Almoosa Health 2024 net profit slips 4% to SAR 94.4M; Q4 at 54M
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Almoosa Health Co. reported a net profit of SAR 94.4 million for 2024, a decrease of 4% from SAR 98.1 million in the year-earlier period.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 978.98 | 1,202.34 | 22.8 % |
| Gross Income | 307.00 | 371.72 | 21.1 % |
| Operating Income | 114.00 | 168.66 | 47.9 % |
| Net Income | 98.15 | 94.42 | (3.8 %) |
| Average Shares | 35.00 | 35.00 | - |
| Earnings Per Share before unusual items (Riyals) | 2.80 | 2.70 | (3.8 %) |
| EPS (Riyal) | 2.80 | 2.70 | (3.8 %) |
The profit drop was driven by a significant increase in depreciation and finance costs due to the major portion of the construction work-in-progress transferred to property and equipment.
Meanwhile, revenues increased by 22.8% due to a rise in the number of patients, accompanied by higher average revenues from outpatient visits, an expanded range of specialties, and a focus on specialized healthcare.
Medical services revenue rose by 12.3% to reach SAR 825.6 million, driven by an increase in inpatient numbers and outpatient visits at Almoosa Specialist Hospital, alongside the expansion of specialized care services.
Pharmaceutical services revenue increased by 38.3% to reach SAR 258.2 million, reflecting the growth in the number of patients receiving services.
Meanwhile, revenue from rehabilitation services reached SAR 118.5 million, a 108.6% increase, supported by full occupancy rates at Almoosa Rehabilitation Hospital during its first year of operation.
Gross profit increased by 21.1% in 2024 to SAR 371.7 million, driven by service expansion, improved operational efficiency, and the implementation of optimal pricing strategies, all contributing to enhanced overall profitability.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 37.8%, indicating increased operational efficiency.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 272.81 | 332.11 | 21.7 % |
| Gross Income | 103.03 | 119.95 | 16.4 % |
| Operating Income | 27.92 | 69.69 | 149.6 % |
| Net Income | 20.18 | 54.03 | 167.7 % |
| Average Shares | 35.00 | 35.00 | - |
| Earnings Per Share before unusual items (Riyal) | 0.58 | 1.54 | 167.7 % |
| EPS (Riyal) | 0.58 | 1.54 | 167.7 % |
Total shareholders’ equity rose to SAR 717.7 million by Dec. 31, 2024, compared to SAR 656 million in the prior-year period.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 277.16 | 19.1 % | 78.54 | 12.5 % | 30.64 | 10.7 % |
| Q2 2024 | 284.59 | 23.5 % | 75.17 | 10.0 % | 20.90 | (23.8 %) |
| Q3 2024 | 308.48 | 26.9 % | 98.07 | 48.9 % | 47.42 | 53.2 % |
| Q4 2024 | 332.11 | 21.7 % | 119.95 | 16.4 % | 69.69 | 149.6 % |
| 2024 | 1,202.34 | 22.8 % | 371.72 | 21.1 % | 168.66 | 47.9 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2024 | 13.73 | (47.4 %) | 0.39 | - | 13.73 | 0.39 |
| Q2 2024 | (1.26) | (105.7 %) | (0.04) | - | (1.26) | (0.04) |
| Q3 2024 | 27.93 | (5.6 %) | 0.80 | - | 27.93 | 0.80 |
| Q4 2024 | 54.03 | 167.7 % | 1.54 | - | 54.03 | 1.54 |
| 2024 | 94.42 | (3.8 %) | 2.70 | - | 94.42 | 2.70 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | 31.36 % | - | 10.03 % |
| 2023 | 31.36 % | 18.40 % | 10.03 % |
| Q1 2024 | 30.85 % | - | 8.38 % |
| Q2 2024 | 29.94 % | - | 5.77 % |
| Q3 2024 | 31.04 % | 17.91 % | 5.30 % |
| Q4 2024 | 30.92 % | 20.96 % | 7.85 % |
| 2024 | 30.92 % | 20.96 % | 7.85 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 35.00 | 2.45 | 2.45 | 18.37 |
| Q2 2024 | 35.00 | 1.78 | 1.78 | 18.09 |
| Q3 2024 | 35.00 | 1.73 | 1.73 | 18.91 |
| Q4 2024 | 35.00 | 2.70 | 2.70 | 20.51 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | - | - | - |
| Q3 2024 | - | - | - |
| Q4 2024 | - | - | - |
Business Segments (Million)
Q4 2024
| Period | medical services | Pharmaceuticals | Rehabilitation |
|---|---|---|---|
| Q1 2024 | 198.18 | 58.67 | 20.30 |
| Q2 2024 | 172.08 | 70.77 | 41.74 |
| Q4 2024 | 227.64 | 65.02 | 39.45 |
| Current | |
| Market Cap (M Riyal) | 7,300.65 |
| Enterprise Value (EV) (M Riyal) | 7,737.86 |
| Shares Outstanding ((M)) | 44.30 |
| EPS ( Riyal) (TTM) | 4.17 |
| Book Value (BV) ( Riyal) | 43.08 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 39.37 |
| P/E (TTM) | 39.49 |
| Price/book | 3.83 |
| Return on Average Assets (%) (TTM) | - |
| Return on Average Equity (%) (TTM) | 14.5 |
| EV/adj EBITDA | 25.12 |
| EV/Revenues | 5.90 |
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