Sulaiman Al Habib 9M 2024 profit rises 12% to SAR 1.7B; Q3 at SAR 595.5M

Sulaiman Al Habib 9M 2024 profit rises 12% to SAR 1.7B; Q3 at SAR 595.5M

03/11/2024 Argaam Exclusive

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Dr. Sulaiman Al Habib Medical Services Group posted a 12% profit rise in the first nine months of 2024 to SAR 1.70 billion, compared to SAR 1.52 billion in the prior-year period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 7,021.95 8,071.59 14.9 %
Gross Income 2,401.89 2,747.45 14.4 %
Operating Income 1,561.47 1,732.13 10.9 %
Net Income 1,521.00 1,701.52 11.9 %
Average Shares 350.00 350.00 -
EPS (Riyals) 4.35 4.86 11.9 %

The profit rise was mainly driven by a 14.95% year-on-year (YoY) rise in revenue to SAR 8.07 billion, as a result of the growth in the hospitals and pharmacies segments and an increase in the number of patients.

 

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 11.62% YoY to SAR 2.13 billion. Meanwhile, EBITDA margin declined to 26.48% during the nine-month period from 27.26% a year earlier.

 

The company’s net profit margin shrank to 21.08% from 21.66% in 9M 2023.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 2,442.81 2,976.56 21.9 %
Gross Income 843.43 992.10 17.6 %
Operating Income 552.09 624.38 13.1 %
Net Income 544.77 595.54 9.3 %
Average Shares 350.00 350.00 -
EPS (Riyals) 1.56 1.70 9.3 %

The third-quarter net profit grew 9% to SAR 595.5 million, from SAR 544.7 million in Q3 2023.

 

The topline jumped 21.85% YoY % to SAR 2.97 billion, as a result of the growth in the hospitals and pharmacies segments and an increase in the number of patients

 

EBITDA rose 14.3% YoY to SAR 772,75 million, while EBITDA margin dropped to 25.96% from 27.68% in Q3 2023.

 

Compared to Q2 2024, net earnings rose 7.3% from SAR 555 million as revenue leapt 15.66% quarter-on-quarter on increased number of patients.

 

Shareholders’ equity, after minority interest, reached SAR 6.99 billion as of Sept. 30, 2024, up from SAR 6.39 billion a year earlier.



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 %
Q3 2024 2,976.56 21.9 % 992.10 17.6 % 624.38 13.1 %


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
Q3 2024 595.54 9.3 % 1.70 - 595.54 1.70

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 %
Q3 2024 34.24 % 24.93 % 20.54 %


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
Q3 2024 350.00 6.36 6.20 19.97

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
Q3 2024 46.62 47.86 14.85

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
Q3 2024 2,303.00 607.00 67.00

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 581.61 595.54 2.40 %

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
OSOOL AND BAKHEET 591.26 595.54 0.7 %
Riyad Capital 601.00 595.54 (0.9) %
Al Rajhi Capital 580.00 595.54 2.7 %
Hermes 613.00 595.54 (2.8) %
SNB Capital 578.00 595.54 3.0 %
AlJazira Capital 577.80 595.54 3.1 %
Sico 571.00 595.54 4.3 %
U-Capital 565.40 595.54 5.3 %
United Securities Company 557.00 595.54 6.9 %

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)


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