Sulaiman Al Habib Profits Increase to SAR 555 Million During Q2, Up 13.9%

Dr. Sulaiman Al Habib Medical Services Group Company reported a net profit growth of 13.9% in the second quarter, reaching 555 million riyals compared to 486.9 million riyals in the same quarter last year. This follows the company’s announcement of preliminary financial results for the period ending June 30, 2024 (six months).

Operating profit for the second quarter increased by 10.5%, reaching 551.6 million riyals compared to 498.8 million riyals in the same quarter the previous year.

Total ownership rights (after excluding non-controlling interests) amounted to 6.7 billion riyals for the six-month period, up from 6.1 billion riyals in the same period last year, reflecting a 9.7% increase.

Earnings per share for the current period reached 3.16 riyals, compared to 2.79 riyals in the same period last year.

Revenues: for Q2 – 2024, revenues grew by 13.26% reaching SAR 2,573.62 million, with an increase of SAR 301.35 million as compared to SAR 2,272.27 million in the same quarter of the last year, as a result of the growth in all group operating segments.

Revenue growth for Q2 – 2024 was mainly driven by the growth in both hospital and pharmacy segments, due to the increase in the hospital segment’s number of patients, which has a positive correlation with the pharmacy segment sales increase, as compared to the same quarter of the last year.

EBITDA for Q2 – 2024 increased by 10.96%, reaching SAR 683.10 million. EBITDA margin at 26.54%, compared to 27.09% in the same quarter of the last year.

Net Income for Q2 – 2024 increased by 13.98% to reach SAR 555.03 million, with an improved net income margin reaching to 21.57% versus 21.43% for the same quarter of the last year. Net Income increase was mainly driven by the revenue growth due to the increase in the number of patients.

Revenue growth of 2.07% during Q2 – 2024 as compared to the previous quarter Q1 – 2024, was driven by the growth in the revenue of the hospital segment.

Net income attributable to the company’s shareholders Increased by 0.74% in Q2 – 2024 compared to the previous quarter Q1 – 2024, was impacted by the increase in the revenues.

Revenues: for the Six Months period ended 30th June 2024, revenues grew by 11.27% reaching SAR 5,095.03 million, with an increase of SAR 515.89 million as compared to SAR 4,579.14 million in the same period of the last year, as a result of the growth in all group operating segments.

Revenue growth for the Six Months period ended 30th June 2024 was mainly driven by the growth in both hospital and pharmacy segments, due to the increase in the hospital segment’s number of patients, which has a positive correlation with the pharmacy segment sales increase, as compared to the same period of the last year.

EBITDA for the Six Months period ended 30th June 2024 increased by 10.16%, reaching SAR 1,364.23 million. The group maintained the same EBITDA margin at 26.78%, compared to 27.04% in the same period of the last year.

Net Income for the Six Months period ended 30th June 2024 increased by 13.29% to reach SAR 1,105.97 million, with an improved net income margin reaching to 21.71% versus 21.32% for the same period of the last year. Net Income increase was mainly driven by the revenue growth due to the increase in the number of patients.