Sulaiman Al Habib H1 2024 profit rises 13% to SAR 1.10B; Q2 at SAR 555M

Sulaiman Al Habib H1 2024 profit rises 13% to SAR 1.10B; Q2 at SAR 555M

28/07/2024 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group posted a 13% profit jump in H1 2024 to SAR 1.10 billion, compared to SAR 976.2 million in H1 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 4,579.14 5,095.03 11.3 %
Gross Income 1,558.47 1,755.36 12.6 %
Operating Income 1,009.38 1,107.75 9.7 %
Net Income 976.24 1,105.97 13.3 %
Average Shares 350.00 350.00 -
EPS (Riyals) 2.79 3.16 13.3 %

Revenues grew by 11.27% year-on-year (YoY) to SAR 5.09 billion, as a result of the growth in all group operating segments and the increase in the number of patients

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 10.16% YoY to SAR 1.36 billion. Meanwhile, EBITDA margin reached 26.78% during the six-month period, compared to 27.04% a year earlier.

 

The second-quarter net earnings leapt 14% to SAR 555 million compared with SAR 486.97 million in Q2 2023, as revenue increased by 13.26% to SAR 2.57 billion driven by growth in all group operating segments.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2,272.27 2,573.62 13.3 %
Gross Income 774.83 878.03 13.3 %
Operating Income 498.81 551.67 10.6 %
Net Income 486.97 555.03 14.0 %
Average Shares 350.00 350.00 -
EPS (Riyals) 1.39 1.59 14.0 %

On a sequential basis, Q2 2024 net earnings rose 0.7% from SAR 550.95 million in Q1 2024.

 

Shareholders’ equity, after minority interest, stood at SAR 6.79 billion by the end of the six-month period, up from SAR 6.19 billion a year earlier.

 

Attached Documents

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2023 2,486.49 10.3 % 868.16 17.8 % 534.18 24.9 %
Q1 2024 2,521.41 9.3 % 877.33 12.0 % 556.08 8.9 %
Q2 2024 2,573.62 13.3 % 878.03 13.3 % 551.67 10.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2023 525.01 18.9 % 1.50 57.58 467.43 1.34
Q1 2024 550.95 12.6 % 1.57 - 550.95 1.57
Q2 2024 555.03 14.0 % 1.59 - 555.03 1.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2023 34.39 % 25.33 % 20.91 %
Q1 2024 34.60 % 25.28 % 21.09 %
Q2 2024 34.59 % 25.19 % 21.13 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 350.00 5.85 5.68 18.53
Q1 2024 350.00 6.02 5.86 18.96
Q2 2024 350.00 6.22 6.05 19.43

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 48.58 49.99 15.33
Q1 2024 50.81 52.24 16.14
Q2 2024 46.17 47.42 14.77

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
Q1 2024 1,903.00 544.00 74.00
Q2 2024 1,952.00 542.00 80.00

Analysts Estimates (Million)

Item Q2 2024 (e) Q2 2024 (a) Change‬
Average 522.40 555.03 6.24 %

Estimates vs Actual (Million)

Item Q2 2024 (e) Q2 2024 (a) Change
OSOOL AND BAKHEET 539.21 555.03 2.9 %
Riyad Capital 533.00 555.03 4.1 %
Hermes 532.00 555.03 4.3 %
Arqaam Capital 530.00 555.03 4.7 %
Sico 527.00 555.03 5.3 %
U-Capital 519.30 555.03 6.9 %
AlJazira Capital 513.10 555.03 8.2 %
SNB Capital 507.00 555.03 9.5 %
Al Rajhi Capital 501.00 555.03 10.8 %

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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