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Jeddah - Yasmine El Tohamy - RIYADH: Dr. Sulaiman Al-Habib Medical Group (HMG) net income attributable to the shareholders for the year 2020 increased by 21.29 percent to reach SR 1,055 million ($282 million).This was compared to SR 870.23 million last year, the company stated on Sunday on the Saudi Stock Exchange (Tadawul).
The net income margin increased by 18.01 percent of revenue compared to 17.35 percent for the year 2019. This is despite the increase in fixed costs associated with the start of Khobar hospital’s operations during 2019, which is still in the ramp-up phase.
Revenues for the year 2020 grew by 16.85 percent, reaching SR 5,861.60 million. There was an increase of SR 845.32 million, compared to SR 5,016.28 last year, 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 inpatient occupancy, the revenue growth in the pharmacy segment during the current year, and the growth of revenue from new contracts awarded to the group in the HMG solutions segment during 2019 and 2020, the company stated.
EBITDA has increased 25.8 percent this year compared to year 2019, by SR306.36 million reaching SR 1,491.70 million. EBITDA margin has also improved in the year 2020 to reach 25.45 percent compared to 23.63 percent in the previous year.
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