Financial Results : Saudi German Health profit soars to SAR 75.2 mln in 2022; Q4 at SAR 33.2 mln

Saudi German Health profit soars to SAR 75.2 mln in 2022; Q4 at SAR 33.2 mln

26/02/2023 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported a surge in 2022 net profit after Zakat and tax of SAR 75.2 million, compared to SAR 17.2 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 1,872.62 2,151.74 14.9 %
Gross Income 608.18 680.01 11.8 %
Operating Income 40.50 140.34 246.5 %
Net Income 17.20 75.18 337.1 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.19 0.82 337.1 %

The profit spike was spurred by an increase in number of patients both in outpatient and inpatient clinics, higher revenue due to the revised prices with major customer, accreditation and case mix, along with better efficiency due to ramp up of new facilities.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 498.95 617.96 23.9 %
Gross Income 160.11 204.01 27.4 %
Operating Income (7.03) 57.96 924.3 %
Net Income (18.39) 33.16 280.3 %
Average Shares 92.04 92.04 -
EPS (Riyals) (0.20) 0.36 280.3 %

In Q4 2022, the healthcare services provider swung to a net profit of SAR 33.2 million, against a net loss of SAR 18.39 million in the prior-year period.

 

Compared to the previous quarter, net profit more than doubled from SAR 11.11 million.

 

Shareholders’ equity, after minority interest, increased to SAR 1.36 billion as of Dec. 31, 2022, from SAR 1.25 billion a year earlier.

 

In 2022, SGH opened three new healthcare facilities in Jeddah, Abha and Makkah, growing the group’s network to eight hospitals and two polyclinics across seven cities in the Kingdom.

 

The three new facilities contributed negative results of SAR 54 million in the 12-month period.

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