as revenues edged up 14.41% year-on-year (YoY) to SAR 9.5 billion, due to growth in the hospitals and pharmacy segments, on a rise in the number of outpatients and inpatient occupancy. Net profit margin grew to 21.52% versus 19.86% in 2022.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 18.49% YoY to SAR 2.5 billion. EBITDA margin improved to 26.61% in 2023 from 25.7% in the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	2,253.68	2,486.49	10.3 %
Gross Income	737.07	868.16	17.8 %
Operating Income	427.56	534.18	24.9 %
Net Income	441.50	525.01	18.9 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.26	1.50	18.9 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	2,442.81	2,486.49	1.8 %
Gross Income	843.43	868.16	2.9 %
Operating Income	552.09	534.18	(3.2 %)
Net Income	544.77	525.01	(3.6 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	1.56	1.50	(3.6 %)

The fourth-quarter net profit grew by 19% YoY to SAR 525 million.

Compared to the previous quarter, net profit slipped 3.6% from SAR 544.77 million.

Shareholders’ equity, after minority interest, rose to SAR 6.48 billion as of Dec. 31, 2023, from SAR 5.87 billion a year earlier.

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