Saudi German Health profit rises to SAR 143.7 mln in 9M 2023; Q3 at SAR 53.3 mln

02/11/2023 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported a surge in net profit to SAR 143.7 million in the first nine months of 2023, compared to SAR 42 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,533.79	1,933.36	26.1 %
Gross Income	476.00	720.45	51.4 %
Operating Income	82.38	255.35	210.0 %
Net Income	42.02	143.67	241.9 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.46	1.56	241.9 %

This was because of a leap in revenues due to the higher number of inpatients and the group’s increased capacity. Operating efficiency also improved due to the ramping up of new facilities.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	512.37	671.05	31.0 %
Gross Income	152.21	266.33	75.0 %
Operating Income	26.26	109.85	318.4 %
Net Income	11.11	53.30	379.9 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.12	0.58	379.9 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	624.33	671.05	7.5 %
Gross Income	228.63	266.33	16.5 %
Operating Income	68.99	109.85	59.2 %
Net Income	40.25	53.30	32.4 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.44	0.58	32.4 %

In the third quarter of this year, net profit skyrocketed to SAR 53.3 million, compared to SAR 11.1 million in Q3 2022, thanks to a rise in the number of inpatients and outpatients. Operating efficiency also strengthened on the rollout of new facilities.

Net profit jumped 32.4% from SAR 40.2 million in Q2 2023 due to the abovementioned reasons.

Total shareholders’ equity, no minority interest, jumped to SAR 1.51 billion as of Sept. 30, 2023, from SAR 1.29 billion a year earlier.

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