Naba Alsaha Medical Services Co. posted a rise of 8% in H1 2022 net profit after Zakat and tax to SAR 15.4 million, compared to SAR 14.2 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 56.56 | 62.90 | 11.2 % |
| Gross Income | 23.16 | 27.34 | 18.1 % |
| Operating Income | 14.17 | 15.65 | 10.4 % |
| Net Income | 14.23 | 15.39 | 8.2 % |
| Average Shares | 10.50 | 10.50 | - |
| EPS (Riyals) | 1.36 | 1.47 | 8.2 % |
The profit growth was spurred by eased COVID-19 restrictions, which led to a significant improvement in outpatient revenues. Accordingly, it had a positive impact on improving the bed occupancy rate in the suites, which stood at 97% during the first half of 2022 compared to 86% in H1 2021.
Shareholders equity, after minority interest, reached SAR 118.25 million as of June 30, 2022, up from SAR 102.86 million a year earlier.
Naba Alsaha restated its 2021 financial statements to accommodate the first time adoption of “IFRS 16 – Leases”. Required adjustments and disclosure were made in that financial statements in accordance with “IAS 8 - Accounting policies, change in accounting estimates and errors”.
Accordingly, required adjustments were also made to the comparative figures in these condensed interim financial statements for the six months period ended June 30, 2022.
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