Financial Results : Naba Alsaha 2024 profit drops 58% to SAR 21.8M; Q4 at SAR 8.7M

Naba Alsaha 2024 profit drops 58% to SAR 21.8M; Q4 at SAR 8.7M

20/03/2025 Argaam Exclusive

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Naba Alsaha Medical Services Co. reported a net profit decline of 58% to SAR 21.8 million in 2024, compared to SAR 52.4 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 182.35 194.28 6.5 %
Gross Income 73.77 62.36 (15.5 %)
Operating Income 42.97 24.52 (42.9 %)
Net Income 52.38 21.78 (58.4 %)
Average Shares 10.50 10.50 -
Earnings Per Share before unusual items 4.07 2.07 (49.0 %)
EPS (Riyals) 4.99 2.07 (58.4 %)

The profit drop was attributed to a 21% year-on-year (YoY) increase in revenue costs due to the rise in medical staff and the expansion of medical services. The company expects this expansion to positively impact the quality and diversity of the medical services provided, resulting in future revenue growth.

 

Additionally, the company added new assets, including medical equipment and residential buildings for employees, resulting in higher depreciation expenses.

 

Moreover, the financial results for 2023 included a non-recurring profit of SAR 9.6 million from the acquisition of Al-Anwar Medical Co. in Hail.

 

Zakat expenses increased by 32% YoY, in addition to a 9% increase in the company’s share of losses in the results of an associate company.



Current Half Annual Comparison (M)

Compared With The
Item H2 2023 H2 2024 Change‬
Revenues 100.51 98.01 (2.5 %)
Gross Income 40.14 30.84 (23.2 %)
Operating Income 24.31 9.83 (59.5 %)
Net Income 24.61 8.74 (64.5 %)
Average Shares 10.50 10.50 -
Earnings Per Share before unusual items 2.34 0.83 (64.5 %)
EPS (Riyals) 2.34 0.83 (64.5 %)

On the other hand, Naba Alsaha recorded a 6.54% YoY rise in revenue. This growth was driven by an increase in the number of patients and the improvement in the quality of services offered in the hospital sector.

 

This, in turn, had a positive impact on sales in the pharmacy sector, further boosting the overall revenue.

 

In H2 2024, the company’s net profit slumped 65% YoY to SAR 8.7 million, from SAR 24.61 million.

 

On a sequential basis, net earnings dropped 33% from SAR 13.04 million in H1 2024.

 

Shareholders’ equity reached SAR 199.66 million by Dec. 31, 2024, compared to SAR 180.09 million in the prior-year period.

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