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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Share Price

Middle East Healthcare Co.
80.00
(2.50) (3.03 %)

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.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 359.18 - 199.49 - 80.16 - 0.87
Q2 2014 347.08 - 185.78 - 92.80 - 1.01
Q3 2014 323.16 - 174.49 - 74.36 - 0.81
Q4 2014 369.34 - 190.01 - 84.64 - 0.92
Q1 2015 391.64 9.0 % 208.99 4.8 % 105.39 31.5 % 1.15
Q2 2015 372.00 7.2 % 203.88 9.7 % 91.79 (1.1 %) 1.00
Q3 2015 352.20 9.0 % 183.23 5.0 % 90.75 22.0 % 0.99
Q4 2015 418.69 13.4 % 214.04 12.6 % 102.32 20.9 % 1.11
Q1 2016 421.52 7.6 % 216.62 3.7 % 104.20 (1.1 %) 1.13
Q2 2016 410.07 10.2 % 212.49 4.2 % 74.07 (19.3 %) 0.80
Q3 2016 379.09 7.6 % 199.40 8.8 % 99.64 9.8 % 1.08
Q4 2016 404.96 (3.3 %) 199.88 (6.6 %) 84.73 (17.2 %) 0.92
Q1 2017 393.53 (6.6 %) 180.47 (16.7 %) 109.97 5.5 % 1.19
Q2 2017 351.28 (14.3 %) 138.63 (34.8 %) 61.95 (16.4 %) 0.67
Q3 2017 352.98 (6.9 %) 133.30 (33.1 %) 64.88 (34.9 %) 0.70
Q4 2017 364.60 (10.0 %) 145.47 (27.2 %) 82.69 (2.4 %) 0.90
Q1 2018 395.11 0.4 % 160.42 (11.1 %) 87.13 (20.8 %) 0.95
Q2 2018 346.13 (1.5 %) 116.91 (15.7 %) 34.27 (44.7 %) 0.37
Q3 2018 338.77 (4.0 %) 111.87 (16.1 %) 20.16 (68.9 %) 0.22
Q4 2018 310.68 (14.8 %) 111.56 (23.3 %) 30.69 (62.9 %) 0.33
Q1 2019 350.18 (11.4 %) 101.63 (36.6 %) 14.59 (83.3 %) 0.16
Q2 2019 353.20 2.0 % 102.76 (12.1 %) 12.28 (64.2 %) 0.13
Q3 2019 386.76 14.2 % 119.96 7.2 % 33.23 64.8 % 0.36
Q4 2019 406.51 30.8 % 148.59 33.2 % 37.47 22.1 % 0.41
Q1 2020 436.31 24.6 % 146.86 44.5 % 21.18 45.2 % 0.23
Q2 2020 373.26 5.7 % 120.49 17.3 % 16.35 33.2 % 0.18
Q3 2020 492.13 27.2 % 171.91 43.3 % 34.91 5.1 % 0.38
Q4 2020 448.89 10.4 % 139.12 (6.4 %) 9.54 (74.5 %) 0.10
Q1 2021 418.37 (4.1 %) 123.16 (16.1 %) 12.10 (42.9 %) 0.13
Q2 2021 456.57 22.3 % 152.64 26.7 % 9.14 (44.1 %) 0.10
Q3 2021 498.73 1.3 % 172.27 0.2 % 14.35 (58.9 %) 0.16
Q4 2021 498.95 11.2 % 160.11 15.1 % (18.39) (292.8 %) (0.20)
Q1 2022 513.32 22.7 % 165.02 34.0 % 20.49 69.3 % 0.22
Q2 2022 508.09 11.3 % 158.77 4.0 % 10.43 14.1 % 0.11
Q3 2022 512.37 2.7 % 152.21 (11.6 %) 11.11 (22.6 %) 0.12
Q4 2022 617.96 23.9 % 204.01 27.4 % 33.16 280.3 % 0.36
Q1 2023 637.99 24.3 % 225.50 36.6 % 50.12 144.6 % 0.54
Q2 2023 624.33 22.9 % 228.63 44.0 % 40.25 286.0 % 0.44
Q3 2023 671.05 31.0 % 266.33 75.0 % 53.30 379.9 % 0.58
Q4 2023 719.81 16.5 % 293.96 44.1 % 36.50 10.1 % 0.40
2023 2,653.17 23.3 % 1,014.41 49.2 % 180.18 139.7 % 1.96

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 53.60 % 25.57 % 23.73 %
Q1 2015 53.05 % 27.10 % 24.96 %
Q2 2015 53.39 % 26.84 % 24.46 %
Q3 2015 52.93 % 27.56 % 25.09 %
Q4 2015 52.79 % 28.05 % 25.43 %
Q1 2016 52.27 % 27.77 % 24.87 %
Q2 2016 51.57 % 26.50 % 23.17 %
Q3 2016 51.71 % 26.41 % 23.34 %
Q4 2016 51.27 % 26.12 % 22.45 %
Q1 2017 49.90 % 26.91 % 23.20 %
Q2 2017 46.99 % 27.02 % 23.30 %
Q3 2017 43.41 % 25.39 % 21.40 %
Q4 2017 40.88 % 25.40 % 21.85 %
Q1 2018 39.47 % 24.17 % 20.26 %
Q2 2018 38.12 % 22.54 % 18.44 %
Q3 2018 37.01 % 20.57 % 15.52 %
Q4 2018 36.01 % 18.10 % 12.39 %
Q1 2019 32.84 % 13.74 % 7.41 %
Q2 2019 31.62 % 12.25 % 5.74 %
Q3 2019 31.12 % 12.85 % 6.48 %
Q4 2019 31.60 % 13.48 % 7.05 %
Q1 2020 32.74 % 13.41 % 7.09 %
Q2 2020 33.43 % 14.66 % 7.25 %
Q3 2020 34.41 % 14.80 % 6.90 %
Q4 2020 33.04 % 13.40 % 4.68 %
Q1 2021 32.01 % 12.65 % 3.20 %
Q2 2021 32.32 % 11.91 % 2.68 %
Q3 2021 32.22 % 11.12 % 1.77 %
Q4 2021 32.48 % 9.71 % 0.18 %
Q1 2022 33.04 % 10.93 % 1.49 %
Q2 2022 32.50 % 10.71 % 1.50 %
Q3 2022 31.29 % 10.75 % 1.12 %
Q4 2022 31.60 % 13.35 % 3.49 %
Q1 2023 32.53 % 15.00 % 4.60 %
Q2 2023 33.87 % 16.89 % 5.63 %
Q3 2023 36.23 % 19.39 % 6.93 %
Q4 2023 38.23 % 20.06 % 6.79 %
2023 38.23 % 20.06 % 6.79 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 92.04 - - 10.70
Q2 2014 92.04 - - 11.69
Q3 2014 92.04 - - 12.48
Q4 2014 92.04 3.61 3.61 12.38
Q1 2015 92.04 3.88 3.88 13.50
Q2 2015 92.04 3.87 3.87 12.67
Q3 2015 92.04 4.05 4.05 13.63
Q4 2015 92.04 4.24 4.24 14.70
Q1 2016 92.04 4.23 4.23 16.39
Q2 2016 92.04 4.03 4.03 15.20
Q3 2016 92.04 4.13 4.13 16.43
Q4 2016 92.04 3.94 3.94 17.32
Q1 2017 92.04 4.00 4.00 18.46
Q2 2017 92.04 3.87 3.87 17.09
Q3 2017 92.04 3.49 3.49 17.74
Q4 2017 92.04 3.47 3.47 15.75
Q1 2018 92.04 3.22 3.22 16.69
Q2 2018 92.04 2.92 2.92 15.07
Q3 2018 92.04 2.44 2.44 15.29
Q4 2018 92.04 1.87 1.87 15.71
Q1 2019 92.04 1.08 1.08 15.87
Q2 2019 92.04 0.84 0.84 16.00
Q3 2019 92.04 0.99 0.99 16.36
Q4 2019 92.04 1.06 1.15 16.54
Q1 2020 92.04 1.13 1.22 16.77
Q2 2020 92.04 1.18 1.26 16.95
Q3 2020 92.04 1.19 1.28 17.33
Q4 2020 92.04 0.89 0.89 13.38
Q1 2021 92.04 0.79 0.60 13.51
Q2 2021 92.04 0.71 0.53 13.61
Q3 2021 92.04 0.49 0.35 13.77
Q4 2021 92.04 0.19 0.04 13.66
Q1 2022 92.04 0.28 0.32 13.89
Q2 2022 92.04 0.29 0.33 13.92
Q3 2022 92.04 0.26 0.25 14.04
Q4 2022 92.04 0.82 0.82 14.83
Q1 2023 92.04 1.14 1.14 15.37
Q2 2023 92.04 1.46 1.46 15.82
Q3 2023 92.04 1.92 1.92 16.41
Q4 2023 92.04 1.96 1.96 16.50

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 17.17 17.17 4.43
Q2 2016 17.16 17.16 4.56
Q3 2016 12.41 12.41 3.12
Q4 2016 18.62 18.62 4.23
Q1 2017 18.48 18.48 4.01
Q2 2017 19.45 19.45 4.41
Q3 2017 17.98 17.98 3.54
Q4 2017 15.52 15.52 3.42
Q1 2018 17.90 17.90 3.46
Q2 2018 20.02 20.02 3.88
Q3 2018 15.00 15.00 2.39
Q4 2018 17.34 17.34 2.07
Q1 2019 29.49 29.49 2.01
Q2 2019 32.63 32.63 1.72
Q3 2019 26.36 26.36 1.59
Q4 2019 28.02 25.89 1.80
Q1 2020 22.49 20.89 1.52
Q2 2020 25.77 23.99 1.79
Q3 2020 30.69 28.61 2.11
Q4 2020 39.35 39.35 2.62
Q1 2021 44.44 More than 50 2.60
Q2 2021 More than 50 More than 50 2.88
Q3 2021 More than 50 More than 50 2.75
Q4 2021 More than 50 More than 50 2.32
Q1 2022 More than 50 More than 50 2.34
Q2 2022 More than 50 More than 50 2.31
Q3 2022 More than 50 More than 50 1.94
Q4 2022 31.16 31.16 1.72
Q1 2023 33.06 33.06 2.45
Q2 2023 48.33 48.33 4.47
Q3 2023 28.68 28.68 3.36
Q4 2023 45.11 45.11 5.35

Business Segments (Million)

Compared With The
Period Inpatient clinics Outpatient clinics Pharmacy Sales Others
Q1 2014 207.07 85.01 64.94 2.16
Q2 2014 200.50 77.40 66.66 2.51
Q1 2015 224.99 91.95 70.24 4.46
Q2 2015 211.41 86.64 70.30 3.65
Q3 2015 200.38 85.53 63.54 2.76
Q4 2015 220.47 119.55 72.94 5.72
Q1 2016 241.22 100.20 73.04 7.06
Q2 2016 229.99 99.85 72.93 7.31
Q3 2016 224.32 89.88 62.16 2.72
Q4 2016 220.91 107.73 72.64 3.69
Q1 2017 242.80 104.89 71.94 4.27
Q2 2017 224.48 92.89 70.77 3.54
Q3 2017 133.39 85.39 60.16 3.27
Q4 2017 172.44 114.51 71.35 6.30
Q1 2018 214.32 109.10 68.50 3.20
Q2 2018 188.62 79.63 76.10 1.78
Q3 2018 184.16 98.93 53.64 2.04
Q4 2018 147.36 97.71 61.91 3.70
Q1 2019 181.07 97.28 67.29 4.54
Q2 2019 185.66 95.13 68.96 3.44
Q3 2019 223.51 95.92 64.81 2.51
Q4 2019 222.02 111.18 69.80 3.51
Q1 2020 264.27 98.09 71.34 2.60
Q2 2020 238.16 70.59 61.71 2.81
Q3 2020 301.73 111.20 76.35 2.85
Q4 2020 281.15 110.99 74.56 3.81
Q1 2021 236.94 115.00 61.88 4.54
Q2 2021 284.69 102.17 67.31 2.40
Q3 2021 292.19 139.00 61.71 5.83
Q4 2021 284.48 135.06 74.52 4.89
Q1 2022 290.29 141.03 78.90 3.10
Q2 2022 294.67 138.11 73.11 2.20
Q3 2022 293.31 145.39 71.94 1.74
Q4 2022 360.72 163.35 89.59 4.30
Q1 2023 369.08 176.60 90.42 1.88
Q2 2023 366.84 172.86 76.94 7.70
Q3 2023 404.17 180.18 89.81 -
Q4 2023 405.24 210.55 103.89 0.13

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 53.69 36.50 (32.0 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Hermes 46.00 36.50 (20.6) %
United Securities Company 30.00 36.50 21.7 %
AlJazira Capital 56.50 36.50 (35.4) %
Al Rajhi Capital 58.00 36.50 (37.1) %
OSOOL AND BAKHEET 65.44 36.50 (44.2) %
SNB Capital 66.20 36.50 (44.9) %


Financial Ratios
Current
Market Cap (M Riyal) 7,363.20
Enterprise Value (EV) (M) 9,698.77
Shares Outstanding ((M)) 92.04
EPS ( Riyal) (TTM) 1.98
Book Value (BV) ( Riyal) 17.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 40.46
P/E (TTM) 40.46
Price/book 4.68
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 12.2
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