Financial Results : Sulaiman Al Habib 9M 2024 profit rises 12% to SAR 1.7B; Q3 at SAR 595.5M

Sulaiman Al Habib 9M 2024 profit rises 12% to SAR 1.7B; Q3 at SAR 595.5M

03/11/2024 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group posted a 12% profit rise in the first nine months of 2024 to SAR 1.70 billion, compared to SAR 1.52 billion in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 7,021.95 8,071.59 14.9 %
Gross Income 2,401.89 2,747.45 14.4 %
Operating Income 1,561.47 1,732.13 10.9 %
Net Income 1,521.00 1,701.52 11.9 %
Average Shares 350.00 350.00 -
EPS (Riyals) 4.35 4.86 11.9 %

The profit rise was mainly driven by a 14.95% year-on-year (YoY) rise in revenue to SAR 8.07 billion, as a result of the growth in the hospitals and pharmacies segments and an increase in the number of patients.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 11.62% YoY to SAR 2.13 billion. Meanwhile, EBITDA margin declined to 26.48% during the nine-month period from 27.26% a year earlier.

 

The company’s net profit margin shrank to 21.08% from 21.66% in 9M 2023.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,442.81 2,976.56 21.8 %
Gross Income 843.43 992.10 17.6 %
Operating Income 552.09 624.38 13.1 %
Net Income 544.77 595.54 9.3 %
Average Shares 350.00 350.00 -
EPS (Riyals) 1.56 1.70 9.3 %

The third-quarter net profit grew 9% to SAR 595.5 million, from SAR 544.7 million in Q3 2023.

 

The topline jumped 21.85% YoY % to SAR 2.97 billion, as a result of the growth in the hospitals and pharmacies segments and an increase in the number of patients

 

EBITDA rose 14.3% YoY to SAR 772,75 million, while EBITDA margin dropped to 25.96% from 27.68% in Q3 2023.

 

Compared to Q2 2024, net earnings rose 7.3% from SAR 555 million as revenue leapt 15.66% quarter-on-quarter on increased number of patients.

 

Shareholders’ equity, after minority interest, reached SAR 6.99 billion as of Sept. 30, 2024, up from SAR 6.39 billion a year earlier.

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