Dr Sulaiman Al Habib Medical Services (4013) Q3 2024 earnings summary

Executive summary

• Achieved strong revenue and net income growth for Q3 and the nine-month period ended September 2024, driven by robust performance across all segments.

• Report covers financial results for the three and nine months ended 30 September 2024, reviewed by EY with no material misstatements identified.

• Group operates hospitals, pharmacies, and healthcare-related services across Saudi Arabia and the region.

• Continued expansion with multiple hospital and medical center projects under construction, reinforcing market leadership.

• Maintained high standards in medical excellence, technology adoption, and operational efficiency.

Financial highlights

• Q3 2024 revenue rose 21.85% year-over-year to SAR 2,976.56 million; nine-month revenue up 14.95% to SAR 8,071.59 million.

• Q3 2024 net income reached SAR 603.4 million, up from SAR 555.6 million in Q3 2023; nine-month net income up to SAR 1,736.6 million from SAR 1,555.0 million.

• EBITDA for Q3 2024 was SAR 992.10 million, up 28.4% year-over-year; EBITDA margin declined to 25.96% from 27.68%.

• Gross profit margin for Q3 2024 was 33.33%, slightly down from 34.53% year-over-year; nine-month gross margin was 34.0%.

• Interim dividends of SAR 1,221.5 million (SAR 3.49 per share) declared for the period, compared to SAR 1,025.5 million (SAR 2.93 per share) in the prior year.

Outlook and guidance

• Expansion plans remain on track with several new hospitals and medical centers expected to be completed between 2024 and 2027.

• Focus on technology, operational efficiency, and service diversification to drive future growth.

• Results for the interim period may not be indicative of full-year performance; no specific forward-looking guidance provided.