Tibbiyah incurs SAR 31.8M losses in H1 2024

01/09/2024 Argaam Exclusive

Arabian International Healthcare Holding Co. (Tibbiyah) reported a net loss of SAR 31.8 million for H1 2024, compared to a loss of SAR 23.5 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 315.96 274.10 (13.3 %)
Gross Income 63.19 61.96 (1.9 %)
Operating Income (4.13) (16.48) (299.0 %)
Net Income (23.52) (31.81) (35.3 %)
Average Shares 20.00 20.00 -
EPS (Riyals) (1.18) (1.59) (35.3 %)

Losses widened in H1 2024 on lower revenues, due to the effective implementation of backlog projects at Al Faisaliah Medical Systems Co. (FMS) in the second half of 2023, which led to a reduction in available work during the first half of 2024.

 

Gross profit dropped 1.9% year-on-year (YoY) to SAR 62 million in H1 2024. However, margins improved from 20.0% to 22.6% YoY on the company's strategic focus on managing costs across its core segments.

 

Tibbiyah recorded an operating loss excluding goodwill impairment of SAR 12.8 million in H1 2024, compared to an operating loss of SAR 0.3 million in H1 2023.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 315.96 274.10 (13.3 %)
Gross Income 63.19 61.96 (1.9 %)
Operating Income (4.13) (16.48) (299.0 %)
Net Income (23.52) (31.81) (35.3 %)
Average Shares 20.00 20.00 -
EPS (Riyals) (1.18) (1.59) (35.3 %)

Total shareholders’ equity, after excluding minority interest, rose to SAR 277.34 million as of June 30, 2024, from SAR 251.47 million a year earlier.

 

Attached Documents

 

 

Historical Data

Period

Revenues

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

249.24

5.10

0.25

H2 2021

369.30

77.21

3.87

H1 2022

215.24

(20.68)

(1.03)

H2 2022

427.43

41.15

2.05

H1 2023

315.96

(23.52)

(1.18)

H2 2023

490.96

61.61

3.08

H1 2024

274.10

(31.81)

(1.59)

 

View more financial results

 

View other reports

Share Price

Arabian International Healthcare Holding Co.
42.80
1.25 3.01 %

Arabian International Healthcare Holding Co. (TIBBIYAH)

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Financial Ratios
Current
Market Cap (M Riyal) 856.00
Enterprise Value (EV) (M) 1,297.97
Shares Outstanding ((M)) 20.00
Book Value (BV) ( Riyal) 15.33
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
Price/book 2.79
more


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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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)

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 % 7.27 % 0.80 %
H1 2024 24.68 % 6.17 % (0.54 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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 12.57
H2 2023 20.00 1.90 0.32 15.33
H1 2024 20.00 1.49 (0.21) 13.87

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 3.28
H2 2023 20.93 More than 100 2.60
H1 2024 26.35 NEG 2.83

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 -

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