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

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 %

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.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %
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 %
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 %
Q4 2022 2,253.68 14.5 % 737.07 14.6 % 427.56 7.9 %
Q1 2023 2,306.88 15.9 % 783.64 19.0 % 510.57 21.0 %
Q2 2023 2,272.27 12.8 % 774.83 15.5 % 498.81 20.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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 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
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
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
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
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
Q4 2022 441.50 15.1 % 1.26 - 441.50 1.26
Q1 2023 489.27 25.3 % 1.40 - 489.27 1.40
Q2 2023 486.97 22.3 % 1.39 - 486.97 1.39

Profitability

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 - - -
Q2 2018 - - -
Q3 2018 - - -
Q4 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 %
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 %
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 %
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 %
Q1 2023 33.31 % 24.34 % 20.28 %
Q2 2023 33.51 % 24.58 % 20.69 %


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

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

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

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 %

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

Share Price

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


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