Sulaiman Al Habib 9M 2023 profit rises 26% to SAR 1.52 bln; Q3 at SAR 544.8 mln

Sulaiman Al Habib 9M 2023 profit rises 26% to SAR 1.52 bln; Q3 at SAR 544.8 mln

29/10/2023 Argaam Exclusive

View other reports

Dr. Sulaiman Al Habib Medical Services Group posted a 26% profit jump in the first nine months of 2023 to SAR 1.52 billion, compared to SAR 1.20 billion in the year-earlier period. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 6,057.06 7,021.95 15.9 %
Gross Income 2,011.07 2,401.89 19.4 %
Operating Income 1,272.93 1,561.47 22.7 %
Net Income 1,209.26 1,521.00 25.8 %
Average Shares 350.00 350.00 -
EPS (Riyals) 3.46 4.35 25.8 %

The medical services provider reported a 15.93% rise year-on-year (YoY) in revenues to SAR 7.02 billion, on continued growth across the group’s operational segments.

 

The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy, which in turn boosts the pharmacy segment’s sales, compared to the year-earlier period.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose to SAR 1.91 billion, implying an increase of 20.37% YoY. EBITDA margin also improved reaching 27.26% compared to 26.26% in the same period of 2022.

 

The net income margin rose to 21.66% from 19.96% in the first nine months of 2022. The net Income increase was spurred by the revenue growth, due to an increase in the number of patients and inpatient occupancy.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 2,052.19 2,442.81 19.0 %
Gross Income 681.63 843.43 23.7 %
Operating Income 436.09 552.09 26.6 %
Net Income 420.62 544.77 29.5 %
Average Shares 350.00 350.00 -
EPS (Riyals) 1.20 1.56 29.5 %

In Q3 2023, the net profit climbed 30% to SAR 544.8 million from SAR 420.6 million in Q3 2022.

 

Revenues jumped 19.03% year-on-year (YoY) to SAR 2.44 billion, on continued growth across the group’s operational segments.

 

The higher revenues were driven the hospital and pharmacy segments, due to the increase in the number of patients and inpatients occupancy, which in turn boosts the pharmacy segment’s sales, compared to the year-earlier period.

 

EBITDA rose by 24.46% YoY to SAR 676.05 million. EBITDA margin also increased to 27.68% compared to 26.47% in the same period of 2022.

 

The net income margin rose to 22.30% from 20.50% on the improved number of patients and inpatient occupancy rates.

 

On a sequential basis, the bottom line grew by 11.9% from SAR 486.9 million in Q2 2023, thanks to a 7.51% rise in revenues, which were hit during the second quarter due to the holy month of Ramadan and Hajj season.

 

Shareholders’ equity, after minority interest, reached SAR 6.39 billion as of Sept. 30, 2023, up from SAR 5.71 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 %
Q3 2023 2,442.81 19.0 % 843.43 23.7 % 552.09 26.6 %


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
Q3 2023 544.77 29.5 % 1.56 - 544.77 1.56

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 %
Q3 2023 33.84 % 24.81 % 21.16 %


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
Q3 2023 350.00 5.61 5.61 18.27

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
Q3 2023 42.02 42.02 12.90

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
Q3 2023 1,859.00 485.00 99.00

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average 490.90 544.77 10.97 %

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
Hermes 520.00 544.77 4.8 %
AlJazira Capital 494.60 544.77 10.1 %
SNB Capital 494.00 544.77 10.3 %
OSOOL AND BAKHEET 493.11 544.77 10.5 %
Riyad Capital 488.00 544.77 11.6 %
Sico 487.00 544.77 11.9 %
U-Capital 480.50 544.77 13.4 %
Al Rajhi Capital 470.00 544.77 15.9 %

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)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.