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Fakeeh Care profit jumps to SAR 213.8M in 9M 2024, SAR 93.6M in Q3
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 1,664.37 | 2,048.20 | 23.1 % |
| Gross Income | 443.95 | 534.28 | 20.3 % |
| Operating Income | 233.11 | 276.21 | 18.5 % |
| Net Income | 205.61 | 213.78 | 4.0 % |
| Average Shares | 200.00 | 232.00 | 16.0 % |
| Earnings Per Share before unusual items | 0.84 | 0.92 | 10.1 % |
| EPS (Riyals) | 1.03 | 0.92 | (10.4 %) |
The profit rise was spurred by higher revenue due to an increase in the number of billable patients and better average revenue per patient across the group. Fakeeh Care also cited a favorable business mix, and a growing contribution from the group’s operate and manage (O&M) contracts.
The group’s net profit margins expanded to 9.5%, from 7.9% in 9M 2023.
Fakeer Care posted EBITDA of SAR 404 million in 9M 2024, an increase of 15.5% compared to the year-earlier period, with EBITDA margin reaching 19.7%, which reflects the organic growth and profitability of the group’s operations.
On the other hand, the current period included a one-off finance income causing a high-base effect of SAR 38.2 million. Adjusting for this non-recurring item, the Group’s net profit would record 49.4% growth.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 589.29 | 713.82 | 21.1 % |
| Gross Income | 173.37 | 183.82 | 6.0 % |
| Operating Income | 96.08 | 101.69 | 5.8 % |
| Net Income | 79.65 | 93.59 | 17.5 % |
| Average Shares | 200.00 | 232.00 | 16.0 % |
| Earnings Per Share before unusual items | 0.33 | 0.40 | 21.7 % |
| EPS (Riyals) | 0.40 | 0.40 | 1.3 % |
The third-quarter net income jumped 17.5% to SAR 93.6 million, from SAR 79.6 million as revenue grew by 21.1% YoY. EBITDA increased 6.4% on an annual basis, sending EBITDA margins up at 20.4%.
The healthcare services provider’s net income saw a surge of 97.2% from SAR 47.4 million in Q2 2024. The group’s topline rose by 9.1% quarter-on-quarter to SAR 713.8 million due to seasonal factors. Moreover, EBITDA jumped to SAR 145.3 million, from SAR 116.2 million in Q2 2024.
Total shareholders’ equity, after minority interest, reached SAR 2.88 billion as of Sept. 30, 2024, compared to SAR 953.24 million in the corresponding period of 2023.
The nine-month net profit before minority interest reached SAR 195.28 million, up from SAR 186.91 million a year earlier.
Attached Document:
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Share Price
Dr. Soliman Abdel Kader Fakeeh Hospital Co. (FAKEEH CARE)
| Current | |
| Market Cap (M Riyal) | 10,706.80 |
| Enterprise Value (EV) (M) | 11,083.59 |
| Shares Outstanding ((M)) | 232.00 |
| EPS ( Riyal) (TTM) | 1.24 |
| Book Value (BV) ( Riyal) | 12.70 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 37.23 |
| P/E (TTM) | 37.23 |
| Price/book | 3.64 |
| Return on Average Assets (%) (TTM) | 6.0 |
| Return on Average Equity (%) (TTM) | 14.5 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 680.33 | 28.5 % | 188.58 | 30.6 % | 103.15 | 31.5 % |
| Q2 2024 | 654.04 | 19.9 % | 161.88 | 28.3 % | 71.37 | 21.8 % |
| Q3 2024 | 713.82 | 21.1 % | 183.82 | 6.0 % | 101.69 | 5.8 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 72.72 | 1.0 % | 0.36 | - | 72.72 | 0.36 |
| Q2 2024 | 47.47 | (12.0 %) | 0.20 | - | 47.47 | 0.20 |
| Q3 2024 | 93.59 | 17.5 % | 0.40 | - | 93.59 | 0.40 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 26.67 % | 19.78 % | 10.25 % |
| Q2 2024 | 26.94 % | 19.54 % | 10.07 % |
| Q3 2024 | 26.08 % | 18.93 % | 10.62 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 200.00 | 1.40 | 1.27 | 5.46 |
| Q2 2024 | 232.00 | 1.18 | 1.12 | 12.05 |
| Q3 2024 | 232.00 | 1.24 | 1.24 | 12.45 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 51.51 | 54.16 | 5.05 |
| Q3 2024 | 47.16 | 47.16 | 4.70 |
Business Segments (Million)
Q3 2024
| Period | Medical Services | Education | Trade, retail and others |
|---|---|---|---|
| Q1 2024 | 635.99 | 26.25 | 18.09 |
| Q2 2024 | 602.41 | 27.29 | 24.35 |
| Q3 2024 | 668.25 | 28.41 | 17.16 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (net income) | Change | Q3 2024 (before unusual items) | Change |
|---|---|---|---|---|---|
| Average | 80.43 | 93.59 | 16.36 % | 93.59 | 16.36 % |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (net income) | Change | Q3 2024 (before unusual items) | Change |
|---|---|---|---|---|---|
| Hermes | 94.00 | 93.59 | (0.4) % | 93.59 | (0.4) % |
| Al Rajhi Capital | 85.00 | 93.59 | 10.1 % | 93.59 | 10.1 % |
| AlJazira Capital | 62.30 | 93.59 | 50.2 % | 93.59 | 50.2 % |
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