Financial Results : Saudi German Health’s H1 2023 profit soars to SAR 90.4 mln; Q2 at SAR 40.3 mln

Saudi German Health’s H1 2023 profit soars to SAR 90.4 mln; Q2 at SAR 40.3 mln

03/08/2023 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported an over twofold increase in H1 2023 net profit to SAR 90.4 million from SAR 30.9 million in the year-earlier period. 



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 1,021.41 1,262.31 23.6 %
Gross Income 323.79 454.13 40.3 %
Operating Income 57.05 145.49 155.1 %
Net Income 30.92 90.37 192.3 %
Average Shares 92.04 92.04 -
Earnings Per Share before unusual items (Riyals) 0.34 0.98 192.3 %
EPS (Riyals) 0.34 0.98 192.3 %

This rise was attributed to better revenue, backed by the increased number of inpatients and improved group’s capacity. The company also reported higher operational efficiency amid the group's new expansions.

 

The second-quarter net profit saw a spike to SAR 40.25 million from SAR 10.43 million in Q2 2022 on a rise in the number of inpatients and outpatients, along with better operational efficiency.

 

The healthcare services provider’s net earnings, however, dropped by 19.7% from SAR 50.12 million in Q1 2023, hurt by lower number of working days in the second quarter because of Ramadan and Eid holidays. The company also recorded higher depreciation and finance costs.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 508.09 624.33 22.9 %
Gross Income 158.77 228.63 44.0 %
Operating Income 21.77 68.99 216.9 %
Net Income 10.43 40.25 286.0 %
Average Shares 92.04 92.04 -
Earnings Per Share before unusual items (Riyals) 0.11 0.44 286.0 %
EPS (Riyals) 0.11 0.44 286.0 %

Shareholders’ equity, after minority interest, reached SAR 1.45 billion by the end of the six-month period, compared to SAR 1.28 billion a year earlier.

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