The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The company achieved a revenue growth rate of 4.8% in 2023, reaching SAR 1,176.8 million compared to SAR 1,122.4 million in 2022. The revenue growth is primarily driven by the increase in revenues from the medical services segment as a result of amending the price list with insurance companies, in addition to the increase in sales within Group’s in-house pharmacies. |
The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Net profit increased by 17.9% y-o-y to reach SAR 303.3 million in 2023, compared to SAR 257.3 million in 2022. The net profit margin also increased in 2023 to reach 25.8%, compared to 22.9% in 2022.The increase in net profit was mainly driven by the following:• Revenue growth of 4.8% in 2023 compared to the previous year, supported by the growth of revenues in the medical services segment and the Group’s in-house pharmacies.• Expected credit loss provision, which booked a net credit loss of SAR 19.0 million during FY 2023, down 65.0% as the Company continued improving collection rates. |
Statement of the type of external auditor’s report | Unmodified opinion |
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
Reclassification of Comparison Items | Some comparative figures have been reclassified to conform with the presentation in the current year, to enhance comparability and to be more relevant to users of the consolidated financial statements. |
Additional Information | – |