Saudi German Health net profit soars to SAR 180.2M in 2023, Q4 at SAR 36.5M

31/03/2024 Argaam Exclusive

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Middle East Healthcare Co.’s (Saudi German Health) net profit surged to SAR 180.2 million for 2023, compared to SAR 75.2 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	2,151.74	2,653.17	23.3 %
Gross Income	680.01	1,014.41	49.2 %
Operating Income	140.34	342.50	144.0 %
Net Income	75.18	180.18	139.7 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.82	1.96	139.7 %

This was fueled by higher revenue due to an increase in number of inpatients as well as the group’s capacity, in addition to higher efficiency on ramping up of new facilities.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	617.96	719.81	16.5 %
Gross Income	204.01	293.96	44.1 %
Operating Income	57.96	87.15	50.4 %
Net Income	33.16	36.50	10.1 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.36	0.40	10.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	671.05	719.81	7.3 %
Gross Income	266.33	293.96	10.4 %
Operating Income	109.85	87.15	(20.7 %)
Net Income	53.30	36.50	(31.5 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.58	0.40	(31.5 %)

Q4 2023 net profit increased 10% year-on-year (YoY) to SAR 36.5 million from SAR 33.16 million.

On a quarterly basis, net earnings dropped 31.5% from SAR 53.30 million in Q3 2023.

Total shareholders’ equity, after minority interest, stood at SAR 1.51 billion by Dec. 31, 2023, compared to SAR 1.36 billion a year ago.

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