Sulaiman Al Habib Medical Group to pump SAR 6 bln into mega investments: CEO

Sulaiman Al Habib Medical Group will inject SAR 6 billion in 3 mega projects in Riyadh and Jeddah to boost capacity by 60% (or 1,180 beds) from 1,913 beds to 3,093 beds over the next 4 years, CEO Nasser Al Huqbani said in a press conference. 

The medical services provider announced floating 52.50 million shares, or 15% of the share capital amounting to 350 million shares in an initial Public Offering (IPO).

“The company’s IPO will likely boost growth potential and encourage the best corporate governance practices,” said Al Huqbani.

The private healthcare operator was incepted in Riyadh in 1995 as an individual firm, and then it expanded its business portfolio to include hospitals, pharmacies and medical solutions, he noted.

It currently runs intensive care units in 6 healthcare entities across 5 Saudi cities. It also offers medical-solutions for 7 hospitals, and runs 7 medical entities with a capacity of 1,913 beds, accommodating more than 3 million patients per annum in Saudi Arabia, Bahrain and the UAE.

The group’s Saudization rate stands at 34%, he noted.

“The company enjoys strong financial position, and a proved track-record. The healthcare sector has promising investment opportunities, in line with Saudi Vision 2030,” said Hesham Al Habib, deputy CEO.

The Saudi medical group generated a net profit of SAR 870 million, up by 9% year-on-year (YoY) in 2019.