Al Hammadi profits up 18% to SAR 303.3M in 2023; Q4 at SAR 65.2M

Al Hammadi profits up 18% to SAR 303.3M in 2023; Q4 at SAR 65.2M

18/03/2024 Argaam Exclusive

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Al Hammadi Holding Co.’s net profit jumped 18% to SAR 303.3 million in 2023, compared to SAR 257.3 million in the year before.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,122.40 1,176.76 4.8 %
Gross Income 419.67 433.14 3.2 %
Operating Income 262.81 313.16 19.2 %
Net Income 257.34 303.33 17.9 %
Average Shares 160.00 160.00 -
EPS (Riyals) 1.61 1.90 17.9 %

The profit growth was due to the net profit margin soaring to 25.8% in 2023, from 22.9% in 2022. Further, Al Hammadi’s top line grew 4.8% year-on-year (YoY) for the same year, lifted by increased revenues from the medical services and the pharmaceutical products segments within the company’s hospitals.

 

In Q4 2023, the company’s bottom line slumped by 11% to SAR 65.2 million, compared to SAR 73.17 million in the year-ago period.

 

On a quarterly basis, net income fell 12.9% from SAR 74.87 million in the third quarter of 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 342.64 303.68 (11.4 %)
Gross Income 131.00 106.45 (18.7 %)
Operating Income 75.30 59.10 (21.5 %)
Net Income 73.17 65.19 (10.9 %)
Average Shares 160.00 160.00 -
EPS (Riyals) 0.46 0.41 (10.9 %)

Total shareholders’ equity, no minority interest, widened to SAR 1.84 billion by the end of Dec. 31, 2023, from SAR 1.71 billion in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 122.04 16.4 % 54.71 15.6 % 35.96 19.5 %
Q2 2014 121.66 11.8 % 53.68 17.1 % 35.77 57.3 %
Q3 2014 108.83 13.1 % 44.74 21.5 % 24.77 30.3 %
Q4 2014 129.43 4.3 % 55.99 1.5 % 34.52 0.5 %
Q1 2015 129.48 6.1 % 50.64 (7.4 %) 33.35 (7.3 %)
Q2 2015 137.36 12.9 % 63.56 18.4 % 37.91 6.0 %
Q3 2015 136.80 25.7 % 57.97 29.6 % 31.92 28.8 %
Q4 2015 157.70 21.8 % 68.06 21.6 % 40.39 17.0 %
Q1 2016 144.16 11.3 % 54.75 8.1 % 26.66 (20.0 %)
Q2 2016 138.08 0.5 % 57.56 (9.5 %) 27.63 (27.1 %)
Q3 2016 141.35 3.3 % 56.48 (2.6 %) 25.97 (18.6 %)
Q4 2016 182.65 15.8 % 73.35 7.8 % 18.58 (54.0 %)
Q1 2017 180.23 25.0 % 62.02 13.3 % 33.61 26.0 %
Q2 2017 176.71 28.0 % 58.16 1.0 % 32.88 19.0 %
Q3 2017 163.01 15.3 % 53.91 (4.5 %) 26.46 1.9 %
Q4 2017 188.69 3.3 % 65.08 (11.3 %) 33.93 82.6 %
Q1 2018 200.67 11.3 % 66.84 7.8 % 38.29 13.9 %
Q2 2018 214.49 21.4 % 53.28 (8.4 %) 28.26 (14.0 %)
Q3 2018 250.40 53.6 % 64.92 20.4 % 31.19 17.9 %
Q4 2018 228.04 20.9 % 65.32 0.4 % 29.53 (13.0 %)
Q1 2019 229.68 14.5 % 65.60 (1.9 %) 27.20 (29.0 %)
Q2 2019 253.83 18.3 % 71.08 33.4 % 30.95 9.5 %
Q3 2019 220.00 (12.1 %) 62.22 (4.2 %) 31.85 2.1 %
Q4 2019 270.55 18.6 % 83.72 28.2 % 39.60 34.1 %
Q1 2020 206.69 (10.0 %) 66.48 1.3 % 33.84 24.4 %
Q2 2020 244.30 (3.8 %) 90.81 27.7 % 53.15 71.8 %
Q3 2020 207.85 (5.5 %) 77.59 24.7 % 43.13 35.4 %
Q4 2020 230.47 (14.8 %) 68.48 (18.2 %) 19.33 (51.2 %)
Q1 2021 226.29 9.5 % 87.41 31.5 % 22.69 (32.9 %)
Q2 2021 223.90 (8.4 %) 79.96 (11.9 %) 33.63 (36.7 %)
Q3 2021 219.92 5.8 % 88.16 13.6 % 49.65 15.1 %
Q4 2021 281.78 22.3 % 108.53 58.5 % 19.27 (0.3 %)
Q1 2022 250.89 10.9 % 96.08 9.9 % 65.16 187.1 %
Q2 2022 281.94 25.9 % 109.09 36.4 % 70.02 108.2 %
Q3 2022 246.92 12.3 % 83.50 (5.3 %) 52.33 5.4 %
Q4 2022 342.64 21.6 % 131.00 20.7 % 75.30 290.7 %
Q1 2023 298.60 19.0 % 120.20 25.1 % 87.24 33.9 %
Q2 2023 276.66 (1.9 %) 93.42 (14.4 %) 87.53 25.0 %
Q3 2023 297.83 20.6 % 113.08 35.4 % 79.30 51.5 %
Q4 2023 303.68 (11.4 %) 106.45 (18.7 %) 59.10 (21.5 %)
2023 1,176.76 4.8 % 433.14 3.2 % 313.16 19.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 34.23 14.7 % 0.21 - 34.23 0.21
Q2 2014 35.60 18.4 % 0.22 - 35.60 0.22
Q3 2014 25.42 38.7 % 0.16 - 25.42 0.16
Q4 2014 33.71 1.2 % 0.21 - 33.71 0.21
Q1 2015 41.01 19.8 % 0.26 9.80 31.21 0.20
Q2 2015 36.89 3.6 % 0.23 - 36.89 0.23
Q3 2015 27.69 8.9 % 0.17 - 27.69 0.17
Q4 2015 35.75 6.0 % 0.22 - 35.75 0.22
Q1 2016 21.14 (48.5 %) 0.13 - 21.14 0.13
Q2 2016 20.63 (44.1 %) 0.13 - 20.63 0.13
Q3 2016 20.73 (25.1 %) 0.13 - 20.73 0.13
Q4 2016 10.48 (70.7 %) 0.07 - 10.48 0.07
Q1 2017 27.97 32.3 % 0.17 - 27.97 0.17
Q2 2017 25.66 24.4 % 0.16 - 25.66 0.16
Q3 2017 23.59 13.8 % 0.15 - 23.59 0.15
Q4 2017 30.76 193.4 % 0.19 - 30.76 0.19
Q1 2018 30.88 10.4 % 0.19 - 30.88 0.19
Q2 2018 19.93 (22.3 %) 0.12 - 19.93 0.12
Q3 2018 21.31 (9.7 %) 0.13 - 21.31 0.13
Q4 2018 17.70 (42.5 %) 0.11 - 17.70 0.11
Q1 2019 24.17 (21.7 %) 0.15 - 24.17 0.15
Q2 2019 20.01 0.4 % 0.13 - 20.01 0.13
Q3 2019 21.17 (0.6 %) 0.13 - 21.17 0.13
Q4 2019 27.65 56.2 % 0.17 - 27.65 0.17
Q1 2020 24.94 3.2 % 0.16 - 24.94 0.16
Q2 2020 39.10 95.4 % 0.24 (4.99) 44.10 0.28
Q3 2020 36.57 72.7 % 0.23 - 36.57 0.23
Q4 2020 30.21 9.3 % 0.19 - 30.21 0.19
Q1 2021 35.54 42.5 % 0.22 - 35.54 0.22
Q2 2021 40.31 3.1 % 0.25 - 40.31 0.25
Q3 2021 3.58 (90.2 %) 0.02 (39.18) 42.76 0.27
Q4 2021 10.67 (64.7 %) 0.07 (9.69) 20.36 0.13
Q1 2022 61.96 74.4 % 0.39 - 61.96 0.39
Q2 2022 65.10 61.5 % 0.41 - 65.10 0.41
Q3 2022 57.11 1494.9 % 0.36 - 57.11 0.36
Q4 2022 73.17 586.0 % 0.46 - 73.17 0.46
Q1 2023 81.42 31.4 % 0.51 - 81.42 0.51
Q2 2023 81.85 25.7 % 0.51 - 81.85 0.51
Q3 2023 74.87 31.1 % 0.47 - 74.87 0.47
Q4 2023 65.19 (10.9 %) 0.41 6.46 58.73 0.37
2023 303.33 17.9 % 1.90 6.46 296.87 1.86

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 42.66 % 27.85 % 24.35 %
Q2 2014 43.18 % 29.90 % 26.17 %
Q3 2014 43.70 % 30.34 % 26.97 %
Q4 2014 43.39 % 30.09 % 26.75 %
Q1 2015 41.90 % 29.13 % 25.73 %
Q2 2015 42.55 % 28.68 % 25.19 %
Q3 2015 42.80 % 29.71 % 24.29 %
Q4 2015 42.80 % 31.06 % 23.43 %
Q1 2016 42.42 % 30.79 % 21.09 %
Q2 2016 41.32 % 30.64 % 18.24 %
Q3 2016 40.74 % 29.96 % 16.90 %
Q4 2016 39.94 % 25.11 % 12.04 %
Q1 2017 38.83 % 24.74 % 12.43 %
Q2 2017 36.71 % 24.09 % 12.46 %
Q3 2017 35.22 % 23.41 % 12.48 %
Q4 2017 33.75 % 25.39 % 15.24 %
Q1 2018 33.46 % 26.03 % 15.21 %
Q2 2018 31.18 % 25.45 % 13.71 %
Q3 2018 29.28 % 24.60 % 12.04 %
Q4 2018 28.02 % 24.14 % 10.05 %
Q1 2019 27.00 % 22.96 % 9.01 %
Q2 2019 27.75 % 22.56 % 8.65 %
Q3 2019 28.36 % 23.59 % 8.92 %
Q4 2019 29.01 % 23.82 % 9.55 %
Q1 2020 29.81 % 25.12 % 9.86 %
Q2 2020 32.21 % 27.70 % 12.52 %
Q3 2020 34.28 % 29.29 % 14.34 %
Q4 2020 34.11 % 28.49 % 15.27 %
Q1 2021 35.68 % 26.87 % 16.11 %
Q2 2021 35.28 % 25.58 % 16.05 %
Q3 2021 35.98 % 26.21 % 16.52 %
Q4 2021 38.24 % 24.65 % 14.60 %
Q1 2022 38.17 % 28.20 % 16.94 %
Q2 2022 38.84 % 29.87 % 18.38 %
Q3 2022 37.42 % 29.18 % 19.27 %
Q4 2022 37.39 % 32.36 % 22.93 %
Q1 2023 37.93 % 32.83 % 23.66 %
Q2 2023 36.75 % 34.47 % 25.20 %
Q3 2023 37.65 % 35.21 % 25.61 %
Q4 2023 36.81 % 35.12 % 25.23 %
2023 36.81 % 35.12 % 25.23 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 160.00 0.72 0.69 3.87
Q2 2014 160.00 0.76 0.76 7.88
Q3 2014 160.00 0.80 0.80 8.04
Q4 2014 160.00 0.81 0.81 8.25
Q1 2015 160.00 0.85 0.79 8.51
Q2 2015 160.00 0.86 0.80 8.27
Q3 2015 160.00 0.87 0.81 8.44
Q4 2015 160.00 0.88 0.82 8.66
Q1 2016 160.00 0.76 0.76 8.80
Q2 2016 160.00 0.66 0.66 8.37
Q3 2016 160.00 0.61 0.61 8.50
Q4 2016 160.00 0.46 0.46 8.56
Q1 2017 160.00 0.50 0.50 8.75
Q2 2017 160.00 0.53 0.53 8.89
Q3 2017 160.00 0.55 0.55 9.04
Q4 2017 160.00 0.67 0.67 8.67
Q1 2018 160.00 0.69 0.69 8.85
Q2 2018 160.00 0.66 0.66 8.98
Q3 2018 160.00 0.64 0.64 9.11
Q4 2018 160.00 0.56 0.56 9.24
Q1 2019 160.00 0.52 0.52 9.40
Q2 2019 160.00 0.52 0.52 9.51
Q3 2019 160.00 0.52 0.52 9.63
Q4 2019 160.00 0.58 0.58 9.79
Q1 2020 160.00 0.59 0.59 9.95
Q2 2020 160.00 0.71 0.74 10.21
Q3 2020 160.00 0.80 0.83 10.42
Q4 2020 160.00 0.82 0.85 10.62
Q1 2021 160.00 0.88 0.92 10.47
Q2 2021 160.00 0.89 0.89 10.73
Q3 2021 160.00 0.69 0.93 10.75
Q4 2021 160.00 0.56 0.87 10.37
Q1 2022 160.00 0.73 1.03 10.47
Q2 2022 160.00 0.88 1.19 10.56
Q3 2022 160.00 1.22 1.28 10.61
Q4 2022 160.00 1.61 1.61 10.69
Q1 2023 160.00 1.73 1.73 10.85
Q2 2023 160.00 1.83 1.83 11.01
Q3 2023 160.00 1.95 1.95 11.49
Q4 2023 160.00 1.90 1.86 11.53

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 51.42 51.42 5.14
Q4 2014 48.92 48.92 4.78
Q1 2015 51.53 55.54 5.14
Q2 2015 54.13 58.30 5.61
Q3 2015 44.33 47.69 4.57
Q4 2015 41.63 44.73 4.24
Q1 2016 36.41 36.41 3.14
Q2 2016 45.86 45.86 3.60
Q3 2016 36.32 36.32 2.62
Q4 2016 68.31 68.31 3.64
Q1 2017 61.37 61.37 3.50
Q2 2017 58.51 58.51 3.49
Q3 2017 47.94 47.94 2.91
Q4 2017 41.25 41.25 3.21
Q1 2018 39.28 39.28 3.07
Q2 2018 37.68 37.68 2.76
Q3 2018 32.21 32.21 2.27
Q4 2018 33.55 33.55 2.04
Q1 2019 35.91 35.91 1.98
Q2 2019 30.97 30.97 1.69
Q3 2019 32.09 32.09 1.73
Q4 2019 27.16 27.16 1.61
Q1 2020 24.17 24.17 1.42
Q2 2020 23.40 22.41 1.62
Q3 2020 27.10 26.08 2.08
Q4 2020 26.52 25.54 2.04
Q1 2021 24.66 23.82 2.08
Q2 2021 33.33 33.33 2.77
Q3 2021 42.10 31.02 2.68
Q4 2021 53.70 34.82 2.92
Q1 2022 46.73 32.92 3.25
Q2 2022 41.33 30.71 3.46
Q3 2022 36.83 35.09 4.23
Q4 2022 24.93 24.93 3.75
Q1 2023 28.18 28.18 4.49
Q2 2023 33.19 33.19 5.53
Q3 2023 26.78 26.78 4.53
Q4 2023 31.33 32.01 5.15

Business Segments (Million)

Compared With The
Period healthy services and other Pharmaceutical sales revenue - Pharmacies
Q1 2017 150.74 29.49
Q2 2017 147.45 29.26
Q3 2017 136.70 26.31
Q4 2017 155.95 32.73
Q1 2018 140.85 59.82
Q2 2018 143.64 71.39
Q3 2018 140.83 109.03
Q4 2018 154.81 73.23
Q1 2019 146.91 82.77
Q2 2019 151.05 102.78
Q3 2019 149.00 71.00
Q4 2019 177.92 92.62
Q1 2020 152.48 54.21
Q2 2020 192.83 51.46
Q3 2020 47.34 35.26
Q4 2020 185.43 45.04
Q1 2021 168.82 57.47
Q2 2021 163.87 60.02
Q3 2021 180.27 39.64
Q4 2021 224.93 56.85
Q1 2022 195.39 55.50
Q2 2022 232.25 49.69
Q3 2022 201.88 45.04
Q4 2022 241.22 101.43
Q1 2023 238.75 59.85
Q2 2023 217.85 58.80
Q3 2023 242.76 55.06
Q4 2023 251.51 52.17

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 89.99 65.19 (27.6 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
Al Rajhi Capital 78.00 65.19 (16.4) %
SNB Capital 82.40 65.19 (20.9) %
U-Capital 89.30 65.19 (27.0) %
AlJazira Capital 91.00 65.19 (28.4) %
OSOOL AND BAKHEET 99.22 65.19 (34.3) %
Hermes 100.00 65.19 (34.8) %

Current
Market Cap (M Riyal) 6,312.00
Enterprise Value (EV) (M) 6,073.92
Shares Outstanding ((M)) 160.00
EPS ( Riyal) (TTM) 2.04
Book Value (BV) ( Riyal) 12.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 23.86
P/E (TTM) 19.35
Price/book 3.26
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 17.3

Share Price

39.55
0.00 0.00 %

Al Hammadi Holding (ALHAMMADI)


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