Sulaiman Al Habib posts 22% profit leap in 9M 2022 to SAR 1.209 bln; Q3 at SAR 420.6 mln

23/10/2022 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group (HMG) posted a 22% jump in net profit after Zakat and tax to SAR 1.209 billion in the first nine months of 2022, from SAR 993.2 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	5,282.35	6,057.06	14.7 %
Gross Income	1,686.85	2,011.07	19.2 %
Operating Income	1,069.90	1,272.93	19.0 %
Net Income	993.02	1,209.26	21.8 %
Average Shares	350.00	350.00	-
EPS (Riyals)	2.84	3.46	21.8 %

The profit growth was triggered by better revenue due to an increase in the number of patients and higher inpatient occupancy rates.

The nine-month revenues grew by 14.67% year-on-year (YoY) to SAR 6.057 billion, thanks to growth in all segments. The higher revenue was spurred by growth in the hospital segment, due to increased number of patients and higher inpatient occupancy rates. The pharmacy segment sales increased on a rise in the number of patients compared to the similar period of 2021.

Earnings before interest, tax, depreciation, and amortization (EBITDA) jumped 17.39% YoY to SAR 1.590 billion. EBITDA margin improved to 26.26% compared to 25.65% in the same period of the previous year.

The third-quarter net profit grew 21% to SAR 420.6 million, from 348.62 billion in Q3 2021, thanks to better revenue due to an increase in the number of patients and higher inpatient occupancy rates.

Revenue rose 11.75% YoY to SAR 2.052 billion in the three-month period. EBITDA recorded a rise of 15.36% YoY to SAR 72.33 million, pushing margins higher to 26.47% from 25.64% in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	1,836.35	2,052.19	11.8 %
Gross Income	586.42	681.63	16.2 %
Operating Income	380.54	436.09	14.6 %
Net Income	348.62	420.62	20.7 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.00	1.20	20.7 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	2,014.01	2,052.19	1.9 %
Gross Income	670.88	681.63	1.6 %
Operating Income	414.75	436.09	5.1 %
Net Income	398.13	420.62	5.6 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.14	1.20	5.6 %

Compared to the previous quarter, net profit rose 5.6% from SAR 398.13 million.

Shareholders’ equity, after minority interest, rose to SAR 5.713 billion as of Sept. 30, 2022, from SAR 5.201 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	5,122.63	-	2,215.70	-	1,348.96	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	4,868.00	(5.0 %)	1,888.69	(14.8 %)	924.66	(31.5 %)
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	4,379.03	(10.0 %)	1,265.38	(33.0 %)	655.26	(29.1 %)
Q1 2018	1,169.41	-	361.40	-	221.01	-
Q2 2018	1,068.31	-	290.57	-	153.73	-
Q3 2018	1,145.35	-	354.30	-	215.17	-
Q4 2018	1,204.57	-	355.74	-	211.62	-
2018	4,587.63	4.8 %	1,362.01	7.6 %	801.52	22.3 %
Q1 2019	1,227.90	5.0 %	404.20	11.8 %	248.18	12.3 %
Q2 2019	1,157.19	8.3 %	334.70	15.2 %	163.58	6.4 %
Q3 2019	1,226.74	7.1 %	348.97	(1.5 %)	192.48	(10.5 %)
Q4 2019	1,404.45	16.6 %	435.67	22.5 %	263.49	24.5 %
2019	5,016.28	9.3 %	1,523.54	11.9 %	867.72	8.3 %
Q1 2020	1,343.34	9.4 %	399.85	(1.1 %)	258.61	4.2 %
Q2 2020	1,203.01	4.0 %	359.86	7.5 %	203.31	24.3 %
Q3 2020	1,623.91	32.4 %	558.89	60.2 %	323.89	68.3 %
Q4 2020	1,691.35	20.4 %	545.81	25.3 %	329.05	24.9 %
2020	5,861.61	16.9 %	1,864.41	22.4 %	1,114.86	28.5 %
Q1 2021	1,694.79	26.2 %	549.42	37.4 %	349.63	35.2 %
Q2 2021	1,751.21	45.6 %	551.02	53.1 %	339.73	67.1 %
Q3 2021	1,836.35	13.1 %	586.42	4.9 %	380.54	17.5 %
Q4 2021	1,968.13	16.4 %	643.38	17.9 %	396.25	20.4 %
2021	7,250.47	23.7 %	2,330.23	25.0 %	1,466.15	31.5 %
Q1 2022	1,990.86	17.5 %	658.56	19.9 %	422.09	20.7 %
Q2 2022	2,014.01	15.0 %	670.88	21.8 %	414.75	22.1 %
Q3 2022	2,052.19	11.8 %	681.63	16.2 %	436.09	14.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	5,122.63	-	2,215.70	-	1,348.96	-
2016	4,868.00	(5.0 %)	1,888.69	(14.8 %)	924.66	(31.5 %)
2017	4,379.03	(10.0 %)	1,265.38	(33.0 %)	655.26	(29.1 %)
2018	4,587.63	4.8 %	1,362.01	7.6 %	801.52	22.3 %
2019	5,016.28	9.3 %	1,523.54	11.9 %	867.72	8.3 %
2020	5,861.61	16.9 %	1,864.41	22.4 %	1,114.86	28.5 %
2021	7,250.47	23.7 %	2,330.23	25.0 %	1,466.15	31.5 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	1,328.87	-	3.80	-	1,328.87	3.80
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	1,009.94	(24.0 %)	2.89	-	1,009.94	2.89
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	656.17	(35.0 %)	1.87	-	656.17	1.87
Q1 2018	216.53	-	0.62	-	216.53	0.62
Q2 2018	151.51	-	0.43	-	151.51	0.43
Q3 2018	207.93	-	0.59	-	207.93	0.59
Q4 2018	225.34	-	0.64	-	225.34	0.64
2018	801.31	22.1 %	2.29	-	801.31	2.29
Q1 2019	234.08	8.1 %	0.67	-	234.08	0.67
Q2 2019	167.97	10.9 %	0.48	-	167.97	0.48
Q3 2019	198.00	(4.8 %)	0.57	-	198.00	0.57
Q4 2019	270.18	19.9 %	0.77	-	270.18	0.77
2019	870.23	8.6 %	2.49	-	870.23	2.49
Q1 2020	246.60	5.3 %	0.70	-	246.60	0.70
Q2 2020	192.25	14.5 %	0.55	-	192.25	0.55
Q3 2020	298.80	50.9 %	0.85	-	298.80	0.85
Q4 2020	317.83	17.6 %	0.91	-	317.83	0.91
2020	1,055.48	21.3 %	3.02	-	1,055.48	3.02
Q1 2021	319.00	29.4 %	0.91	-	319.00	0.91
Q2 2021	325.40	69.3 %	0.93	-	325.40	0.93
Q3 2021	348.62	16.7 %	1.00	-	348.62	1.00
Q4 2021	383.59	20.7 %	1.10	-	383.59	1.10
2021	1,376.62	30.4 %	3.93	-	1,376.62	3.93
Q1 2022	390.51	22.4 %	1.12	-	390.51	1.12
Q2 2022	398.13	22.4 %	1.14	-	398.13	1.14
Q3 2022	420.62	20.7 %	1.20	-	420.62	1.20

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	1,328.87	-	3.80	-	1,328.87	3.80
2016	1,009.94	(24.0 %)	2.89	-	1,009.94	2.89
2017	656.17	(35.0 %)	1.87	-	656.17	1.87
2018	801.31	22.1 %	2.29	-	801.31	2.29
2019	870.23	8.6 %	2.49	-	870.23	2.49
2020	1,055.48	21.3 %	3.02	-	1,055.48	3.02
2021	1,376.62	30.4 %	3.93	-	1,376.62	3.93

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	43.25 %	29.04 %	25.94 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	38.80 %	22.35 %	20.75 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	28.90 %	19.57 %	14.98 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	29.69 %	21.84 %	17.47 %
2018	29.69 %	21.84 %	17.47 %
Q1 2019	30.24 %	22.28 %	17.62 %
Q2 2019	30.60 %	22.42 %	17.64 %
Q3 2019	29.97 %	21.82 %	17.14 %
Q4 2019	30.37 %	22.40 %	17.35 %
2019	30.37 %	22.40 %	17.35 %
Q1 2020	29.60 %	22.52 %	17.20 %
Q2 2020	29.83 %	23.35 %	17.52 %
Q3 2020	31.47 %	24.38 %	18.08 %
Q4 2020	31.81 %	24.44 %	18.01 %
2020	31.81 %	24.44 %	18.01 %
Q1 2021	32.42 %	24.53 %	18.15 %
Q2 2021	32.61 %	24.54 %	18.65 %
Q3 2021	32.02 %	24.56 %	18.80 %
Q4 2021	32.14 %	24.56 %	18.99 %
2021	32.14 %	24.56 %	18.99 %
Q1 2022	32.32 %	24.53 %	19.19 %
Q2 2022	32.77 %	24.65 %	19.47 %
Q3 2022	33.08 %	24.69 %	19.85 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	43.25 %	29.04 %	25.94 %
2016	38.80 %	22.35 %	20.75 %
2017	28.90 %	19.57 %	14.98 %
2018	29.69 %	21.84 %	17.47 %
2019	30.37 %	22.40 %	17.35 %
2020	31.81 %	24.44 %	18.01 %
2021	32.14 %	24.56 %	18.99 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	30.90 %	23.18 %	18.52 %
Q2 2018	27.20 %	19.05 %	14.18 %
Q3 2018	30.93 %	23.14 %	18.15 %
Q4 2018	29.53 %	21.76 %	18.71 %
Q1 2019	32.92 %	24.80 %	19.06 %
Q2 2019	28.92 %	19.88 %	14.52 %
Q3 2019	28.45 %	20.73 %	16.14 %
Q4 2019	31.02 %	23.83 %	19.24 %
Q1 2020	29.77 %	25.06 %	18.36 %
Q2 2020	29.91 %	23.54 %	15.98 %
Q3 2020	34.42 %	24.91 %	18.40 %
Q4 2020	32.27 %	24.14 %	18.79 %
Q1 2021	32.42 %	25.27 %	18.82 %
Q2 2021	31.47 %	23.90 %	18.58 %
Q3 2021	31.93 %	24.92 %	18.98 %
Q4 2021	32.69 %	24.22 %	19.49 %
Q1 2022	33.08 %	25.05 %	19.61 %
Q2 2022	33.31 %	24.45 %	19.77 %
Q3 2022	33.21 %	25.01 %	20.50 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	350.00	-	-	11.82
Q2 2018	350.00	-	-	12.26
Q3 2018	350.00	-	-	12.86
Q4 2018	350.00	2.29	2.29	12.37
Q1 2019	350.00	2.34	2.34	12.43
Q2 2019	350.00	2.39	2.39	11.79
Q3 2019	350.00	2.36	2.36	12.36
Q4 2019	350.00	2.49	2.49	12.55
Q1 2020	350.00	2.52	2.52	13.25
Q2 2020	350.00	2.59	2.59	13.29
Q3 2020	350.00	2.88	2.88	13.74
Q4 2020	350.00	3.02	3.02	14.03
Q1 2021	350.00	3.22	3.22	14.33
Q2 2021	350.00	3.60	3.60	14.56
Q3 2021	350.00	3.75	3.75	14.86
Q4 2021	350.00	3.93	3.93	15.25
Q1 2022	350.00	4.14	4.14	15.67
Q2 2022	350.00	4.35	4.35	15.98
Q3 2022	350.00	4.55	4.55	16.32

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	350.00	3.80	3.80	10.38
2016	350.00	2.89	2.89	12.21
2017	350.00	1.87	1.87	12.34
2018	350.00	2.29	2.29	12.37
2019	350.00	2.49	2.49	12.55
2020	350.00	3.02	3.02	14.03
2021	350.00	3.93	3.93	15.25

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	21.77	21.77	4.14
Q2 2020	29.06	29.06	5.67
Q3 2020	33.48	33.48	7.01
Q4 2020	36.14	36.14	7.77
Q1 2021	38.48	38.48	8.65
Q2 2021	45.35	45.35	11.22
Q3 2021	46.46	46.46	11.71
Q4 2021	41.04	41.04	10.58
Q1 2022	46.02	46.02	12.15
Q2 2022	44.60	44.60	12.13
Q3 2022	45.70	45.70	12.74

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	36.14	36.14	7.77
2021	41.04	41.04	10.58

Business Segments (Million)

Compared With The

Period	Hospitals	Pharmacies	Others
Q1 2018	970.00	189.00	10.00
Q2 2018	865.00	174.00	30.00
Q3 2018	908.00	175.00	62.00
Q4 2018	938.00	199.00	68.00
Q1 2019	999.00	208.00	21.00
Q2 2019	916.00	201.00	40.00
Q3 2019	984.00	203.00	40.00
Q4 2019	1,102.00	242.00	60.00
Q1 2020	1,053.00	237.00	53.00
Q2 2020	931.00	209.00	63.00
Q3 2020	1,272.00	261.00	91.00
Q4 2020	1,346.00	294.00	52.00
Q1 2021	1,320.00	313.00	62.00
Q2 2021	1,366.00	315.00	70.00
Q3 2021	1,418.00	338.00	80.00
Q4 2021	1,482.00	389.00	97.00
Q1 2022	1,506.00	417.00	68.00
Q2 2022	1,534.00	407.00	73.00
Q3 2022	1,557.00	408.00	87.00

Period	Hospitals	Pharmacies	Others
2015	4,485.00	598.00	40.00
2016	4,157.00	656.00	55.00
2017	3,671.00	680.00	28.00
2018	3,681.00	737.00	170.00
2019	4,001.00	854.00	161.00
2020	4,602.00	1,001.00	259.00
2021	5,586.00	1,355.00	309.00

Analysts Estimates (Million)

Item	Q3 2022 (e)	Q3 2022 (a)	Change‬
Average	402.96	420.62	4.38 %

Estimates vs Actual (Million)

Item	Q3 2022 (e)	Q3 2022 (a)	Change
Riyad Capital	422.00	420.62	(0.3) %
Hermes	426.00	420.62	(1.3) %
SNB Capital	405.00	420.62	3.9 %
OSOOL AND BAKHEET	395.85	420.62	6.3 %
AlJazira Capital	389.90	420.62	7.9 %
Al Rajhi Capital	379.00	420.62	11.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	100,310.00
Enterprise Value (EV) (M)	105,278.80
Shares Outstanding ((M))	350.00
EPS ( Riyal) (TTM)	6.36
Book Value (BV) ( Riyal)	19.97
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	46.25
P/E (TTM)	45.05
Price/book	14.35
Return on Average Assets (%) (TTM)	13.0
Return on Average Equity (%) (TTM)	33.3

Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN ALHABIB)

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Sulaiman Al Habib posts 22% profit leap in 9M 2022 to SAR 1.209 bln; Q3 at SAR 420.6 mln

View other reports

Financials (M)

Current Quarter 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) 2022 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN ALHABIB)

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Sulaiman Al Habib posts 22% profit leap in 9M 2022 to SAR 1.209 bln; Q3 at SAR 420.6 mln

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Financials (M)

Current Quarter 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) Q3 2022

Revenue by Business Segment (Latest) 2022 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Dr. Sulaiman Al Habib Medical Services Group (SULAIMAN ALHABIB)

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Business Segments (Million)