Tibbiyah widens losses to SAR 22.8 mln in H1 2023

Tibbiyah widens losses to SAR 22.8 mln in H1 2023

03/09/2023 Argaam Exclusive

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Arabian International Healthcare Holding Co. (Tibbiyah) reported a net loss of SAR 22.8 million for H1 2023, up from SAR 20.7 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 215.24 315.96 46.8 %
Gross Income 40.80 63.19 54.9 %
Operating Income (16.92) (4.13) 75.6 %
Net Income (20.68) (23.52) (13.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) (1.03) (1.18) (13.7 %)

Tibbiyah achieved revenue of SAR 316 million for H1 2023, an increase of 46.8% from SAR 215.2 million in H1 2022, mainly attributed to the strong performance of the medical equipment division (FMS) and positive contribution of Innovative Healthcare Co. Holding Ltd. (NewYou).

 

Gross profit rose to SAR 63.2 million in the first six months, an increase of 54.9% year-on-year (YoY), primarily due to higher FMS revenue, effective cost management, and NewYou’s high margins.

 

Operating profit stood at SAR 1.1 million, against an operating loss of SAR 10.1 million a year earlier, mainly due to higher revenue, improved gross profit, effective cost management, and a reduction in impairment loss on trade receivable.



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 215.24 315.96 46.8 %
Gross Income 40.80 63.19 54.9 %
Operating Income (16.92) (4.13) 75.6 %
Net Income (20.68) (23.52) (13.7 %)
Average Shares 20.00 20.00 -
EPS (Riyals) (1.03) (1.18) (13.7 %)

Total shareholders’ equity, excluding minority interest, fell to SAR 251.47 million as of June 30, 2023, from SAR 252.71 million a year earlier.

 

Attached Documents

 

 

                                                           Quarterly Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR/share)

H1 2020

193.65

(30.96)

(1.5%)

H2 2020

625.04

126.75

6.34

H1 2021

249.24

5.10

0.26

H2 2021

369.30

77.21

3.86

H1 2022

215.24

(20.68)

(1.03)

H2 2022

427.43

46.44

2.32

H1 2023

315.96

(23.00)

(1.15)

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 %


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 - - - - - -
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)

Profitability

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 - - -
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 %


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

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

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 -


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
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Share Price

Arabian International Healthcare Holding Co.
38.50
0.00 0.00 %

Arabian International Healthcare Holding Co. (TIBBIYAH)

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