Sulaiman Al Habib’s Q1 net profit up 13% to SAR 551M

28/04/2024 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN ALHABIB)

Dr. Sulaiman Al Habib Medical Services Group reported a net profit of SAR 551 million for the three months ended March 31, 2024, an increase of 13% from SAR 489.3 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	2,306.88	2,521.41	9.3 %
Gross Income	783.64	877.33	12.0 %
Operating Income	510.57	556.08	8.9 %
Net Income	489.27	550.95	12.6 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.40	1.57	12.6 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	2,486.49	2,521.41	1.4 %
Gross Income	868.16	877.33	1.1 %
Operating Income	534.18	556.08	4.1 %
Net Income	525.01	550.95	4.9 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.50	1.57	4.9 %

This was spurred by higher revenue on continued growth in both the hospital and pharmacy segments. The medical services provider also cited the higher number of patients, and the related positive impact on the pharmacy division.

Q1 EBITDA increased by 9.36%, reaching SAR 681.12 million. Additionally, EBITDA margin increased to 27.01%, compared to 27% in the corresponding quarter.

On a quarterly basis, net earnings grew 4.9% from SAR 525.01 million in Q4 2023, due to higher revenues.

Total shareholders’ equity, after minority interest, reached SAR 6.63 billion by March 31, 2024, compared to SAR 6.05 billion a year earlier.

Attached Documents

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	5,122.63	-	2,215.70	-	1,328.87	-	3.80
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	4,868.00	(5.0 %)	1,888.69	(14.8 %)	1,009.94	(24.0 %)	2.89
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	4,379.03	(10.0 %)	1,265.38	(33.0 %)	656.17	(35.0 %)	1.87
Q1 2018	1,169.41	-	361.40	-	216.53	-	0.62
Q2 2018	1,068.31	-	290.57	-	151.51	-	0.43
Q3 2018	1,145.35	-	354.30	-	207.93	-	0.59
Q4 2018	1,204.57	-	355.74	-	225.34	-	0.64
2018	4,587.63	4.8 %	1,362.01	7.6 %	801.31	22.1 %	2.29
Q1 2019	1,227.90	5.0 %	404.20	11.8 %	234.08	8.1 %	0.67
Q2 2019	1,157.19	8.3 %	334.70	15.2 %	167.97	10.9 %	0.48
Q3 2019	1,226.74	7.1 %	348.97	(1.5 %)	198.00	(4.8 %)	0.57
Q4 2019	1,404.45	16.6 %	435.67	22.5 %	270.18	19.9 %	0.77
2019	5,016.28	9.3 %	1,523.54	11.9 %	870.23	8.6 %	2.49
Q1 2020	1,343.34	9.4 %	399.85	(1.1 %)	246.60	5.3 %	0.70
Q2 2020	1,203.01	4.0 %	359.86	7.5 %	192.25	14.5 %	0.55
Q3 2020	1,623.91	32.4 %	558.89	60.2 %	298.80	50.9 %	0.85
Q4 2020	1,691.35	20.4 %	545.81	25.3 %	317.83	17.6 %	0.91
2020	5,861.61	16.9 %	1,864.41	22.4 %	1,055.48	21.3 %	3.02
Q1 2021	1,694.79	26.2 %	549.42	37.4 %	319.00	29.4 %	0.91
Q2 2021	1,751.21	45.6 %	551.02	53.1 %	325.40	69.3 %	0.93
Q3 2021	1,836.35	13.1 %	586.42	4.9 %	348.62	16.7 %	1.00
Q4 2021	1,968.13	16.4 %	643.38	17.9 %	383.59	20.7 %	1.10
2021	7,250.47	23.7 %	2,330.23	25.0 %	1,376.62	30.4 %	3.93
Q1 2022	1,990.86	17.5 %	658.56	19.9 %	390.51	22.4 %	1.12
Q2 2022	2,014.01	15.0 %	670.88	21.8 %	398.13	22.4 %	1.14
Q3 2022	2,052.19	11.8 %	681.63	16.2 %	420.62	20.7 %	1.20
Q4 2022	2,253.68	14.5 %	737.07	14.6 %	441.50	15.1 %	1.26
2022	8,310.74	14.6 %	2,748.14	17.9 %	1,650.75	19.9 %	4.72
Q1 2023	2,306.88	15.9 %	783.64	19.0 %	489.27	25.3 %	1.40
Q2 2023	2,272.27	12.8 %	774.83	15.5 %	486.97	22.3 %	1.39
Q3 2023	2,442.81	19.0 %	843.43	23.7 %	544.77	29.5 %	1.56
Q4 2023	2,486.49	10.3 %	868.16	17.8 %	525.01	18.9 %	1.50
2023	9,508.44	14.4 %	3,270.05	19.0 %	2,046.01	23.9 %	5.85
Q1 2024	2,521.41	9.3 %	877.33	12.0 %	550.95	12.6 %	1.57

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2014	-	-	-	-	-	-	-
2015	5,122.63	-	2,215.70	-	1,328.87	-	3.80
2016	4,868.00	(5.0 %)	1,888.69	(14.8 %)	1,009.94	(24.0 %)	2.89
2017	4,379.03	(10.0 %)	1,265.38	(33.0 %)	656.17	(35.0 %)	1.87
2018	4,587.63	4.8 %	1,362.01	7.6 %	801.31	22.1 %	2.29
2019	5,016.28	9.3 %	1,523.54	11.9 %	870.23	8.6 %	2.49
2020	5,861.61	16.9 %	1,864.41	22.4 %	1,055.48	21.3 %	3.02
2021	7,250.47	23.7 %	2,330.23	25.0 %	1,376.62	30.4 %	3.93
2022	8,310.74	14.6 %	2,748.14	17.9 %	1,650.75	19.9 %	4.72
2023	9,508.44	14.4 %	3,270.05	19.0 %	2,046.01	23.9 %	5.85

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	43.25 %	29.04 %	25.94 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	38.80 %	22.35 %	20.75 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	28.90 %	19.57 %	14.98 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	29.69 %	21.84 %	17.47 %
2018	29.69 %	21.84 %	17.47 %
Q1 2019	30.24 %	22.28 %	17.62 %
Q2 2019	30.60 %	22.42 %	17.64 %
Q3 2019	29.97 %	21.82 %	17.14 %
Q4 2019	30.37 %	22.40 %	17.35 %
2019	30.37 %	22.40 %	17.35 %
Q1 2020	29.60 %	22.52 %	17.20 %
Q2 2020	29.83 %	23.35 %	17.52 %
Q3 2020	31.47 %	24.38 %	18.08 %
Q4 2020	31.81 %	24.44 %	18.01 %
2020	31.81 %	24.44 %	18.01 %
Q1 2021	32.42 %	24.53 %	18.15 %
Q2 2021	32.61 %	24.54 %	18.65 %
Q3 2021	32.02 %	24.56 %	18.80 %
Q4 2021	32.14 %	24.56 %	18.99 %
2021	32.14 %	24.56 %	18.99 %
Q1 2022	32.32 %	24.53 %	19.19 %
Q2 2022	32.77 %	24.65 %	19.47 %
Q3 2022	33.08 %	24.69 %	19.85 %
Q4 2022	33.07 %	24.18 %	19.86 %
2022	33.07 %	24.18 %	19.86 %
Q1 2023	33.31 %	24.34 %	20.28 %
Q2 2023	33.51 %	24.58 %	20.69 %
Q3 2023	33.84 %	24.81 %	21.16 %
Q4 2023	34.39 %	25.33 %	20.91 %
2023	34.39 %	25.33 %	20.91 %
Q1 2024	34.60 %	25.28 %	21.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	43.25 %	29.04 %	25.94 %
2016	38.80 %	22.35 %	20.75 %
2017	28.90 %	19.57 %	14.98 %
2018	29.69 %	21.84 %	17.47 %
2019	30.37 %	22.40 %	17.35 %
2020	31.81 %	24.44 %	18.01 %
2021	32.14 %	24.56 %	18.99 %
2022	33.07 %	24.18 %	19.86 %
2023	34.39 %	25.33 %	20.91 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	30.90 %	23.18 %	18.52 %
Q2 2018	27.20 %	19.05 %	14.18 %
Q3 2018	30.93 %	23.14 %	18.15 %
Q4 2018	29.53 %	21.76 %	18.71 %
Q1 2019	32.92 %	24.80 %	19.06 %
Q2 2019	28.92 %	19.88 %	14.52 %
Q3 2019	28.45 %	20.73 %	16.14 %
Q4 2019	31.02 %	23.83 %	19.24 %
Q1 2020	29.77 %	25.06 %	18.36 %
Q2 2020	29.91 %	23.54 %	15.98 %
Q3 2020	34.42 %	24.91 %	18.40 %
Q4 2020	32.27 %	24.14 %	18.79 %
Q1 2021	32.42 %	25.27 %	18.82 %
Q2 2021	31.47 %	23.90 %	18.58 %
Q3 2021	31.93 %	24.92 %	18.98 %
Q4 2021	32.69 %	24.22 %	19.49 %
Q1 2022	33.08 %	25.05 %	19.61 %
Q2 2022	33.31 %	24.45 %	19.77 %
Q3 2022	33.21 %	25.01 %	20.50 %
Q4 2022	32.71 %	22.42 %	19.59 %
Q1 2023	33.97 %	25.51 %	21.21 %
Q2 2023	34.10 %	25.39 %	21.43 %
Q3 2023	34.53 %	25.80 %	22.30 %
Q4 2023	34.91 %	24.64 %	18.80 %
Q1 2024	34.80 %	25.30 %	21.85 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	350.00	-	-	11.82
Q2 2018	350.00	-	-	12.26
Q3 2018	350.00	-	-	12.86
Q4 2018	350.00	2.29	2.29	12.37
Q1 2019	350.00	2.34	2.34	12.43
Q2 2019	350.00	2.39	2.39	11.79
Q3 2019	350.00	2.36	2.36	12.36
Q4 2019	350.00	2.49	2.49	12.55
Q1 2020	350.00	2.52	2.52	13.25
Q2 2020	350.00	2.59	2.59	13.29
Q3 2020	350.00	2.88	2.88	13.74
Q4 2020	350.00	3.02	3.02	14.03
Q1 2021	350.00	3.22	3.22	14.33
Q2 2021	350.00	3.60	3.60	14.56
Q3 2021	350.00	3.75	3.75	14.86
Q4 2021	350.00	3.93	3.93	15.25
Q1 2022	350.00	4.14	4.14	15.67
Q2 2022	350.00	4.35	4.35	15.98
Q3 2022	350.00	4.55	4.55	16.32
Q4 2022	350.00	4.72	4.72	16.80
Q1 2023	350.00	5.00	5.00	17.31
Q2 2023	350.00	5.25	5.25	17.71
Q3 2023	350.00	5.61	5.61	18.27
Q4 2023	350.00	5.85	5.68	18.53
Q1 2024	350.00	6.02	5.86	18.96

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	350.00	3.80	3.80	10.38
2016	350.00	2.89	2.89	12.21
2017	350.00	1.87	1.87	12.34
2018	350.00	2.29	2.29	12.37
2019	350.00	2.49	2.49	12.55
2020	350.00	3.02	3.02	14.03
2021	350.00	3.93	3.93	15.25
2022	350.00	4.72	4.72	16.80
2023	350.00	5.85	5.68	18.53

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	21.77	21.77	4.14
Q2 2020	29.06	29.06	5.67
Q3 2020	33.48	33.48	7.01
Q4 2020	36.14	36.14	7.77
Q1 2021	38.48	38.48	8.65
Q2 2021	45.35	45.35	11.22
Q3 2021	46.46	46.46	11.71
Q4 2021	41.04	41.04	10.58
Q1 2022	46.02	46.02	12.15
Q2 2022	44.60	44.60	12.13
Q3 2022	45.70	45.70	12.74
Q4 2022	46.77	46.77	13.13
Q1 2023	More than 50	More than 50	16.83
Q2 2023	More than 50	More than 50	16.16
Q3 2023	42.02	42.02	12.90
Q4 2023	48.58	49.99	15.33
Q1 2024	More than 50	More than 50	16.14

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	36.14	36.14	7.77
2021	41.04	41.04	10.58
2022	46.77	46.77	13.13
2023	48.58	49.99	15.33

Business Segments (Million)

Compared With The

Period	Hospitals	Pharmacies	Others..
Q1 2018	970.00	189.00	10.00
Q2 2018	865.00	174.00	30.00
Q3 2018	908.00	175.00	62.00
Q4 2018	938.00	199.00	68.00
Q1 2019	999.00	208.00	21.00
Q2 2019	916.00	201.00	40.00
Q3 2019	984.00	203.00	40.00
Q4 2019	1,102.00	242.00	60.00
Q1 2020	1,053.00	237.00	53.00
Q2 2020	931.00	209.00	63.00
Q3 2020	1,272.00	261.00	91.00
Q4 2020	1,346.00	294.00	52.00
Q1 2021	1,320.00	313.00	62.00
Q2 2021	1,366.00	315.00	70.00
Q3 2021	1,418.00	338.00	80.00
Q4 2021	1,482.00	389.00	97.00
Q1 2022	1,506.00	417.00	68.00
Q2 2022	1,534.00	407.00	73.00
Q3 2022	1,557.00	408.00	87.00
Q4 2022	1,701.00	492.00	61.00
Q1 2023	1,753.00	491.00	63.00
Q2 2023	1,728.00	484.00	60.00
Q3 2023	1,859.00	485.00	99.00
Q4 2023	1,978.00	531.00	(23.00)
Q1 2024	1,903.00	544.00	74.00

Period	Hospitals	Pharmacies	Others..
2015	4,485.00	598.00	40.00
2016	3,457.00	751.00	409.00
2017	3,671.00	680.00	28.00
2018	3,681.00	737.00	170.00
2019	4,001.00	854.00	161.00
2020	4,602.00	1,001.00	259.00
2021	5,586.00	1,355.00	309.00
2022	6,298.00	1,724.00	289.00
2023	7,318.00	1,991.00	199.00

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	538.48	550.95	2.32 %

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
AlJazira Capital	552.80	550.95	(0.3) %
SNB Capital	549.00	550.95	0.4 %
Sico	540.00	550.95	2.0 %
Hermes	564.00	550.95	(2.3) %
Riyad Capital	535.00	550.95	3.0 %
Al Rajhi Capital	530.00	550.95	4.0 %
OSOOL AND BAKHEET	519.90	550.95	6.0 %
U-Capital	517.10	550.95	6.5 %

Financial Ratios

	Current
Market Cap (M Riyal)	104,020.00
Enterprise Value (EV) (M)	107,348.16
Shares Outstanding ((M))	350.00
EPS ( Riyal) (TTM)	6.02
Book Value (BV) ( Riyal)	18.96
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	More than 50
P/E (TTM)	49.35
Price/book	15.68
Return on Average Assets (%) (TTM)	13.8
Return on Average Equity (%) (TTM)	33.2

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Sulaiman Al Habib’s Q1 net profit up 13% to SAR 551M

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Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN ALHABIB)

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Financial results (Million)

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Sulaiman Al Habib’s Q1 net profit up 13% to SAR 551M

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Share Price

Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN ALHABIB)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2024

Revenue by Business Segment (Latest) 2024 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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