The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit recorded SAR 74.9 million in Q3 2023, up 31.1% y-o-y from SAR 57.1 million booked during the same quarter of the previous year. Net profit growth was mainly driven by the following:• Solid revenue growth, which climbed of 20.6% y-o-y to SAR 297.8 million in Q3 2023, up from SAR 246.9 million in Q3 2022.• Improved cost efficiencies, with gross profit and operating profit margins improving by 4.1 percentage points and 2.3 percentage points, respectively, versus Q3 2022.• Expected credit loss provision, which declined to SAR 5.6 million in Q3 2023, down from SAR 11.3 million in Q3 2022. The decline is attributable, for the most part, to the Company’s continued efforts to improve collection rates. |
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | Net profit during Q3 2023 recorded SAR 74.9 million, down 8.5% q-o-q from SAR 81.8 million in Q2 2023. The decrease in net profit during the period is mainly attributable to:• Expected credit loss provision, due to the Company recording a net credit loss of SAR 5.6 million during Q3 2023 compared to an expected credit loss reversal of SAR 17.8 million in the previous quarter. |
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit reached SAR 238.1 million in 9M 2023, up 29.3% from the same period of 2022. The increase in net profit during the period was mainly driven by the following:• Revenues, which grew by 12.0% y-o-y to SAR 873.1 million during 9M 2023. Increased revenues for the period were dual driven by higher revenues reported by both Al Hammadi’s medical services and pharmaceutical segments.• Expected credit loss provision, which booked a net credit loss reversal of SAR 6.3 million during 9M 2023 as the Company continued improving collection rates. |
Statement of the type of external auditor’s report | Unmodified conclusion |
Reclassification of Comparison Items | None |