Tibbiyah earns SAR 38.1M in 2023

30/03/2024 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) posted a net profit of SAR 38.1 million for 2023, compared to SAR 20.5 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	642.67	806.92	25.6 %
Gross Income	154.16	190.04	23.3 %
Operating Income	44.03	46.72	6.1 %
Net Income	20.47	38.09	86.0 %
Average Shares	20.00	20.00	-
EPS (Riyals)	1.02	1.90	86.0 %

The company recorded revenue of SAR 806.9 million in 2023, an increase of 25.6% year-on-year (YoY) from SAR 642.7 million. This was driven by a strong core growth on the robust performance of subsidiary Al Faisaliah Medical Systems (FMS) and the continued reliability of International Medical Supplies (Premma). This was supported by the positive contribution of Innovative Healthcare Company Holding Limited (IHC).

FMS registered a 37.4% increase YoY in revenue on the back of a solid project backlog with a healthy order intake, increased private sector demand and addition of new suppliers.

Although Premma faced a challenging first half of the year, it registered a positive performance overall, demonstrating the resilience and strength of its fundamentals.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	427.43	490.96	14.9 %
Gross Income	113.36	126.85	11.9 %
Operating Income	60.94	50.85	(16.6 %)
Net Income	41.15	61.61	49.7 %
Average Shares	20.00	20.00	-
EPS (Riyals)	2.06	3.08	49.7 %

Item	H1 2023	H2 2023	Change‬
Revenues	315.96	490.96	55.4 %
Gross Income	63.19	126.85	100.8 %
Operating Income	(4.13)	50.85	1331.1 %
Net Income	(23.52)	61.61	362.0 %
Average Shares	20.00	20.00	-
EPS (Riyals)	(1.18)	3.08	362.0 %

Shareholders' equity, no minority interest, reached SAR 306.59 million at the end of 2023, up from SAR 289.67 million in 2022.

Historical Data
Period	Revenues (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2020	193.65	(30.96)	(1.55)
H2 2020	625.04	126.75	6.34
H1 2021	249.24	5.10	0.25
H2 2021	369.30	77.21	3.86
H1 2022	215.24	(20.68)	(1.03)
H2 2022	427.43	41.15	2.06
H1 2023	315.96	(80.22)	(14.1)
H2 2023	490.96	60.89	3.04

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	697.03	-	171.34	-	61.71	-
H1 2020	193.65	-	38.94	-	(10.98)	-
H2 2020	625.04	-	159.44	-	109.27	-
2020	818.69	17.5 %	198.38	15.8 %	98.28	59.3 %
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 %)
2021	618.54	(24.4 %)	143.52	(27.7 %)	70.10	(28.7 %)
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 %
2022	642.67	3.9 %	154.16	7.4 %	44.03	(37.2 %)
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 %)
2023	806.92	25.6 %	190.04	23.3 %	46.72	6.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	697.03	-	171.34	-	61.71	-
2020	818.69	17.5 %	198.38	15.8 %	98.28	59.3 %
2021	618.54	(24.4 %)	143.52	(27.7 %)	70.10	(28.7 %)
2022	642.67	3.9 %	154.16	7.4 %	44.03	(37.2 %)
2023	806.92	25.6 %	190.04	23.3 %	46.72	6.1 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	41.13	-	2.06	(7.00)	48.13	2.41
H1 2020	(30.96)	-	(1.55)	-	(30.96)	(1.55)
H2 2020	126.75	-	6.34	36.37	90.37	4.52
2020	95.79	132.9 %	4.79	36.37	59.42	2.97
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
2021	82.31	(14.1 %)	4.12	14.63	67.69	3.38
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
2022	20.47	(75.1 %)	1.02	(6.12)	26.60	1.33
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
2023	38.09	86.0 %	1.90	31.62	6.47	0.32

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	41.13	-	2.06	(7.00)	48.13	2.41
2020	95.79	132.9 %	4.79	36.37	59.42	2.97
2021	82.31	(14.1 %)	4.12	14.63	67.69	3.38
2022	20.47	(75.1 %)	1.02	(6.12)	26.60	1.33
2023	38.09	86.0 %	1.90	31.62	6.47	0.32

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
2019	24.58 %	9.88 %	6.90 %
H1 2020	-	-	-
H2 2020	24.23 %	12.88 %	7.26 %
2020	24.23 %	12.88 %	7.26 %
H1 2021	24.84 %	14.38 %	10.92 %
H2 2021	23.20 %	12.41 %	10.94 %
2021	23.20 %	12.41 %	10.94 %
H1 2022	21.66 %	8.60 %	7.17 %
H2 2022	23.99 %	8.14 %	4.14 %
2022	23.99 %	8.14 %	4.14 %
H1 2023	23.75 %	9.32 %	3.47 %
H2 2023	23.55 %	7.27 %	0.80 %
2023	23.55 %	7.27 %	0.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	24.58 %	9.88 %	6.90 %
2020	24.23 %	12.88 %	7.26 %
2021	23.20 %	12.41 %	10.94 %
2022	23.99 %	8.14 %	4.14 %
2023	23.55 %	7.27 %	0.80 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2014	-	-	-
H2 2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
H1 2019	-	-	-
H2 2019	-	-	-
H1 2020	20.11 %	(3.78 %)	(15.99 %)
H2 2020	25.51 %	18.05 %	14.46 %
H1 2021	23.16 %	5.19 %	2.04 %
H2 2021	23.23 %	17.27 %	16.95 %
H1 2022	18.96 %	(6.29 %)	(9.61 %)
H2 2022	26.52 %	15.40 %	11.06 %
H1 2023	20.00 %	1.08 %	(6.81 %)
H2 2023	25.84 %	11.25 %	5.70 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2014	-	-	-	-
H2 2014	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	20.00	2.06	2.41	13.31
2020	20.00	4.79	2.97	16.62
2021	20.00	4.12	3.38	16.67
2022	20.00	1.02	1.33	14.48
2023	20.00	1.90	0.32	15.33

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2014	-	-	-
H2 2014	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	36.24	27.90	2.56
2023	20.93	More than 100	2.60

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	-

Period	Medical devices	Medical supplies	Clinic and Pharmaceutical	Other activities
2019	416.44	280.60	-	-
2020	534.57	284.12	-	-
2021	304.21	314.33	-	-
2022	275.04	329.76	-	37.88
2023	377.99	332.18	96.75	-

Financial Ratios

	Current
Market Cap (M Riyal)	770.00
Enterprise Value (EV) (M)	1,211.97
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	2.51

Arabian International Healthcare Holding Co. (TIBBIYAH)

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Tibbiyah earns SAR 38.1M in 2023

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Arabian International Healthcare Holding Co. (TIBBIYAH)

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Tibbiyah earns SAR 38.1M in 2023

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Financial Ratios

Share Price

Arabian International Healthcare Holding Co. (TIBBIYAH)

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Business Segments (Million)