Sulaiman Al Habib Medical Group to add 815 clinics, 1,180 beds over coming years

Sulaiman Al Habib Medical Group (HMG) plans to build three new hospitals and increase the current capacity by more than 60%, or 815 clinics and 1,180 beds over the coming years, capitalizing on its business model and track-record, according to the company's IPO prospectus.

The three new medical entities will span 799,000 square meters.

According to the company's prospectus, the Saudi medical services provider recorded high profitability and strong growth, backed by its business model. The company managed to expand operations in a short time as it opened several new medical entities and expanded other existing facilities over the previous years.

HMG's new investments came in line with the increasing demand for the healthcare services in the Kingdom; it received more than 3 million patients in 2019.

The private healthcare operator was incepted in Riyadh in 1995 as an individual firm, and then it expanded its business portfolio to include hospitals, pharmacies and medical solutions.

It currently runs intensive care units in 6 healthcare entities across 5 Saudi cities. It also offers medical-solutions for 7 hospitals, and runs 7 medical entities with a capacity of 1,913 beds, accommodating more than 3 million patients per annum in Saudi Arabia, Bahrain and the UAE.

It will float 52.50 million shares, or 15% of its capital in the planned offering.