Al Hammadi Holding announces its Annual Financial Results for the Period Ending on 2022-12-31

March 2, 2023
Investor Relations

Element List	Current Year	Previous Year	%Change
Sales/Revenue	1,122.39	951.89	17.91
Gross Profit (Loss)	416.02	364.05	14.28
Operational Profit (Loss)	291.78	131.23	122.34
Net Profit (Loss) after Zakat and Tax	257.34	90.09	185.65
Total Comprehensive Income	251.27	92.63	171.26
Total Share Holders Equity (after Deducting Minority Equity)	1,710.56	1,659.29	3.09
Profit (Loss) per Share	1.61	0.56
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The company net profit for the year ended 31 December 2022 increased by 185.65% to record SAR 257.34 million compared to SAR 90.09 million in FY 2021. Net profit growth was mainly driven by the following: • Revenue growth of 17.91% in FY 2022 versus the previous year supported by solid year-on-year expansions of 18.00% and 17.60% at the medical services and pharmaceuticals segments, respectively. Growth at the medical services segment resulted from rising inpatient and outpatient volumes during FY 2022 compared to FY 2021. • A decreased in expected credit loss provision of 64.82% versus the previous year. The notable decreased to SAR 54.34 million in FY 2022 from SAR 154.47 million in FY 2021 reflects the update to data related to the amounts expected to be recovered and used in the model for calculating expected credit losses in accordance with the requirements of IFRS No. (9). • The loss from discontinued operations at Al Hammadi Olaya Hospital during the previous year (FY 2021) which amounted to SAR 8.78 million. The facility has been temporarily shut down to to build a new hospital to replace it.
Statement of the type of external auditor’s report	Unmodified opinion
Reclassification of Comparison Items	Certain comparative figures have been reclassified to conform to the presentation in the current year, to enhance the comparability of information and to be more appropriate for users of consolidated financial statements.

Element List

Explanation

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

The company net profit for the year ended 31 December 2022 increased by 185.65% to record SAR 257.34 million compared to SAR 90.09 million in FY 2021. Net profit growth was mainly driven by the following:

• Revenue growth of 17.91% in FY 2022 versus the previous year supported by solid year-on-year expansions of 18.00% and 17.60% at the medical services and pharmaceuticals segments, respectively. Growth at the medical services segment resulted from rising inpatient and outpatient volumes during FY 2022 compared to FY 2021.

• A decreased in expected credit loss provision of 64.82% versus the previous year. The notable decreased to SAR 54.34 million in FY 2022 from SAR 154.47 million in FY 2021 reflects the update to data related to the amounts expected to be recovered and used in the model for calculating expected credit losses in accordance with the requirements of IFRS No. (9).

• The loss from discontinued operations at Al Hammadi Olaya Hospital during the previous year (FY 2021) which amounted to SAR 8.78 million. The facility has been temporarily shut down to to build a new hospital to replace it.

Statement of the type of external auditor’s report

Unmodified opinion

Reclassification of Comparison Items

Certain comparative figures have been reclassified to conform to the presentation in the current year, to enhance the comparability of information and to be more appropriate for users of consolidated financial statements.