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Dr. Sulaiman Al Habib Medical Services Group announces its Interim Financial Results for the Period Ending on 2020-09-30 ( Nine Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 1,623.911,226.7432.3761,203.0134.987
Gross Profit (Loss) 558.89348.9760.154359.8655.307
Operational Profit (Loss) 323.89192.4768.28203.3159.308
Net Profit (Loss) after Zakat and Tax 298.7919850.904192.2555.417
Total Comprehensive Income 300.35198.5251.294188.9158.991
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 4,170.263,611.8315.461
Gross Profit (Loss) 1,318.61,087.8721.209
Operational Profit (Loss) 785.81604.2330.051
Net Profit (Loss) after Zakat and Tax 737.65600.0522.931
Total Comprehensive Income 731.83596.6222.662
Total Share Holders Equity (after Deducting Minority Equity) 4,810.74,324.6411.239
Profit (Loss) per Share 2.111.71
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to Net Income attributable to the company’s shareholders increased in Q3 2020 to reach SAR 298.79 million as compared to the corresponding quarter of the last year of SAR 198 million which is due primarily to the following:

1. Revenues: the revenues grew by 32.38% in Q3 2020 reaching SAR 1,623.91 million, with an increase of SAR 397.17 million as compared to the corresponding quarter of the last year of SAR 1,226.74 as a result of growth in all group segments including hospitals, pharmacy, and HmG solutions.

Revenue growth was mainly attributed to the hospital segment due to the increase in numbers of patients as well as the increase in inpatient occupancy as people travels were limited during this summer vacation, which usually coincides with the third quarter of each year. In addition to the revenue growth in the pharmacy segment, and the growth of revenue from the new contracts awarded to the group in HmG solutions segment during the years 2019 and 2020.

2. EBITDA has increased by SAR 127.34 million reaching SAR 397.65 million, an increase of 47.11% compared to Q3 2019. EBITDA margin has also improved in Q3 2020 to reach 24.49% compared to 22.04% in Q3 2019.

3. Net Income for Q3 2020 increased by 50.90% to reach SAR 298.79 million, with an improved net income margin of 18.40% of revenue compared to 16.14% in Q3 2019. Net Income has improved despite the increase in fixed costs associated with the commencement of Khobar hospital’s operations during 2019 which is still in the ramp-up phase. This increase in net income was also driven by, the increase in inpatient occupancy as well as the revenue growth for the current quarter, in addition to the increase in the number of patients during Q3 2020.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to Net income attributable to the company’s shareholders increased in Q3 2020 to reach SAR 298.79 million compared to SAR 192.25 million in Q2 2020, due to the change in revenue seasonality during this summer as people travels were limited due to Covid-19 pandemic. Such limitations had a positive impact on revenue to increase by 34.99% compared to Q2 2020.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to Net Income attributable to the company’s shareholders for the period ended 30th September 2020 (nine months) increased by 22.93% to reach SAR 737.65 million, which is due primarily to the following:

1. Revenues grew by 15.46% for the period ended 30th September 2020 (nine months) reaching SAR 4,170.26 million, with an increase of SAR 558.43 million as compared to the corresponding period of last year of SAR 3,611.83 as a result of the increase in inpatient occupancy, in addition to the increase in the number of patients during Q3 2020 in the Hospital segment, as well as the increase of revenue in the pharmacy segment, in addition to the growth of revenue from the new contracts awarded to the group in HmG solutions segment during the years 2019 and 2020.

2. EBITDA has increased by SAR 174.92 million reaching SAR 889.72 million, an increase of 24.47% compared to the corresponding period of last year. EBITDA margin percentage has also improved for the period ended 30th September 2020 (nine months) reaching 21.34% compared to 19.79% in the corresponding period of last year.

3. Net Income increased by 22.93% for the period ended 30th September 2020 (nine months) to reach SAR 737.65 million, with an improved net income margin reaching 17.69% of revenue compared to 16.61% for the corresponding period of last year. Net Income has improved despite the increase in fixed costs associated with the commencement of Khobar hospital’s operations during Q2 2019 which is still in the ramp up phase. This increase in net income was also driven by, the increase in inpatient occupancy as well as the revenue growth for the current period, in addition to the increase in the number of patients during Q3 2020.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain figures for the previous year have been reclassified in accordance with International Financial Reporting Standards (“IFRS”) endorsed in the Kingdom of Saudi Arabia

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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