Saudi German Health H1 2024 profit rises to SAR 113.1M; Q2 at SAR 61.2M

04/08/2024 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported a net profit of SAR 113.1 million in H1 2024, compared with SAR 90.4 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,262.31	1,401.87	11.1 %
Gross Income	454.13	538.92	18.7 %
Operating Income	145.49	223.36	53.5 %
Net Income	90.37	113.11	25.2 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.98	1.23	25.2 %

This rise was attributed to an increase in patients flow as well as higher number of surgeries and case mix.

The company also posted a capital gain of SAR 19.6 million on sale of land in Riyadh.

The second-quarter net profit saw a spike of 52% to SAR 61.2 million from SAR 40.25 million in Q2 2023 on higher number of inpatients and outpatients as well as utilization of outpatient clinics and ramping up of new facilities.

The healthcare services provider’s Q2 net earnings also rose by 17.8% from SAR 51.94 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	624.33	712.66	14.1 %
Gross Income	228.63	279.07	22.1 %
Operating Income	68.99	105.73	53.3 %
Net Income	40.25	61.17	52.0 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.44	0.66	52.0 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	689.21	712.66	3.4 %
Gross Income	259.86	279.07	7.4 %
Operating Income	117.64	105.73	(10.1 %)
Net Income	51.94	61.17	17.8 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.56	0.66	17.8 %

Shareholders’ equity, after minority interest, reached SAR 1.63 billion by the end of the six-month period, compared to SAR 1.45 billion a year earlier.

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