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

27/03/2025 Argaam Exclusive

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 0.32 (0.56) (271.8 %)
EPS (Riyals) 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 1.40 1.05 (25.0 %)
EPS (Riyals) 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.

View More Financial Results

 

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Share Price

Arabian International Healthcare Holding Co.
32.45
(0.45) (1.37 %)

Arabian International Healthcare Holding Co. (TIBBIYAH)

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Financial Ratios
Current
Market Cap (M Riyal) 649.00
Enterprise Value (EV) (M) 1,064.44
Shares Outstanding ((M)) 20.00
Book Value (BV) ( Riyal) 12.20
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 2.66
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 193.65 - 38.94 - (10.98) -
H2 2020 625.04 - 159.44 - 109.27 -
H1 2021 249.24 28.7 % 57.73 48.2 % 9.40 185.5 %
H2 2021 369.30 (40.9 %) 85.79 (46.2 %) 60.70 (44.4 %)
H1 2022 215.24 (13.6 %) 40.80 (29.3 %) (16.92) (280.1 %)
H2 2022 427.43 15.7 % 113.36 32.1 % 60.94 0.4 %
H1 2023 315.96 46.8 % 63.19 54.9 % (4.13) 75.6 %
H2 2023 490.96 14.9 % 126.85 11.9 % 50.85 (16.6 %)
H1 2024 274.10 (13.3 %) 61.96 (1.9 %) (16.48) (299.0 %)
H2 2024 540.33 10.1 % 133.33 5.1 % 45.67 (10.2 %)
2024 814.43 0.9 % 195.30 2.8 % 29.19 (37.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 (30.96) - (1.55) - (30.96) (1.55)
H2 2020 126.75 - 6.34 36.37 90.37 4.52
H1 2021 5.10 116.5 % 0.25 - 5.10 0.25
H2 2021 77.22 (39.1 %) 3.86 14.63 62.59 3.13
H1 2022 (20.68) (505.8 %) (1.03) - (20.68) (1.03)
H2 2022 41.15 (46.7 %) 2.06 (6.12) 47.27 2.36
H1 2023 (23.52) (13.7 %) (1.18) (2.01) (21.51) (1.08)
H2 2023 61.61 49.7 % 3.08 33.63 27.98 1.40
H1 2024 (31.81) (35.3 %) (1.59) 0.29 (32.10) (1.61)
H2 2024 (34.80) (156.5 %) (1.74) (55.79) 20.99 1.05
2024 (66.61) (274.9 %) (3.33) (55.50) (11.11) (0.56)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 24.23 % 12.88 % 7.26 %
H1 2021 24.84 % 14.38 % 10.92 %
H2 2021 23.20 % 12.41 % 10.94 %
H1 2022 21.66 % 8.60 % 7.17 %
H2 2022 23.99 % 8.14 % 4.14 %
H1 2023 23.75 % 9.32 % 3.47 %
H2 2023 23.55 % 7.68 % 0.80 %
H1 2024 24.68 % 6.60 % (0.54 %)
H2 2024 23.98 % 5.76 % (1.36 %)
2024 23.98 % 5.76 % (1.36 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 20.00 - - -
H2 2020 20.00 4.79 2.97 16.62
H1 2021 20.00 6.59 4.77 12.74
H2 2021 20.00 4.12 3.38 16.67
H1 2022 20.00 2.83 2.10 12.64
H2 2022 20.00 1.02 1.33 14.48
H1 2023 20.00 0.88 1.29 12.27
H2 2023 20.00 1.90 0.32 15.33
H1 2024 20.00 1.49 (0.21) 13.87
H2 2024 20.00 (3.33) (0.56) 12.20

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 18.43 24.86 4.12
H2 2022 36.24 27.90 2.56
H1 2023 46.73 31.98 3.36
H2 2023 20.93 More than 100 2.60
H1 2024 26.35 NEG 2.83
H2 2024 NEG NEG 3.28

Business Segments (Million)

Compared With The
Period Medical devices Medical supplies Clinic and Pharmaceutical Other activities
Q2 2021 123.93 125.30 - -
Q4 2021 180.28 189.03 - -
Q2 2022 73.94 141.30 - -
Q4 2022 201.10 188.46 - 37.88
Q2 2023 134.69 134.13 47.14 -
Q4 2023 243.30 198.05 49.61 -
Q2 2024 103.03 131.51 39.55 -
Q4 2024 261.77 242.97 35.59 -

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