Naba Alsaha profits leap to SAR 27.7 million during H1 by 80.4%

Naba Alsaha Medical Services Co. announced an increase in net profit after zakat and tax during the first half to SAR 27.7 million, compared to SAR 15.3 million in the same half of last year, by 80.4%. This came after the announcement on Sunday of the preliminary financial results for the period ended on June 30 (six Months).

Operational profit reached SAR 18.6 million in the first half, compared to SAR 15.6 million in the same half of the previous year, an increase of 19.2%.

Total shareholders’ equity (excluding minority rights) amounted to SAR 155.6 million in the six-month period, compared to SAR 118.2 million in the same period last year, a growth of 31.6%.

Earnings per share in the current period reached SAR 3.97, compared to SAR 2.2 in the same period last year.

The increase in net profit for the current period compared to the previous period is attributed to:

During the financial period ending on June 30, 2023, the company achieved an increase in revenues of SAR 18.94 million (30.1%), reaching SAR 81.84 million compared to the previous period. This is due to the increase in the revenues of the outpatient clinics by (15%) and the revenues of inpatients by (22%), in addition to the revenues of Al-Anwar Medical Hospital amounting to SAR 4.63 million for the period, which led to an increase in the company’s net profits by SAR 12.38 million (80.4%) to reach SAR 27.77 million compared to the previous period. The amount of profit resulting from the acquisition of Al-Anwar Medical Hospital, amounting to SAR 9.66 million, is included in the company’s net profit, which in turn contributed to the increase in the company’s share profit to SAR 3.97 compared to SAR 2.20 for the previous period, which is a non-recurring profit.

Note that the earnings per share before the acquisition for the first six months of the current year 2023 amounted to 2.74 riyals per share.