Search Site

Trends banner

Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

Al Hammadi H1 2023 net profit $43.5m

The company booked a credit loss reversal of US$4.7 million in the second quarter of 2023.
  • The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million.
  • This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.

RIYADH, SAUDI ARABIA – Al Hammadi Holding reported a net profit of US$43.5 million (SAR 163.3 million) in H1 2023.

This was a rise of 29 percent from US$33.8 million (SAR 127.1 million) in the year-earlier period.

The growth was spurred by revenues, which grew by 7.96 percent year-on-year (YoY) to US$153 million (SAR 575.26 million) in H1 2023.

This was driven by higher revenues reported by Al Hammadi’s medical services and pharmaceutical segments.

The company booked a credit loss reversal of US$4.7 million (SAR 17.84 million) in the second quarter of 2023.

In Q2 2023, net profit jumped 25.7 percent to US$21.8 million (SAR 81.85 million) from US$17.3 million (SAR 65.10 million) in Q2 2022, as Al Hammadi recorded a credit loss reversal of US$4.7 million (SAR 17.84 million) on better collection rates.

The net profit also was 0.5 percent up from SAR 81.42 million in Q1 2023 on a SAR 17.84 million provision reversal in Q2, against an expected credit loss provision of SAR 5.88 million in the previous quarter.