Financial Results : Tibbiyah loses SAR 66.6M in 2024, 34.8M in H2

Tibbiyah loses SAR 66.6M in 2024, 34.8M in H2

27/03/2025 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) swung to a loss of SAR 66.6 million in 2024, from earnings of SAR 38.1 million in the year before.



Financials (M)

Item 2023 2024 Change‬
Revenues 806.92 814.43 0.9 %
Gross Income 190.04 195.30 2.8 %
Operating Income 46.72 29.19 (37.5 %)
Net Income 38.09 (66.61) (274.9 %)
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyals) 0.32 (0.56) (271.8 %)
EPS (Riyal) 1.90 (3.33) (274.9 %)

The company saw non-cash goodwill impairment charges of SAR 93.7 million, mainly tied to subsidiary Innovative Healthcare Co. (IHC).

 

Tibbiyah also recorded a SAR 17.6 million impairment loss on trade receivables in 2024. These losses were partially offset by a SAR 24.1 million reversal in contingent consideration from the IHC acquisition.

 

Excluding these one-offs, net income would have reached SAR 20.5 million in 2024.

 

On the other hand, revenues rose 0.9% to SAR 814.4 million by the end of 2024, from SAR 806.9 million in 2023.

 

The 12-month top-line growth was driven by the buyout of Al-Hammad Medical Services Co. in July 2024, coupled with stronger performance at Tibbiyah’s subsidiary International Medical Supplies Co. (Premma). This helped offset lower revenues from Al Faisaliah Medical Systems Co. (FMS) and IHC.

 

Additionally, the 2024 gross profit increased 2.8% to SAR 195.3 million, compared to SAR 190.0 million in 2023. This is besides margins expanding to 24.0% in 2024, from 23.6% in the year before, reflecting Tibbiyah’s strategic focus on execution efficiency and cost control.

 

The company maintained operational flexibility throughout 2024. This is despite inflationary pressures on raw materials and logistics, with FMS and Premma topping efficiency gains.

 

The company swung to a SAR 34.8 million net loss in H2 2024, versus SAR 61.61 million in earnings in H2 2023.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 490.96 540.33 10.1 %
Gross Income 126.85 133.33 5.1 %
Operating Income 50.85 45.67 (10.2 %)
Net Income 61.61 (34.80) (156.5 %)
Average Shares 20.00 20.00 -
Earnings Per Share before unusual items (Riyal) 1.40 1.05 (25.0 %)
EPS (Riyal) 3.08 (1.74) (156.5 %)

Tibbiyah’s six-month loss-making deepened from SAR 31.81 million in H1 2024.

 

Total shareholders’ equity, no minority interest, grew to SAR 244.04 million by Dec. 31, 2024, compared to SAR 306.59 million a year earlier.

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