Dr. Sulaiman Al Habib Group profits up 22% to SR398 mln in 2Q

Dr. Sulaiman Al Habib Medical Services Group revealed that the net profit after zakat and tax in Q2 increased 22.3% to SR398.1 million, compared to SR325.4 million in the same quarter of last year.

This came after Dr. Sulaiman Al Habib Group’s announcement on Sunday about the preliminary financial results for the period ending on 30-06-2022 (six months).

The operational profit amounted to SR414.7 million in the second quarter, compared to SR339.7 million in the same quarter of the previous year, by 22%.

The net profit after zakat and tax in the 6-month period amounted to S788.6 million, compared to SR644.4 million in the same period of the last year, by 22.4%.

The gross shareholders’ equity “without minority rights” amounted to SR5.6 billion in the current period, compared to SR5.09 billion in the same period last year, an increase of 9.7%.

Profits per share in the current period reached SR2.25, compared to SR1.84 in the same period last year.

Net Income attributable to the company’s shareholders for Q2 – 2022 increased by 22.35% to reach SAR 398.13 million as compared to SAR 325.40 million in the corresponding quarter of the previous year, which is primarily due to the following:

1. Revenues: Q2 – 2022 revenues grew by 15.01% reaching to SAR 2,014.01 million, with an increase of SAR 262.81 million as compared to SAR 1,751.20 million in the corresponding quarter of the previous year, as a result of the growth in all group segments.

Revenue growth for Q2 – 2022 was mainly driven by the growth in hospital segment, due to the increase in both numbers of patients and the increase in occupancy for inpatient beds and outpatient clinics. Pharmacy segment sales increase was driven by the increase in the number of patients as compared to the similar quarter of the previous year.

1. EBITDA for Q2 – 2022 increased by SAR 88.69 million reaching SAR 526.72 million, with an increase of 20.25% compared to the same quarter of the previous year, EBITDA margin improved to reach at 26.15% compared to 25.01% in the same quarter of the previous year.
2. Net Income for Q2 – 2022 increased by 22.35% to reach SAR 398.13 million, with an improved net income margin by 1.19% reaching 19.77% of revenue compared to 18.58% for the corresponding quarter of the previous year. Net Income increase was driven by the revenue growth due to the increase in the number of patients and the increase in occupancy for both inpatient beds and outpatient clinics.

Net income attributable to the company’s shareholders increased by 1.95% in Q2 – 2022 compared to Q1 – 2022, which was driven by the increase in revenue of 1.16% during Q2 – 2022 mainly due to the increase in the number of patients.

Net Income attributable to the company’s shareholders for the six months period ended 30th June 2022 increased by 22.38% to reach SAR 788.64 million as compared to SAR 644.40 million in the similar period of the previous year, which is primarily due to the following:

1. Revenues: for the six months period ended 30th June 2022, revenues grew by 16.22% reaching to SAR 4,004.87 million, with an increase of SAR 558.88 million as compared to SAR 3,445.99 million in the similar period of the previous year, as a result of the growth in all group segments.

Revenue growth for the six months period ended 30th June 2022 was mainly driven by the growth in the hospital segment, due to the increase in both numbers of patients and the increase in occupancy for inpatient beds and outpatient clinics. Pharmacy segment sales increase was driven by the increase in the number of patients compared to the similar period of the previous year.

1. EBITDA for the six months period ended 30th June 2022 increased by SAR 163.31 million reaching SAR 1,047.23 million, with an increase of 18.48% compared to the same period of the previous year, EBITDA margin has improved reaching to 26.15% compared to 25.65% in the same period of the previous year.
2. Net Income for the six months period ended 30th June 2022 increased by 22.38% to reach SAR 788.64 million, with an improved net income margin by 0.99% reaching 19.69% of revenue compared to 18.70% for the similar period of the previous year. Net Income increase was driven by the revenue growth due to the increase in the number of patients and the increase in occupancy for both inpatient beds and outpatient clinics.