Fakeeh Care 2024 profit up 3% at SAR 287.6M; Q4 at SAR 73.8M
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Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care) recorded a net profit after minority interest of SAR 287.6 million for 2024, a rise of 3% from SAR 279.6 million a year earlier.
Net profit before minority interest stood at SAR 263.7 million in 2024 from SAR 232 million in 2023.
Financials (M)
| Item | 2023 | 2024 | Change |
|---|---|---|---|
| Revenues | 2,326.69 | 2,790.88 | 20.0 % |
| Gross Income | 616.68 | 699.04 | 13.4 % |
| Operating Income | 312.84 | 347.88 | 11.2 % |
| Net Income | 279.59 | 287.55 | 2.8 % |
| Average Shares | 200.00 | 232.00 | 16.0 % |
| Earnings Per Share before unusual items | 1.21 | 1.24 | 2.7 % |
| EPS (Riyals) | 1.40 | 1.24 | (11.3 %) |
The group revenue increased 20% year-on-year (YoY) to SAR 2.79 billion as a result of increased number of patients served. Additionally, the implied average revenue per patient across the group also increased driven by business mix optimization and increased focus on complex procedures. The operate and manage (O&M) contracts recorded a growing contribution.
The profit increase came despite a one-off finance income causing a high-base effect of SAR 38.2 million realized in 2023. Adjusting for this non-recurring item, the group’s net profit would record a 36% growth along with a higher top line. Accordingly, the group’s net profit margin read 9.4% in 2024 compared to the adjusted 2023 margin of 8.3%, and 9.4% in 2024 compared to the unadjusted 2023 margin of 10%.
Adjusting for EBITDA figures in 2023 to exclude recurring and non-recurring finance income of SAR 4.7 million and SAR 38.2 million, respectively, which were previously stated as other income, the group recorded EBITDA of SAR 521.9 million in 2024 versus SAR 483.4 in 2023. This indicates growth of 8% in EBITDA and a margin of 18.7% in 2024 versus 20.8% in 2023. This impact is due to the expansionary initiatives and associated costs including staff retention initiatives that steepened salary costs, increased marketing spend to strengthen the group’s position, as well as the inauguration of Madinah Hospital. Nevertheless, the group’s well integrated infrastructure enables it to partially absorb margin pressures.
Current Quarter Comparison (M)
| Item | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Revenues | 662.32 | 742.68 | 12.1 % |
| Gross Income | 172.73 | 164.76 | (4.6 %) |
| Operating Income | 79.73 | 71.67 | (10.1 %) |
| Net Income | 73.99 | 73.77 | (0.3 %) |
| Average Shares | 200.00 | 232.00 | 16.0 % |
| Earnings Per Share before unusual items | 0.37 | 0.32 | (14.0 %) |
| EPS (Riyals) | 0.37 | 0.32 | (14.0 %) |
The fourth-quarter net earnings fell slightly to SAR 73.8 million from SAR 73.99 million in Q4 2023.
The group’s bottom line dropped 21.2% from SAR 93.59 million in Q3 2024.
Shareholders’ equity, after minority interest, stood at SAR 2.94 billion as of Dec. 31, 2024, up from SAR 1.02 billion a year earlier.
Attached Document:
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2024 | 72.72 | 1.0 % | 0.36 | - | 72.72 | 0.36 |
| Q2 2024 | 47.47 | (12.0 %) | 0.22 | - | 47.47 | 0.22 |
| Q3 2024 | 93.59 | 17.5 % | 0.40 | - | 93.59 | 0.40 |
| Q4 2024 | 73.77 | (0.3 %) | 0.32 | - | 73.77 | 0.32 |
| 2024 | 287.55 | 2.8 % | 1.24 | - | 287.55 | 1.24 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2024 | 680.33 | 28.5 % | 188.58 | 30.6 % | 103.15 | 31.5 % |
| Q2 2024 | 654.04 | 19.9 % | 161.88 | 28.3 % | 71.37 | 21.8 % |
| Q3 2024 | 713.82 | 21.1 % | 183.82 | 6.0 % | 101.69 | 5.8 % |
| Q4 2024 | 742.68 | 12.1 % | 164.76 | (4.6 %) | 71.67 | (10.1 %) |
| 2024 | 2,790.88 | 20.0 % | 699.04 | 13.4 % | 347.88 | 11.2 % |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 26.67 % | 19.78 % | 10.25 % |
| Q2 2024 | 26.94 % | 19.54 % | 10.07 % |
| Q3 2024 | 26.08 % | 18.93 % | 10.62 % |
| Q4 2024 | 25.05 % | - | 10.30 % |
| 2024 | 25.05 % | - | 10.30 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 200.00 | 1.40 | 1.27 | 5.46 |
| Q2 2024 | 217.84 | 1.26 | 1.20 | 12.05 |
| Q3 2024 | 232.00 | 1.24 | 1.24 | 12.45 |
| Q4 2024 | 232.00 | 1.24 | 1.24 | 12.70 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | - | - | - |
| Q2 2024 | 51.51 | 54.16 | 5.05 |
| Q3 2024 | 47.16 | 47.16 | 4.70 |
| Q4 2024 | 54.06 | 54.06 | 5.28 |
Business Segments (Million)
Q3 2024
| Period | Medical Services | Education | Trade, retail and others |
|---|---|---|---|
| Q1 2024 | 635.99 | 26.25 | 18.09 |
| Q2 2024 | 602.41 | 27.29 | 24.35 |
| Q3 2024 | 668.25 | 28.41 | 17.16 |
Analysts Estimates (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Average | 98.17 | 73.77 | (24.9 %) |
Estimates vs Actual (Million)
| Item | Q4 2024 (e) | Q4 2024 (a) | Change |
|---|---|---|---|
| Al Rajhi Capital | 95.00 | 73.77 | (22.3) % |
| AlJazira Capital | 99.50 | 73.77 | (25.9) % |
| SNB Capital | 100.00 | 73.77 | (26.2) % |
| Current | |
| Market Cap (M Riyal) | 12,528.00 |
| Enterprise Value (EV) (M) | 12,904.79 |
| Shares Outstanding ((M)) | 232.00 |
| EPS ( Riyal) (TTM) | 1.24 |
| Book Value (BV) ( Riyal) | 12.70 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 43.57 |
| P/E (TTM) | 43.57 |
| Price/book | 4.25 |
| Return on Average Assets (%) (TTM) | 6.0 |
| Return on Average Equity (%) (TTM) | 8.0 |
Share Price
Dr. Soliman Abdel Kader Fakeeh Hospital Co. (FAKEEH CARE)
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