Sulaiman Al Habib H1 2023 profit rises 24% to SAR 976.2 mln; Q2 at SAR 487 mln

06/08/2023 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group posted a 24% profit jump in H1 2023 to SAR 976.2 million, compared to SAR 788.6 million in H1 2022, thanks to a 14.34% rise year-on-year (YoY) in revenue to SAR 4.57 billion. This was driven by the growth in the hospital and pharmacy segments, due to increased number of patients and inpatients occupancy, which in turn boosted the pharmacy segment sales.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	4,004.87	4,579.14	14.3 %
Gross Income	1,329.44	1,558.47	17.2 %
Operating Income	836.84	1,009.38	20.6 %
Net Income	788.64	976.24	23.8 %
Average Shares	350.00	350.00	-
EPS (Riyals)	2.25	2.79	23.8 %

Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18.26% YoY to SAR 1.23 billion. Net profit margins expanded by 1.63% YoY to 21.32% from 19.69% in H1 2022.

In Q2 2023, the net profit grew 22% to SAR 487 million from SAR 398.13 million in the prior-year period. Revenue grew by 12.82% YoY to SAR 2.27 billion on continued growth in operating segments. EBITDA jumped 16.88% YoY to SAR 615.61 million. Net profit margins also rose to 21.34% from 19.77% in Q2 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2,014.01	2,272.27	12.8 %
Gross Income	670.88	774.83	15.5 %
Operating Income	414.75	498.81	20.3 %
Net Income	398.13	486.97	22.3 %
Average Shares	350.00	350.00	-
EPS (Riyals)	1.14	1.39	22.3 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	2,306.88	2,272.27	(1.5 %)
Gross Income	783.64	774.83	(1.1 %)
Operating Income	510.57	498.81	(2.3 %)
Net Income	489.27	486.97	(0.5 %)
Average Shares	350.00	350.00	-
EPS (Riyals)	1.40	1.39	(0.5 %)

The net earnings edged down 0.5% from SAR 489.27 million in Q1 2023, as revenue decreased by 1.50% due to seasonal factors in the second quarter of the year.

Shareholders’ equity, after minority interest, stood at SAR 6.19 billion by the end of the six-month period, up from SAR 5.59 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	-	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
Q1 2015	-	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-	-
2015	5,122.63	-	2,215.70	-	1,328.87	-	3.80
Q1 2016	-	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-	-
2016	4,868.00	(5.0 %)	1,888.69	(14.8 %)	1,009.94	(24.0 %)	2.89
Q1 2017	-	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-	-
2017	4,379.03	(10.0 %)	1,265.38	(33.0 %)	656.17	(35.0 %)	1.87
Q1 2018	1,169.41	-	361.40	-	216.53	-	0.62
Q2 2018	1,068.31	-	290.57	-	151.51	-	0.43
Q3 2018	1,145.35	-	354.30	-	207.93	-	0.59
Q4 2018	1,204.57	-	355.74	-	225.34	-	0.64
2018	4,587.63	4.8 %	1,362.01	7.6 %	801.31	22.1 %	2.29
Q1 2019	1,227.90	5.0 %	404.20	11.8 %	234.08	8.1 %	0.67
Q2 2019	1,157.19	8.3 %	334.70	15.2 %	167.97	10.9 %	0.48
Q3 2019	1,226.74	7.1 %	348.97	(1.5 %)	198.00	(4.8 %)	0.57
Q4 2019	1,404.45	16.6 %	435.67	22.5 %	270.18	19.9 %	0.77
2019	5,016.28	9.3 %	1,523.54	11.9 %	870.23	8.6 %	2.49
Q1 2020	1,343.34	9.4 %	399.85	(1.1 %)	246.60	5.3 %	0.70
Q2 2020	1,203.01	4.0 %	359.86	7.5 %	192.25	14.5 %	0.55
Q3 2020	1,623.91	32.4 %	558.89	60.2 %	298.80	50.9 %	0.85
Q4 2020	1,691.35	20.4 %	545.81	25.3 %	317.83	17.6 %	0.91
2020	5,861.61	16.9 %	1,864.41	22.4 %	1,055.48	21.3 %	3.02
Q1 2021	1,694.79	26.2 %	549.42	37.4 %	319.00	29.4 %	0.91
Q2 2021	1,751.21	45.6 %	551.02	53.1 %	325.40	69.3 %	0.93
Q3 2021	1,836.35	13.1 %	586.42	4.9 %	348.62	16.7 %	1.00
Q4 2021	1,968.13	16.4 %	643.38	17.9 %	383.59	20.7 %	1.10
2021	7,250.47	23.7 %	2,330.23	25.0 %	1,376.62	30.4 %	3.93
Q1 2022	1,990.86	17.5 %	658.56	19.9 %	390.51	22.4 %	1.12
Q2 2022	2,014.01	15.0 %	670.88	21.8 %	398.13	22.4 %	1.14
Q3 2022	2,052.19	11.8 %	681.63	16.2 %	420.62	20.7 %	1.20
Q4 2022	2,253.68	14.5 %	737.07	14.6 %	441.50	15.1 %	1.26
2022	8,310.74	14.6 %	2,748.14	17.9 %	1,650.75	19.9 %	4.72
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	-	-	-	-	-	-	-
2014	-	-	-	-	-	-	-
2015	5,122.63	-	2,215.70	-	1,328.87	-	3.80
2016	4,868.00	(5.0 %)	1,888.69	(14.8 %)	1,009.94	(24.0 %)	2.89
2017	4,379.03	(10.0 %)	1,265.38	(33.0 %)	656.17	(35.0 %)	1.87
2018	4,587.63	4.8 %	1,362.01	7.6 %	801.31	22.1 %	2.29
2019	5,016.28	9.3 %	1,523.54	11.9 %	870.23	8.6 %	2.49
2020	5,861.61	16.9 %	1,864.41	22.4 %	1,055.48	21.3 %	3.02
2021	7,250.47	23.7 %	2,330.23	25.0 %	1,376.62	30.4 %	3.93
2022	8,310.74	14.6 %	2,748.14	17.9 %	1,650.75	19.9 %	4.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2022	33.07 %	24.18 %	19.86 %
2022	33.07 %	24.18 %	19.86 %
Q1 2023	33.31 %	24.34 %	20.28 %
Q2 2023	33.51 %	24.58 %	20.69 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2022	33.07 %	24.18 %	19.86 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2022	32.71 %	22.42 %	19.59 %
Q1 2023	33.97 %	25.51 %	21.21 %
Q2 2023	34.10 %	25.39 %	21.43 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	350.00	4.72	4.72	16.80
Q1 2023	350.00	5.00	5.00	17.31
Q2 2023	350.00	5.25	5.25	17.71

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2022	350.00	4.72	4.72	16.80

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	46.77	46.77	13.13
Q1 2023	58.30	58.30	16.83
Q2 2023	54.49	54.49	16.16

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	36.14	36.14	7.77
2021	41.04	41.04	10.58
2022	46.77	46.77	13.13

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
Q4 2022	1,701.00	492.00	61.00
Q1 2023	1,753.00	491.00	63.00
Q2 2023	1,728.00	484.00	60.00

Period	Hospitals	Pharmacies	Others
2015	4,485.00	598.00	40.00
2016	3,457.00	751.00	409.00
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
2022	6,298.00	1,724.00	289.00

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	469.67	486.97	3.68 %

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Hermes	485.00	486.97	0.4 %
SNB Capital	497.00	486.97	(2.0) %
Riyad Capital	504.00	486.97	(3.4) %
OSOOL AND BAKHEET	464.30	486.97	4.9 %
AlJazira Capital	461.20	486.97	5.6 %
U-Capital	454.20	486.97	7.2 %
Al Rajhi Capital	422.00	486.97	15.4 %

Financial Ratios

	Current
Market Cap (M Riyal)	98,910.00
Enterprise Value (EV) (M)	102,238.16
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)	48.25
P/E (TTM)	46.93
Price/book	14.91
Return on Average Assets (%) (TTM)	13.8
Return on Average Equity (%) (TTM)	33.2

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

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Sulaiman Al Habib H1 2023 profit rises 24% to SAR 976.2 mln; Q2 at SAR 487 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (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) 2023 Q2

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 H1 2023 profit rises 24% to SAR 976.2 mln; Q2 at SAR 487 mln

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

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)