Sulaiman Al Habib profit surges 24% to SAR 2.04B in 2023; Q4 at SAR 525M
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Dr. Sulaiman Al Habib Medical Services Group (HMG) posted a 24% rise in net profit to SAR 2.04 billion for 2023, compared to SAR 1.65 billion in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 8,310.74 | 9,508.44 | 14.4 % |
| Gross Income | 2,748.14 | 3,270.05 | 19.0 % |
| Operating Income | 1,700.49 | 2,095.65 | 23.2 % |
| Net Income | 1,650.75 | 2,046.01 | 23.9 % |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 4.72 | 5.85 | 23.9 % |
The increase in net profit came as revenues edged up 14.41% year-on-year (YoY) to SAR 9.5 billion, due to growth in the hospitals and pharmacy segments, on a rise in the number of outpatients and inpatient occupancy. Net profit margin grew to 21.52% versus 19.86% in 2022.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 18.49% YoY to SAR 2.5 billion. EBITDA margin improved to 26.61% in 2023 from 25.7% in the previous year.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,253.68 | 2,486.49 | 10.3 % |
| Gross Income | 737.07 | 868.16 | 17.8 % |
| Operating Income | 427.56 | 534.18 | 24.9 % |
| Net Income | 441.50 | 525.01 | 18.9 % |
| Average Shares | 350.00 | 350.00 | - |
| EPS (Riyals) | 1.26 | 1.50 | 18.9 % |
The fourth-quarter net profit grew by 19% YoY to SAR 525 million.
Compared to the previous quarter, net profit slipped 3.6% from SAR 544.77 million.
Shareholders’ equity, after minority interest, rose to SAR 6.48 billion as of Dec. 31, 2023, from SAR 5.87 billion a year earlier.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| Q1 2023 | 2,306.88 | 15.9 % | 783.64 | 19.0 % | 489.27 | 25.3 % | 1.40 |
| Q2 2023 | 2,272.27 | 12.8 % | 774.83 | 15.5 % | 486.97 | 22.3 % | 1.39 |
| Q3 2023 | 2,442.81 | 19.0 % | 843.43 | 23.7 % | 544.77 | 29.5 % | 1.56 |
| Q4 2023 | 2,486.49 | 10.3 % | 868.16 | 17.8 % | 525.01 | 18.9 % | 1.50 |
| 2023 | 9,508.44 | 14.4 % | 3,270.05 | 19.0 % | 2,046.01 | 23.9 % | 5.85 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 33.31 % | 24.34 % | 20.28 % |
| Q2 2023 | 33.51 % | 24.58 % | 20.69 % |
| Q3 2023 | 33.84 % | 24.81 % | 21.16 % |
| Q4 2023 | 34.39 % | 25.33 % | 20.91 % |
| 2023 | 34.39 % | 25.33 % | 20.91 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 350.00 | 5.00 | 5.00 | 17.31 |
| Q2 2023 | 350.00 | 5.25 | 5.25 | 17.71 |
| Q3 2023 | 350.00 | 5.61 | 5.61 | 18.27 |
| Q4 2023 | 350.00 | 5.85 | 5.68 | 18.53 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 58.30 | 58.30 | 16.83 |
| Q2 2023 | 54.49 | 54.49 | 16.16 |
| Q3 2023 | 42.02 | 42.02 | 12.90 |
| Q4 2023 | 48.58 | 49.99 | 15.33 |
Business Segments (Million)
Q4 2023
| Period | Hospitals | Pharmacies | Others |
|---|---|---|---|
| Q1 2023 | 1,753.00 | 491.00 | 63.00 |
| Q2 2023 | 1,728.00 | 484.00 | 60.00 |
| Q3 2023 | 1,859.00 | 485.00 | 99.00 |
| Q4 2023 | 1,978.00 | 531.00 | (23.00) |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 531.97 | 525.01 | (1.3 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| SNB Capital | 523.00 | 525.01 | 0.4 % |
| AlJazira Capital | 521.30 | 525.01 | 0.7 % |
| Sico | 520.00 | 525.01 | 1.0 % |
| Hermes | 531.00 | 525.01 | (1.1) % |
| Al Rajhi Capital | 513.00 | 525.01 | 2.3 % |
| OSOOL AND BAKHEET | 550.14 | 525.01 | (4.6) % |
| U-Capital | 494.30 | 525.01 | 6.2 % |
| Riyad Capital | 603.00 | 525.01 | (12.9) % |
| Current | |
| Market Cap (M Riyal) | 98,840.00 |
| Enterprise Value (EV) (M) | 102,168.16 |
| Shares Outstanding ((M)) | 350.00 |
| EPS ( Riyal) (TTM) | 6.02 |
| Book Value (BV) ( Riyal) | 18.96 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 48.21 |
| P/E (TTM) | 46.89 |
| Price/book | 14.90 |
| Return on Average Assets (%) (TTM) | 13.8 |
| Return on Average Equity (%) (TTM) | 33.2 |
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