Saudi German Health logs SAR 174.9M profit in 9M 2024; Q3 at SAR 61.7M

03/11/2024 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported a net profit of SAR 174.9 million for the first nine months of 2024, compared with SAR 143.7 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,933.36	2,133.94	10.4 %
Gross Income	720.45	831.82	15.5 %
Operating Income	255.35	339.24	32.9 %
Net Income	143.67	174.86	21.7 %
Average Shares	92.04	92.04	-
EPS (Riyals)	1.56	1.90	21.7 %

The profit was driven by an increase in patient flow, number of performed surgeries, and case mix, as well as a capital gain of SAR 19.6 million due to the sale of land in Riyadh.

The company reported a net profit of SAR 61.7 million in Q3 2024, up 16% from SAR 53.3 million in Q3 2023, spurred mainly by higher revenues.

Sequentially, Saudi German Health’s profit grew 0.9% from SAR 61.17 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	671.05	732.07	9.1 %
Gross Income	266.33	292.90	10.0 %
Operating Income	109.85	115.88	5.5 %
Net Income	53.30	61.74	15.8 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.58	0.67	15.8 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	712.66	732.07	2.7 %
Gross Income	279.07	292.90	5.0 %
Operating Income	105.73	115.88	9.6 %
Net Income	61.17	61.74	0.9 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.66	0.67	0.9 %

Shareholders’ equity, no minority interest, stood at SAR 1.69 billion as of Sept. 30, 2024, up from SAR 1.51 billion a year earlier.

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