Financial Results : Saudi German Health logs SAR 282M profit in 2024; Q4 at SAR 107.1M on one-off income

Saudi German Health logs SAR 282M profit in 2024; Q4 at SAR 107.1M on one-off income

02/03/2025 Argaam Exclusive

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Middle East Healthcare Co.’s (Saudi German Health) earnings rose to SAR 282 million by the end of 2024, compared with SAR 17 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 2,653.17 2,882.82 8.7 %
Gross Income 1,014.41 1,113.90 9.8 %
Operating Income 323.97 440.93 36.1 %
Net Income 17.04 282.00 1554.9 %
Average Shares 92.04 92.04 -
Earnings Per Share before unusual items (Riyals) 2.04 2.36 15.5 %
EPS (Riyals) 0.19 3.06 1554.9 %

This annual profit growth was driven by the elevated revenues, thanks to the higher number of inpatient and outpatient visits. This was supported by the group's expanded capacity, with more operational beds and clinics added in 2024, compared to 2023.

 

The rise in business volumes with the Ministry of Health, insurance companies, and cash-paying customers further contributed to Saudi German Health’s 2024 revenue increase.

 

In 2024, Saudi German Health recorded a capital gain of SAR 19.6 million from the sale of a land plot in Riyadh.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 719.81 748.88 4.0 %
Gross Income 293.96 282.08 (4.0 %)
Operating Income 68.62 101.69 48.2 %
Net Income 44.37 107.14 141.5 %
Average Shares 92.04 92.04 -
Earnings Per Share before unusual items (Riyals) 0.48 0.67 39.1 %
EPS (Riyals) 0.48 1.16 141.5 %

As for Q4 2024, the company reported a net profit of SAR 107.14 million, marking a 141.5% uptick from SAR 44.37 million in the fourth quarter of 2023.

 

Sequentially, the bottom line jumped by 73.5% from SAR 61.74 million in Q3 2024.

 

Shareholders’ equity, after minority interest, stood at SAR 1.62 billion by the end of 2024, up from SAR 1.31 billion a year earlier.

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