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Saudi Arabia’s Dr. Sulaiman Al-Habib Medical Services Group, one of the largest healthcare firms in the Middle East, is set to distribute cash dividends worth 210 million riyals ($56 million), after revenues surged on the back of higher hospital occupancy.
The payout for the fourth quarter of 2020 is equivalent to 6 percent of the share par value.
In a statement to the Saudi Stock Exchange (Tadawul) on Sunday, the hospital operator said at least 350 million shares will be eligible for dividends, which will be distributed at SAR0.60 per share.
“The eligibility of dividends shall be for who own the company’s shares and registered in the company’s register at the Securities Depository Centre Company (Edaa) by the end of the second trading day following the [general assembly], which will be announced later,” the company said.
The date for the distribution of dividends has yet to be fixed.
The company’s net profit for the third quarter of 2020 went up by 55.4 percent year-on-year to 298.8 million riyals primarily on the back of higher hospital revenue.
In its Q3 results, the healthcare provider said it had posted growth in all group segments, including hospitals, pharmacy and healthcare medical group solutions.
“Revenue growth was mainly attributed to the hospital segment due to the increase in numbers of patients as well as the increase in inpatient occupancy, as people travels were limited during this summer vacation, which usually coincides with the third quarter of each year,” the firm said.
(Writing by Cleofe Maceda; editing by Mily Chakrabarty)
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