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	21.9 %
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 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,573.62	2,976.56	15.7 %
Gross Income	878.03	992.10	13.0 %
Operating Income	551.67	624.38	13.2 %
Net Income	555.03	595.54	7.3 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.59	1.70	7.3 %

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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