Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 62 million for Q1 2022, a surge of 74% from SAR 35.5 million a year earlier.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 226.29 | 250.89 | 10.9 % |
| Gross Income | 87.41 | 96.08 | 9.9 % |
| Operating Income | 22.69 | 65.16 | 187.1 % |
| Net Income | 35.54 | 61.96 | 74.4 % |
| Average Shares | 160.00 | 160.00 | - |
| EPS (Riyals) | 0.22 | 0.39 | 74.4 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 281.78 | 250.89 | (11.0 %) |
| Gross Income | 108.53 | 96.08 | (11.5 %) |
| Operating Income | 19.27 | 65.16 | 238.1 % |
| Net Income | 10.67 | 61.96 | 480.9 % |
| Average Shares | 160.00 | 160.00 | - |
| EPS (Riyals) | 0.07 | 0.39 | 480.9 % |
The profit growth was driven by an increase in revenue from the medical services segment of Al Hammadi Hospital Nuzha and Suwaidi branches due to increased number of outpatients and inpatients compared to Q1 2021.
The company also recorded a decrease in provisions for credit losses for the current quarter.
The healthcare services provider’s Q1 2022 net profit after Zakat and tax jumped over five times from SAR 19.7 million in Q4 2021.
Shareholders’ equity, after minority interest, declined to SAR 1.674 billion by the end of Q1 2022, from SAR 1.675 billion a year earlier.
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