Tibbiyah posts 14% drop in 2021 net profit to SAR 82.3 mln
13/03/2022
Argaam Exclusive
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Arabian International Healthcare Holding Co. (Tibbiyah) posted a 14% decline in net profit after Zakat and tax to SAR 82.3 million in 2021, compared to SAR 95.8 million a year earlier.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 818.69 | 618.54 | (24.4 %) |
| Gross Income | 198.38 | 143.52 | (27.7 %) |
| Operating Income | 98.28 | 70.10 | (28.7 %) |
| Net Income | 95.79 | 82.31 | (14.1 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 4.79 | 4.12 | (14.1 %) |
The company attributed the profit drop to a decline in annual revenue to SAR 618.5 million, from SAR 818.7 million in 2020.
On the other hand, Tibbiyah mitigated the negative impact on its annual net profit, as it focused on operating cost efficiencies and working capital management. Tibbiyah’s net profit margins also increased to 13% in 2021, from 12% in 2020.
Compared With The
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 625.04 | 369.30 | (40.9 %) |
| Gross Income | 159.44 | 85.79 | (46.2 %) |
| Operating Income | 109.27 | 60.70 | (44.4 %) |
| Net Income | 126.75 | 77.22 | (39.1 %) |
| Average Shares | 20.00 | 20.00 | - |
| EPS (Riyals) | 6.34 | 3.86 | (39.1 %) |
Shareholders' equity, excluding minority interest, saw a slight decline to SAR 332.1 million in 2021, from SAR 332.1 million in 2020.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| H1 2021 | 249.24 | 28.7 % | 57.73 | 48.2 % | 9.40 | 185.5 % |
| H2 2021 | 369.30 | (40.9 %) | 85.79 | (46.2 %) | 60.70 | (44.4 %) |
| 2021 | 618.54 | (24.4 %) | 143.52 | (27.7 %) | 70.10 | (28.7 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 5.10 | 116.5 % | 0.25 | - | 5.10 | 0.25 |
| H2 2021 | 77.22 | (39.1 %) | 3.86 | 14.63 | 62.59 | 3.13 |
| 2021 | 82.31 | (14.1 %) | 4.12 | 14.63 | 67.69 | 3.38 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 24.84 % | 14.38 % | 10.92 % |
| H2 2021 | 23.20 % | 12.41 % | 10.94 % |
| 2021 | 23.20 % | 12.41 % | 10.94 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 20.00 | 6.59 | 4.77 | 12.74 |
| H2 2021 | 20.00 | 4.12 | 3.38 | 16.67 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | - | - | - |
| H2 2021 | - | - | - |
Business Segments (Million)
Q4 2021
| Period | Medical devices | Medical supplies |
|---|---|---|
| Q2 2021 | 123.93 | 125.30 |
| Q4 2021 | 180.28 | 189.03 |
| Current | |
| Market Cap (M Riyal) | 834.00 |
| Enterprise Value (EV) (M) | 1,275.97 |
| Shares Outstanding ((M)) | 20.00 |
| Book Value (BV) ( Riyal) | 15.33 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | More than 100 |
| Price/book | 2.72 |
Share Price
Arabian International Healthcare Holding Co. (TIBBIYAH)
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