• Net income rise of 22.42% to SAR 390.50 million, at a margin of 19.61%.

Riyadh, Saudi Arabia: Dr. Sulaiman Habib Medical Services Group (“HMG”, the “Group”), Saudi Arabia’s largest private medical services provider, has announced its financial results for the 3-month period ended 31 March 2022.

Revenues grew by 17.47% in Q1 - 2022 reaching SAR 1,990.86 million, with an increase of SAR 296.07 million as compared to SAR 1,694.79 in the corresponding quarter of the previous year, as a result of the growth in all group segments.

Revenue growth for Q1 - 2022 was mainly driven by the continuous growth in hospital segment, due to the increase in both numbers of patients and the increase in occupancy for both inpatient and outpatient. Hospital segment growth was positively reflected in the increase in pharmacy segment revenue as compared to the corresponding quarter of the previous year.

Net Income for Q1 - 2022 increased by 22.42% to reach SAR 390.50 million, with an improved net income margin reaching 19.61% of revenue compared to 18.82% for the corresponding quarter of the previous year. Net Income has improved, driven by the revenue growth due to the increase in the number of patients and the increase in occupancy for both inpatient and outpatient.

Dr. Sulaiman Al Habib, Chairman of the Board of Directors at HMG, commented:

“We have achieved strong results in the first quarter of 2022 as we continue to pursue our growth strategy, underpinned by key pillars, to grow the number of patients we serve and enhance the quality of services we provide, while maintaining the positive momentum and sustainability of our business and accelerating innovation and increase efficiencies across the Group.

In the hospitals segment, our expansion plans remain on track with the new hospital projects underway in Riyadh, Jeddah, Al Kharj, Madinah, and Tabuk. Furthermore, The Medical Centers expansions are in progress as per the construction plan for the four new facilities taking place.

Our commitment to healthcare excellence is reflected in our ongoing drive to developing and operating state-of-the-art medical facilities and providing innovative healthcare services to create value for our patients and positively impacting our stakeholders and our society. This was demonstrated in the two initiatives launched in Q1 to provide promising and equal opportunities for all Saudi youth.

The first is the launch of the largest scholarship program for Saudi physicians in line with the Custodian of Two Holy Mosques Scholarship Program Strategy and the ambitious goals of Vision 2030. The program aims to develop the capabilities of Saudi youth and raise the quality of the healthcare system in the Kingdom while strengthening the research and innovation system and raising its global competitiveness. The program will provide promising and equal opportunities for male and female doctors to join international fellowship programs.

The second is the launch of the Himma Engineering program, the first-of-its kind in the region, designed to offer fresh graduate Saudi engineers the opportunity to experience engineering best practice within the Group’s projects.

Moving forward we will continue to prioritise our foundational commitment to medical education continuous development to meet the highest international standards in healthcare services.”

Operating highlights: For the period ended 31 March 2022

  • Launch of the largest scholarship program for physicians
  • Signing the memorandum of understanding (MoU) with the Ministry of Health and Direct Investment Fund of the Republic of Uzbekistan.
  • Launch of the Himma Engineering program to qualify and employ newly graduated engineers.
  • Partnership with Dubai Corporation for Ambulances to Advance Medical Emergency Services
  • Processing +135 million interactions via HMG App

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