Al Hammadi profit down 21% to SAR 64M in Q1 2024

Al Hammadi profit down 21% to SAR 64M in Q1 2024

19/05/2024 Argaam Exclusive

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Al Hammadi Holding reported a net profit of SAR 64 million for Q1 2023, a decline of 21% from SAR 81 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 298.60 277.04 (7.2 %)
Gross Income 120.20 91.06 (24.2 %)
Operating Income 87.24 68.17 (21.9 %)
Net Income 81.42 64.04 (21.3 %)
Average Shares 160.00 160.00 -
EPS (Riyals) 0.51 0.40 (21.3 %)

The annual profit decline was attributed to a 7.2% revenue drop and higher costs due to increase in medical staff costs owing to yearly raises and new hires to staff Al Hammadi’s capacity expansions and new service offerings.

 

The healthcare services provider’s Q1 2024 net profit fell 1.8% from SAR 65.19 million in the previous quarter.

 

Shareholders’ equity, no minority interest, increased to SAR 1.85 billion by the end of Q1 2024, from SAR 1.73 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2015 129.48 6.1 % 50.64 (7.4 %) 41.01 19.8 % 0.26
Q2 2015 137.36 12.9 % 63.56 18.4 % 36.89 3.6 % 0.23
Q3 2015 136.80 25.7 % 57.97 29.6 % 27.69 8.9 % 0.17
Q4 2015 157.70 21.8 % 68.06 21.6 % 35.75 6.0 % 0.22
Q1 2016 144.16 11.3 % 54.75 8.1 % 21.14 (48.5 %) 0.13
Q2 2016 138.08 0.5 % 57.56 (9.5 %) 20.63 (44.1 %) 0.13
Q3 2016 141.35 3.3 % 56.48 (2.6 %) 20.73 (25.1 %) 0.13
Q4 2016 182.65 15.8 % 73.35 7.8 % 10.48 (70.7 %) 0.07
Q1 2017 180.23 25.0 % 62.02 13.3 % 27.97 32.3 % 0.17
Q2 2017 176.71 28.0 % 58.16 1.0 % 25.66 24.4 % 0.16
Q3 2017 163.01 15.3 % 53.91 (4.5 %) 23.59 13.8 % 0.15
Q4 2017 188.69 3.3 % 65.08 (11.3 %) 30.76 193.4 % 0.19
Q1 2018 200.67 11.3 % 66.84 7.8 % 30.88 10.4 % 0.19
Q2 2018 214.49 21.4 % 53.28 (8.4 %) 19.93 (22.3 %) 0.12
Q3 2018 250.40 53.6 % 64.92 20.4 % 21.31 (9.7 %) 0.13
Q4 2018 228.04 20.9 % 65.32 0.4 % 17.70 (42.5 %) 0.11
Q1 2019 229.68 14.5 % 65.60 (1.9 %) 24.17 (21.7 %) 0.15
Q2 2019 253.83 18.3 % 71.08 33.4 % 20.01 0.4 % 0.13
Q3 2019 220.00 (12.1 %) 62.22 (4.2 %) 21.17 (0.6 %) 0.13
Q4 2019 270.55 18.6 % 83.72 28.2 % 27.65 56.2 % 0.17
Q1 2020 206.69 (10.0 %) 66.48 1.3 % 24.94 3.2 % 0.16
Q2 2020 244.30 (3.8 %) 90.81 27.7 % 39.10 95.4 % 0.24
Q3 2020 207.85 (5.5 %) 77.59 24.7 % 36.57 72.7 % 0.23
Q4 2020 230.47 (14.8 %) 68.48 (18.2 %) 30.21 9.3 % 0.19
Q1 2021 226.29 9.5 % 87.41 31.5 % 35.54 42.5 % 0.22
Q2 2021 223.90 (8.4 %) 79.96 (11.9 %) 40.31 3.1 % 0.25
Q3 2021 219.92 5.8 % 88.16 13.6 % 3.58 (90.2 %) 0.02
Q4 2021 281.78 22.3 % 108.53 58.5 % 10.67 (64.7 %) 0.07
Q1 2022 250.89 10.9 % 96.08 9.9 % 61.96 74.4 % 0.39
Q2 2022 281.94 25.9 % 109.09 36.4 % 65.10 61.5 % 0.41
Q3 2022 246.92 12.3 % 83.50 (5.3 %) 57.11 1494.9 % 0.36
Q4 2022 342.64 21.6 % 131.00 20.7 % 73.17 586.0 % 0.46
Q1 2023 298.60 19.0 % 120.20 25.1 % 81.42 31.4 % 0.51
Q2 2023 276.66 (1.9 %) 92.08 (15.6 %) 81.85 25.7 % 0.51
Q3 2023 297.83 20.6 % 112.87 35.2 % 74.87 31.1 % 0.47
Q4 2023 303.68 (11.4 %) 106.45 (18.7 %) 65.19 (10.9 %) 0.41
Q1 2024 277.04 (7.2 %) 91.06 (24.2 %) 64.04 (21.3 %) 0.40

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 41.90 % 29.13 % 25.73 %
Q2 2015 42.55 % 28.68 % 25.19 %
Q3 2015 42.80 % 29.71 % 24.29 %
Q4 2015 42.80 % 31.06 % 23.43 %
Q1 2016 42.42 % 30.79 % 21.09 %
Q2 2016 41.32 % 30.64 % 18.24 %
Q3 2016 40.74 % 29.96 % 16.90 %
Q4 2016 39.94 % 25.11 % 12.04 %
Q1 2017 38.83 % 24.74 % 12.43 %
Q2 2017 36.71 % 24.09 % 12.46 %
Q3 2017 35.22 % 23.41 % 12.48 %
Q4 2017 33.75 % 25.39 % 15.24 %
Q1 2018 33.46 % 26.03 % 15.21 %
Q2 2018 31.18 % 25.45 % 13.71 %
Q3 2018 29.28 % 24.60 % 12.04 %
Q4 2018 28.02 % 24.14 % 10.05 %
Q1 2019 27.00 % 22.96 % 9.01 %
Q2 2019 27.75 % 22.56 % 8.65 %
Q3 2019 28.36 % 23.59 % 8.92 %
Q4 2019 29.01 % 23.82 % 9.55 %
Q1 2020 29.81 % 25.12 % 9.86 %
Q2 2020 32.21 % 27.70 % 12.52 %
Q3 2020 34.28 % 29.29 % 14.34 %
Q4 2020 34.11 % 28.49 % 15.27 %
Q1 2021 35.68 % 26.87 % 16.11 %
Q2 2021 35.28 % 25.58 % 16.05 %
Q3 2021 35.98 % 26.21 % 16.52 %
Q4 2021 38.24 % 24.65 % 14.60 %
Q1 2022 38.17 % 28.20 % 16.94 %
Q2 2022 38.84 % 29.87 % 18.38 %
Q3 2022 37.42 % 29.18 % 19.27 %
Q4 2022 37.39 % 32.36 % 22.93 %
Q1 2023 37.93 % 32.83 % 23.66 %
Q2 2023 36.64 % 34.47 % 25.20 %
Q3 2023 37.52 % 35.21 % 25.61 %
Q4 2023 36.68 % 35.12 % 25.23 %
Q1 2024 34.84 % 34.23 % 24.19 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 160.00 0.85 0.79 8.51
Q2 2015 160.00 0.86 0.80 8.27
Q3 2015 160.00 0.87 0.81 8.44
Q4 2015 160.00 0.88 0.82 8.66
Q1 2016 160.00 0.76 0.76 8.80
Q2 2016 160.00 0.66 0.66 8.37
Q3 2016 160.00 0.61 0.61 8.50
Q4 2016 160.00 0.46 0.46 8.56
Q1 2017 160.00 0.50 0.50 8.75
Q2 2017 160.00 0.53 0.53 8.89
Q3 2017 160.00 0.55 0.55 9.04
Q4 2017 160.00 0.67 0.67 8.67
Q1 2018 160.00 0.69 0.69 8.85
Q2 2018 160.00 0.66 0.66 8.98
Q3 2018 160.00 0.64 0.64 9.11
Q4 2018 160.00 0.56 0.56 9.24
Q1 2019 160.00 0.52 0.52 9.40
Q2 2019 160.00 0.52 0.52 9.51
Q3 2019 160.00 0.52 0.52 9.63
Q4 2019 160.00 0.58 0.58 9.79
Q1 2020 160.00 0.59 0.59 9.95
Q2 2020 160.00 0.71 0.74 10.21
Q3 2020 160.00 0.80 0.83 10.42
Q4 2020 160.00 0.82 0.85 10.62
Q1 2021 160.00 0.88 0.92 10.47
Q2 2021 160.00 0.89 0.89 10.73
Q3 2021 160.00 0.69 0.93 10.75
Q4 2021 160.00 0.56 0.87 10.37
Q1 2022 160.00 0.73 1.03 10.47
Q2 2022 160.00 0.88 1.19 10.56
Q3 2022 160.00 1.22 1.28 10.61
Q4 2022 160.00 1.61 1.61 10.69
Q1 2023 160.00 1.73 1.73 10.85
Q2 2023 160.00 1.83 1.83 11.01
Q3 2023 160.00 1.95 1.95 11.49
Q4 2023 160.00 1.90 1.86 11.53
Q1 2024 160.00 1.79 1.75 11.58

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 51.53 55.54 5.14
Q2 2015 54.13 58.30 5.61
Q3 2015 44.33 47.69 4.57
Q4 2015 41.63 44.73 4.24
Q1 2016 36.41 36.41 3.14
Q2 2016 45.86 45.86 3.60
Q3 2016 36.32 36.32 2.62
Q4 2016 68.31 68.31 3.64
Q1 2017 61.37 61.37 3.50
Q2 2017 58.51 58.51 3.49
Q3 2017 47.94 47.94 2.91
Q4 2017 41.25 41.25 3.21
Q1 2018 39.28 39.28 3.07
Q2 2018 37.68 37.68 2.76
Q3 2018 32.21 32.21 2.27
Q4 2018 33.55 33.55 2.04
Q1 2019 35.91 35.91 1.98
Q2 2019 30.97 30.97 1.69
Q3 2019 32.09 32.09 1.73
Q4 2019 27.16 27.16 1.61
Q1 2020 24.17 24.17 1.42
Q2 2020 23.40 22.41 1.62
Q3 2020 27.10 26.08 2.08
Q4 2020 26.52 25.54 2.04
Q1 2021 24.66 23.82 2.08
Q2 2021 33.33 33.33 2.77
Q3 2021 42.10 31.02 2.68
Q4 2021 53.70 34.82 2.92
Q1 2022 46.73 32.92 3.25
Q2 2022 41.33 30.71 3.46
Q3 2022 36.83 35.09 4.23
Q4 2022 24.93 24.93 3.75
Q1 2023 28.18 28.18 4.49
Q2 2023 33.19 33.19 5.53
Q3 2023 26.78 26.78 4.53
Q4 2023 31.33 32.01 5.15
Q1 2024 32.45 33.20 5.01

Business Segments (Million)

Compared With The
Period healthy services and other Pharmaceutical sales revenue - Pharmacies
Q1 2017 150.74 29.49
Q2 2017 147.45 29.26
Q3 2017 136.70 26.31
Q4 2017 155.95 32.73
Q1 2018 140.85 59.82
Q2 2018 143.64 71.39
Q3 2018 140.83 109.03
Q4 2018 154.81 73.23
Q1 2019 146.91 82.77
Q2 2019 151.05 102.78
Q3 2019 149.00 71.00
Q4 2019 177.92 92.62
Q1 2020 152.48 54.21
Q2 2020 192.83 51.46
Q3 2020 47.34 35.26
Q4 2020 185.43 45.04
Q1 2021 168.82 57.47
Q2 2021 163.87 60.02
Q3 2021 180.27 39.64
Q4 2021 224.93 56.85
Q1 2022 195.39 55.50
Q2 2022 232.25 49.69
Q3 2022 201.88 45.04
Q4 2022 241.22 101.43
Q1 2023 238.75 59.85
Q2 2023 217.85 58.80
Q3 2023 242.76 55.06
Q4 2023 251.51 52.17
Q1 2024 227.43 49.61

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 81.97 64.04 (21.9 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital 75.50 64.04 (15.2) %
Al Rajhi Capital 78.00 64.04 (17.9) %
SNB Capital 80.00 64.04 (19.9) %
OSOOL AND BAKHEET 84.29 64.04 (24.0) %
U-Capital 86.00 64.04 (25.5) %
Hermes 88.00 64.04 (27.2) %


Financial Ratios
Current
Market Cap (M Riyal) 7,480.00
Enterprise Value (EV) (M) 7,478.11
Shares Outstanding ((M)) 160.00
EPS ( Riyal) (TTM) 1.79
Book Value (BV) ( Riyal) 11.58
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.76
P/E (TTM) 26.16
Price/book 4.04
Return on Average Assets (%) (TTM) 11.1
Return on Average Equity (%) (TTM) 15.9
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Share Price

Al Hammadi Holding
47.30
0.25 0.53 %

Al Hammadi Holding (ALHAMMADI)

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Quarterly Actuals vs Estimates 19/05/2024

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