Al-Habib Medical Profits Increase to SR391 mln during 1Q, up 22%

The net profit after zakat and tax for Dr. Sulaiman Al Habib Medical Services Group increased to SR391 million during the first quarter, compared to SR319 million during the same quarter of the previous year, at a rate of 22%.

This came after Dr. Sulaiman Al Habib Medical Services Group announcement on Sunday the consolidated preliminary financial results for the period ending on 31.03.2021 (three months).

The operational profit amounted to SR422 million during the first quarter, compared to SR350 million during the same quarter of the previous year, a growth of 21%.

The gross profit amounted to SR659 million during the first quarter, compared to SR549 million during the same quarter of the previous year, an increase of 20%.

Profits per share during the current period amounted to SR1.12, compared to SR0.91 during the same period of the previous year.

Net Income attributable to the company’s shareholders for Q1 – 2022 increased by 22.42% to reach SR 390.50 million as compared to SR 319.00 million in the corresponding quarter of the previous year, which is primarily due to the following:

1. Revenues: the revenues grew by 17.47% in Q1 – 2022 reaching SR 1,990.86 million, with an increase of SR 296.07 million as compared to SR 1,694.79 million in the corresponding quarter of the previous year, as a result of the growth in all group segments.

Revenue growth for Q1 – 2022 was mainly driven by the continuous growth in hospital segment, due to the increase in both numbers of patients and the increase in occupancy for both inpatient and outpatient. Hospital segment growth was positively reflected in the increase in pharmacy segment revenue as compared to the corresponding quarter of the previous year.

2. EBITDA for Q1 – 2022 increased by SR 74.63 million reaching SR 520.52 million, with an increase of 16.74% compared to the same quarter of the previous year, while the group continue to maintain EBITDA margin at 26.15%.

3. Net Income for Q1 – 2022 increased by 22.42% to reach SR 390.50 million, with an improved net income margin reaching 19.61% of revenue compared to 18.82% for the corresponding quarter of the previous year. Net Income has improved, driven by the revenue growth due to the increase in the number of patients and the increase in occupancy for both inpatient and outpatient.

The Net income attributable to the company’s shareholders increased slightly by 1.80% in Q1 – 2022 compared to Q4 – 2021 which was mainly due to the slight increase in revenue by 1.16% during Q1 – 2022 compared to Q4 – 2021.