| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is |
Revenue declined by 4.8% year-on-year in the second quarter of 2024, reaching SAR 263.46 million compared to SAR 276.66 million in the same quarter of the previous year. The decrease in revenue for the current quarter is primarily attributed to: 1) A decline in revenue from the medical services segment due to a decrease in the number of outpatient visits, resulting from the coincidence of the current quarter with Eid Al-Fitr and Eid al-Adha holidays and the beginning of the seasonal vacation period. 2) A decrease in the sales of pharmaceuticals to subsidiary companies. |
| 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 achieved a robust growth of 44.0% year-on-year in the second quarter of 2024, reaching SAR 117.87 million, accompanied by an increase in the net profit margin to 44.7% compared to 29.6% in the second quarter of 2023. The increase in net profit is primarily attributable to non-recurring exceptional gains of SAR 55.27 million, resulting from the sale of a vacant land plot in the Al Riyan district of Riyadh for SAR 124.6 million (carrying value of SAR 69.33 million), which was completed during the second quarter of the current year. The proceeds from the sale will contribute to funding the company’s future planned expansions. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is |
Revenues decreased by 4.9% quarter-over-quarter to SAR 263.46 million in the second quarter of 2024, compared to SAR 277.04 million in the previous quarter. This decline is primarily attributed to a decrease in the number of inpatients and outpatients, resulting from the coincidence of the current quarter with Eid al-Fitr and Eid Al-Adha holidays and the beginning of the seasonal vacation period. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is |
Net profit increased by 84.1% quarter-over-quarter to SAR 117.87 million in the second quarter of 2024, compared to SAR 64.04 million in the previous quarter. The increase in net profit is primarily attributable to the following factors:1) A significant increase in other income due to non-recurring exceptional gains of SAR 55.27 million, resulting from the sale of a vacant land plot in the Al Riyan district of Riyadh.2) A decrease in general and administrative expenses as a percentage of revenue to 7.7% in the second quarter of 2024, compared to 8.8% in the previous quarter. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is |
Revenues decreased by an annual rate of 6.0% to SAR 540.50 million in the first half of 2024, compared to SAR 575.26 million during the same period in 2023. The decline in revenue was driven by a decrease in the number of patients in the medical services segment during this period, resulting from the coincidence of the Eid Al-Adha holiday and the start of the seasonal vacation period. On the other hand, revenues from the pharmaceutical products segment declined due to a decrease in sales of subsidiaries. |
| 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 increased by 11.4% year-on-year to SAR 181.91 million during the first half of 2024, compared to SAR 163.27 million during the same period in the previous year. This was accompanied by an increase in net profit margin of more than five percentage points to 33.7%, compared to 28.4% during the first half of 2023. The increase in net profit is primarily due to the following reasons:1) Non-recurring exceptional gains of SAR 55.27 million, resulting from the sale of a vacant land plot in the Al Riyan district of Riyadh.2) General and administrative expenses, along with sales and marketing expenses, declined by 7.7% annually to reach SAR 46.88 million in the first half of 2024.3) An increase of SAR 4.29 million in other operating income during the first half of 2024 compared to the same period last year. |
| Statement of the type of external auditor’s report |
Unmodified conclusion |
| 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 |
As disclosed in note (23) of the condensed consolidated interim financial statements, some comparative figures have been reclassified to conform with the presentation for the current period, to enhance the comparability of information and to make it more relevant to users of the condensed consolidated interim financial statements. |
| Additional Information |
None |
