ABU DHABI, UAE – Dr. Sulaiman Al Habib Medical Services Group (HMG) posted net profit of US$544 million (SAR 2.04 billion) for 2023.
HMG’s net profit in 2023 saw an increase of 24 percent rise in net profit to US$ 544 million (SAR 2.04 billion) for 2023, compared to US$440 million (SAR 1.65 billion) in 2022.
The increase in net profit came as revenues edged up 14.41 percent year-on-year (YoY) to US$2.5 billion (SAR 9.5 billion).
This was basically due to growth in the hospitals and pharmacy segments, on a rise in the number of outpatients and inpatient occupancy.
Net profit margin grew to 21.52 percent in 2023 compared to 19.86 percent in 2022.
Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 18.49 percent YoY to US$666 million (SAR 2.5 billion).
EBITDA margin improved to 26.61 percent in 2023 from 25.7 percent in the previous year.
The fourth-quarter net profit grew by 19 percent YoY to US$140 million (SAR 525 million).
Compared to the previous quarter, net profit slipped 3.6 percent from US$145 million (SAR 544.77 million).
