Sulaiman Al-Habib's profits grow by 51% in the third quarter

Dr. Sulaiman Al-Habib Medical Services Group achieved 50.9% growth in its third-quarter profit this year.

According to Arabiya Net, the company stated in a statement that it achieved profits of 298.79 million riyals in the third quarter, compared to 198 million riyals during the same period last year.

This comes after the growth of its revenues by 32.4% to reach 1.6 billion riyals, as a result of the growth of the hospital sector, the pharmacy sector and the solutions sector.

The growth in revenues in the hospital sector is due to the increase in both the number of patients as well as the increase in occupancy rates for admission departments, due to the limited travel for individuals during this summer vacation which It usually coincides with the third quarter of each year, in addition to the increase in sales in the pharmacy sector, as well as the increase in revenues in the solutions sector from the new contracts obtained by the group during the year 2019 AD and 2020 AD.

the company attributed the increase in profits also to the increase in profit before depreciation, amortization, interest, zakat and taxes (EBITDA) by 127.34 million Saudi riyals compared to the same quarter of the previous year 2019 AD, where it reached SAR 397.65 million, a growth rate of 47.11%, while the EBITDA margin increased to 24.49% compared to 22.04% during the same quarter of the previous year 2019.

and she said that the group was able to increase profits despite the increase in costs associated with operating Al-Khobar Hospital during the second quarter of 2019, which is still in an acceleration phase in revenue growth, as well as The positive impact of the growth in revenues and the increase in occupancy rates in hospitalization departments during the current quarter in addition to the increase in the number of patients during the third quarter of 2020.

Moreover, the group announced the Board of Directors ’recommendation to distribute 210 million riyals in the third quarter's profits, at 60 halalas per share.

and she said that the eligibility date is the end of trading on Thursday 12 Rabi` al-Awwal 1442 AH corresponding to October 29, 2020, and the distribution date is Sunday 29 Rabi` al-Awwal 1442 AH corresponding to November 15, 2020 CE.