Naba Alsaha profits increase to SR15.4 mln during H1, by 8%

Naba Alsaha Medical Services Company revealed that the net profit after zakat and tax during the first half rose to SR15.4 million, compared to SR14.2 million in the same period last year, at a rate of 8.16%.
This came after Thursday’s announcement of the preliminary financial results for the period ending 30.06.2022 (six months).
The operational profit amounted to SR15.6 million in the first half, compared to SR14 million in the same period of the previous year, an increase of 10.4%.
The gross shareholders’ equity “without minority rights” amounted to SR118.3 million in the 6-month period, compared to SR103 million in the same period last year, a growth of 14.9%.
Profits per share in the current period reached SR2.2, compared to SR2.03 in the same period last year.
Nabaa Al Seha Medical Services Company achieved an increase in revenue of SR6.2 million in the first half of the fiscal year 2022 compared to six months of the last year 2021, as the lifting of restrictions related to Covid-19 contributed to a significant improvement in outpatient revenues and thus had a positive impact on improving the bed occupancy rate in the suites, which is 97% during the six months of 2022 compared to 86% during the same period in 2021, which led to an increase in net profit by 8.16%, amounting to SR1.16 million.
The Company’s condensed interim financial statements for the six-month period ended June 30, 2021, were reviewed by another auditor, who expressed an unmodified conclusion on those statements dated October 28, 2021. The company’s financial statements for the year ended December 31, 2021, were also audited by another auditor, who expressed an unmodified opinion on these financial statements in his report dated April 26, 2022.
The Company’s management has restated the annual financial statements of the Company for the year ended December 31, 2021, to accommodate the first-time adoption of “IFRS 16 – Leases” and required adjustments and disclosure were made in that financial statements in accordance with “IAS 8 – Accounting policies, change in accounting estimates and errors”. Accordingly, required adjustments have also been made to the comparative figures in these condensed interim financial statements for the six months period ended June 30, 2022.