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Fakeeh Care profit falls 14% to SAR 279.6M in 2023; Q4 at SAR 74M
Dr. Soliman Abdel Kader Fakeeh Hospital Co. (Fakeeh Care), slated to be listed on the main market (TASI), posted a net profit of SAR 279.6 million for 2023, down 14% from SAR 326.3 million a year earlier.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,012.39 | 2,326.69 | 15.6 % |
| Gross Income | 612.25 | 616.68 | 0.7 % |
| Operating Income | 369.69 | 312.84 | (15.4 %) |
| Net Income | 326.32 | 279.59 | (14.3 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 1.63 | 1.40 | (14.3 %) |
The profit decline was attributed to a 32% year-on-year (YoY) rise in operating expenses to SAR 292.5 million. Financing costs also increased to SAR 122.2 million, while gross profit margin declined to 27% compared with 30% a year earlier. The operating profit margin fell to 13% in 2023, versus 18% a year ago.
However, revenues surged to SAR 2.32 billion in 2023 as other income also grew to SAR 25.8 million by year-end. Further, Financing revenues went up to SAR 38.2 million during the same year.
In Q4 2023, net earnings dropped 30% to SAR 74 million, compared with SAR 104.91 million in the same period of 2022.
On a quarter-on-quarter basis, net earnings decreased 7.1% from SAR 79.65 million in Q3 2023.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 540.37 | 662.32 | 22.6 % |
| Gross Income | 176.32 | 182.10 | 3.3 % |
| Operating Income | 97.59 | 79.73 | (18.3 %) |
| Net Income | 104.91 | 73.99 | (29.5 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.52 | 0.37 | (29.5 %) |
Total shareholders' equity, after minority interest, reached SAR 1.02 billion at the end of December 2023, compared with SAR 1.89 billion a year before.
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Share Price
Dr. Soliman Abdel Kader Fakeeh Hospital Co. (FAKEEH CARE)
| Current | |
| Market Cap (M Riyal) | 13,664.80 |
| Enterprise Value (EV) (M) | 13,808.12 |
| Shares Outstanding ((M)) | 232.00 |
| EPS ( Riyal) (TTM) | 1.24 |
| Book Value (BV) ( Riyal) | 12.45 |
| Par Value ( Riyal) | 1.00 |
| Adjusted P/E (Last12) | 47.49 |
| P/E (TTM) | 47.49 |
| Price/book | 4.73 |
| Return on Average Assets (%) (TTM) | 6.2 |
| Return on Average Equity (%) (TTM) | 15.0 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 529.41 | - | 144.40 | - | 78.44 | - |
| Q2 2023 | 545.67 | - | 126.18 | - | 58.59 | - |
| Q3 2023 | 589.29 | 27.6 % | 173.37 | 31.0 % | 96.08 | (1.2 %) |
| Q4 2023 | 662.32 | 22.6 % | 182.10 | 3.3 % | 79.73 | (18.3 %) |
| 2023 | 2,326.69 | 15.6 % | 616.68 | 0.7 % | 312.84 | (15.4 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 72.04 | - | 0.36 | 11.92 | 60.12 | 0.30 |
| Q2 2023 | 53.92 | - | 0.27 | 12.91 | 41.00 | 0.21 |
| Q3 2023 | 79.65 | 14.6 % | 0.40 | 13.38 | 66.27 | 0.33 |
| Q4 2023 | 73.99 | (29.5 %) | 0.37 | - | 73.99 | 0.37 |
| 2023 | 279.59 | (14.3 %) | 1.40 | 38.21 | 241.39 | 1.21 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | 27.88 % | 21.28 % | 13.26 % |
| Q3 2023 | 28.13 % | 21.76 % | 12.35 % |
| Q4 2023 | 26.91 % | 19.87 % | 10.37 % |
| 2023 | 26.50 % | 19.87 % | 10.37 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 200.00 | - | - | 9.85 |
| Q2 2023 | 200.00 | 1.50 | 1.38 | 9.87 |
| Q3 2023 | 200.00 | 1.55 | 1.36 | 4.77 |
| Q4 2023 | 200.00 | 1.40 | 1.21 | 5.10 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | - | - | - |
| Q2 2023 | - | - | - |
| Q3 2023 | - | - | - |
| Q4 2023 | - | - | - |
Business Segments (Million)
Q4 2023
| Period | Medical Services | Education | Trade, retail and others |
|---|---|---|---|
| Q1 2023 | 487.77 | 22.33 | 19.31 |
| Q2 2023 | 510.24 | 22.95 | 12.49 |
| Q3 2023 | 540.29 | 26.06 | 22.94 |
| Q4 2023 | 623.18 | 22.83 | 16.32 |
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