Sulaiman Al Habib profits increase to SR421 mln during Q3, or 21%

The net profit after zakat and tax for Dr. Sulaiman Al Habib Medical Services Group grew to SR421 million during the third quarter, compared to SR349 million in the same quarter of last year by 21%.
This came after today’s announcement of the preliminary financial results for the period ending on 09-30-2022 (9 months).
The operational profit amounted to SR436 million in the third quarter, compared to SR381 million in the same quarter of the previous year, an increase of 15%.
As for the gross profit, it amounted to SR682 million in the third quarter, compared to SR586.4 million in the same quarter of the previous year, an increase of 16%.
The net profit after zakat and tax in the 9 months amounted to SR1.2 billion, compared to SR993 million in the same period last year, a growth of 22%.
Profits per share in the current period amounted to SR3.46, compared to SR2.84 in the same period last year.
The reason for the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
Net Income attributable to the company’s shareholders for Q3 – 2022 increased by 20.65% to reach SR 420.62 million as compared to SR 348.62 million in the corresponding quarter of the previous year, which is primarily due to the following:
1. Revenues: Q3 – 2022 revenues grew by 11.75% reaching SR 2,052.19 million, with an increase of SR 215.84 million as compared to SR 1,836.35 million in the corresponding quarter of the previous year, as a result of the growth in all group segments.
Revenue growth for Q3 – 2022 was mainly driven by the growth in the hospital segment, due to the increase in the number of patients and the increase in occupancy for inpatients. The pharmacy segment sales increase was also driven by the increase in the number of patients compared to the similar quarter of the previous year.
2. EBITDA for Q3 – 2022 increased by SR 72.33 million reaching SR 543.19 million, with an increase of 15.36% compared to the same quarter of the previous year, EBITDA margin improved to reach 26.47% compared to 25.64% in the same quarter of the previous year.
3. Net Income for Q3 – 2022 increased by 20.65% to reach SAR 420.62 million, with an improved net income margin of 1.52% reaching 20.50% of revenue compared to 18.98% 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 inpatients.
Net income attributable to the company’s shareholders increased by 5.65% in Q3 – 2022 compared to Q2 – 2022, which was driven by the increase in revenue of 1.90% during Q3 – 2022 mainly due to the increase in the number of inpatients.
Net Income attributable to the company’s shareholders for the Nine Months period ended 30th September 2022 increased by 21.77% to reach SR 1,209.25 million as compared to SR 993.02 million in a similar period of the previous year, which is primarily due to the following:
1. Revenues: for the Nine Months period ended 30th September 2022, revenues grew by 14.67% reaching SR 6,057.06 million, with an increase of SR 774.72 million as compared to SR 5,282.34 million in the similar period of the previous year, as a result of the growth in all group segments.
Revenue growth for the Nine Months period ended 30th September 2022 was mainly driven by the growth in the hospital segment, due to the increase in the number of patients and the increase in occupancy for inpatients. The pharmacy segment sales increase was also driven by the increase in the number of patients compared to the similar period of the previous year.
2. EBITDA for the Nine Months period ended 30th September 2022 increased by SR 235.65 million reaching SR 1,590.43 million, with an increase of 17.39% compared to the same period of the previous year, EBITDA margin has improved reaching 26.26% compared to to 25.65% in the same period of the previous year.
3. Net Income for the Nine Months period ended 30th September 2022 increased by 21.77% to reach SR 1,209.25 million, with an improved net income margin by 1.16% reaching 19.96% of revenue compared to 18.80% 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 inpatients.