Saudi German Health net profit soars to SAR 180.2M in 2023, Q4 at SAR 36.5M

31/03/2024 Argaam Exclusive

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Middle East Healthcare Co.
83.70
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Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Middle East Healthcare Co.’s (Saudi German Health) net profit surged to SAR 180.2 million for 2023, compared to SAR 75.2 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 2,151.74 2,653.17 23.3 %
Gross Income 680.01 1,014.41 49.2 %
Operating Income 140.34 342.50 144.0 %
Net Income 75.18 180.18 139.7 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.82 1.96 139.7 %

This was fueled by higher revenue due to an increase in number of inpatients as well as the group’s capacity, in addition to higher efficiency on ramping up of new facilities.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 617.96 719.81 16.5 %
Gross Income 204.01 293.96 44.1 %
Operating Income 57.96 87.15 50.4 %
Net Income 33.16 36.50 10.1 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.36 0.40 10.1 %

Q4 2023 net profit increased 10% year-on-year (YoY) to SAR 36.5 million from SAR 33.16 million.

 

On a quarterly basis, net earnings dropped 31.5% from SAR 53.30 million in Q3 2023.

 

Total shareholders’ equity, after minority interest, stood at SAR 1.51 billion by Dec. 31, 2023, compared to SAR 1.36 billion a year ago.

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