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.