- Higher volume of business with GOSI and MOH resulting in higher admissions and surgeries.

- Further, billings to MOH increased due to Care facilities achieving HIMSS accreditation earlier in Q1 of 2023. 

The above revenue growth from other customers was partially impacted by the conclusion of the National Guard long-term care contract.

- Higher revenue for the year compared to the previous year.

- Lower cost of sale expenses as a percentage of revenue resulting in improved cost absorption.

- Gross profit improved by 27.6% vs the same period last year, due to increased higher margin business from GOSI, MOH. GP margin improved from 31.6% in the previous year to 34.2% in the current year.

- Reversals of expected credit loss provisions due to settlements with insurance companies and receipt of receivables from the National Guard pertaining to previous years.

- Higher interest income from deposits due to greater average daily deposits and improved benchmark interest rates.

- A decrease in the Zakat charge for the year due to the finalization of assessments pertaining to previous years, resulting in the reversal of excess provisions.

The above gains were partially offset by the following:

- Higher sales and marketing expenses to promote the Company and its services including launch of a new brand identity.

- Increase in G&A expenses mainly due to higher professional services fees of consultants and advisors.

- Finance costs on borrowings obtained.

EBITDA for the year reached SR 301.7 million compared to SR 242.9 million during 2022 with an improved EBITDA margin of 27.9% - a 1.4 ppt improvement over the previous year.