Financial Results : Saudi German Health’s Q1 2023 profit leaps to SAR 50.1 mln

Saudi German Health’s Q1 2023 profit leaps to SAR 50.1 mln

14/05/2023 Argaam Exclusive

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Middle East Healthcare Co.’s (Saudi German Health) Q1 2023 net profit more than doubled to SAR 50.1 million, compared to SAR 20.5 million in the year before.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 513.32 637.99 24.3 %
Gross Income 165.02 225.50 36.6 %
Operating Income 35.28 76.51 116.9 %
Net Income 20.49 50.12 144.6 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.22 0.54 144.6 %

The year-on-year (YoY) profit jump was attributed to the increased patients count in Saudi German Health’s inpatient and outpatient departments. This is in addition to higher operational efficiency amid a rise in the occupancy rates of the group's new expansions.

 

Sequentially, Saudi German Health’s net profit climbed 51.1% from SAR 33.16 million in Q4 2022, driven by increased revenues and operational capacity that pushed the number of patients higher.

 

Shareholders’ equity, after minority interest, advanced to SAR 1.41 billion by the end of the three-month period, from SAR 1.36 billion a year ago.

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