TIBBIYAH losses increase to SAR 22.8 million during H1

Arabian International Healthcare Holding Co. recorded a loss after zakat and tax during the first half of SAR 22.8 million, compared to a loss of SAR 20.6 million in the same half of last year, by 10.2%. This came after the announcement on Sunday of the interim financial results for the period ended on June 30 (6 months).

Operating profit reached SAR 1.1 million during the current period, compared to SAR 10 million in the same half of the previous year.

Total shareholders’ equity (excluding minority rights) amounted to SAR 251.4 million in the 6-month period, compared to SAR 252.7 million in the same period last year, by 0.49%.

The loss per share in the current period reached SAR 1.15, compared to SAR 1.03 in the same period last year.

Arabian International Healthcare Holding Co. (“The Company” or “Tibbiyah”) reported a net loss of SAR 22.8 million in H1-FY23 (H1-FY22: SAR 20.7 million) mainly due to:

Revenue:

Tibbiyah achieved revenue of SAR 316.0 million for H1-FY23, an increase of 46.8% YoY from SAR 215.2 million in H1-FY22, mainly attributed to strong performance of medical equipment division (FMS) and positive contribution of Innovative Healthcare Company Holding Limited (NewYou).

Gross profit:

H1-FY23 gross profit was SAR 63.2 million, an increase of 54.9% YoY from SAR 40.8 million in H1-FY22, primarily attributed to increase in FMS’s revenues, effective cost management, and NewYou’s high margins.

Operating Profit:

H1-FY23 operating profit was SAR 1.1 million, up from an operating loss of SAR 10.1 million in H1-FY22, mainly due to higher revenue, improved gross profit, effective cost management, and a reduction in impairment loss on trade receivable.

Net Profit:

Tibbiyah demonstrated a stable overall performance, marked by revenue growth, improvement in gross profit, and an increase in gross profit margins. However, the net loss attributable to owners widened from SAR 20.7 million in H1-FY22 to SAR 22.8 million in H1-FY23. This was mainly due to higher finance charges in H1-FY23, due to higher interest rates and loans related to the acquisition of NewYou, leading to a SAR 11.7 million increase in interest expense.