Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 79.4 million for the first nine months of 2021, a decline of 21% from SAR 100.6 million in a prior-year period.
The drop in earnings was driven by SAR 8.8 million loss from discontinued operations of Al Hammadi Olaya Hospital, decreased sales of subsidiaries and higher provisions.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 533.59 | 670.10 | 25.6 % |
| Gross Income | 184.35 | 255.52 | 38.6 % |
| Operating Income | 84.57 | 105.97 | 25.3 % |
| Net Income | 100.61 | 79.42 | (21.1 %) |
| Average Shares | 160.00 | 160.00 | - |
| EPS (Riyals) | 0.63 | 0.50 | (21.1 %) |
Q3 2021 net profit after Zakat and tax plunged 90% year-on-year (YoY) to SAR 3.6 million, driven by SAR 36.7 million in loss from the discontinued operations of Al Hammadi Olaya Hospital for the current quarter, and subdued sales of subsidiaries.
The company also cited higher provisions for credit loss and increased Zakat expenses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 207.85 | 219.92 | 5.8 % |
| Gross Income | 77.59 | 88.16 | 13.6 % |
| Operating Income | 43.13 | 49.65 | 15.1 % |
| Net Income | 36.57 | 3.58 | (90.2 %) |
| Average Shares | 160.00 | 160.00 | - |
| EPS (Riyals) | 0.23 | 0.02 | (90.2 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 223.90 | 219.92 | (1.8 %) |
| Gross Income | 79.96 | 88.16 | 10.3 % |
| Operating Income | 33.63 | 49.65 | 47.6 % |
| Net Income | 40.31 | 3.58 | (91.1 %) |
| Average Shares | 160.00 | 160.00 | - |
| EPS (Riyals) | 0.25 | 0.02 | (91.1 %) |
On a quarterly basis, net earnings plummeted 91.1%.
Total shareholders’ equity (excluding minority interest) increased by 3.2% YoY to SAR 1.72 billion for the nine-month period.
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