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Dr. Sulaiman Al Habib records higher H1, Q2-23 net profits, unveils dividends

Dr. Sulaiman Al Habib records higher H1, Q2-23 net profits, unveils dividends
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Riyadh – Mubasher: Dr. Sulaiman Al Habib Medical Services Group witnessed a 23.79% growth in net profit after Zakat and tax to SAR 976.24 million during the first half (H1) of 2023 from SAR 788.64 million in H1-22.

The earnings per share (EPS) rose to SAR 2.79 at the end of June 2023 from SAR 2.25 in the same period a year ago, according to the interim financial results.

The medical group generated revenues worth SAR 4.57 billion during the January-June 2023 period, higher by 14.34% than SAR 4 billion in the 2022 corresponding six months (6M).

Dr. Sulaiman Al Habib attributed the increase in H1-23 net profit to the growth in revenue which was driven by a rise in hospital and pharmacy segments.

Income Statement for Q2-23

In the second quarter (Q2) of 2023, the listed group reported a 22.31% annual surge in net profit to SAR 486.97 million from SAR 398.13 million.

The revenues also enlarged by 12.82% to SAR 2.27 billion during April-June 2023, compared with SAR 2.01 billion in the same period last year.

On a quarterly basis, the H1-23 net profits were 0.47% down from SAR 489.27 million in Q1-23, while the revenues declined by 1.50% from SAR 2.30 billion.

Dividends for April-June 2023

The board of Dr. Sulaiman Al Habib Medical has recommended, on 5 August, to disburse a cash dividend of SAR 1 per share, equivalent to 10% of the share’s nominal value, for Q2-23.

The group will pay out a total amount of SAR 350 million for 350 million eligible shares.

Meanwhile, the eligibility and distribution dates for the Q2-23 dividends will be 10 and 28 August, respectively.

It is worth noting that the board members earlier proposed to distribute 10% of the capital as cash dividends for Q1-23.