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Arabian International Healthcare Holding Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 814,425 | 806,924 | 0.93 | ||
| Gross Profit (Loss) | 195,297 | 190,038 | 2.77 | ||
| Operational Profit (Loss) | -48,084 | 40,067 | - | ||
| Net profit (Loss) | -66,613 | 38,088 | - | ||
| Total Comprehensive Income | -62,544 | 36,706 | - | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 244,048 | 306,592 | -20.4 | ||
| Profit (Loss) per Share | -3.37 | 1.92 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Arabian International Healthcare Holding Co. (“The Company” or “Tibbiyah”) reported revenue of SAR 814.4 million for FY24, marking a 0.9% increase from SAR 806.9 million in FY23. The increase in revenue was primarily due to the impact of the acquisition of Al-Hammad Medical Services Co. (Al-Hammad) and improved performance in Medical Supplies Division (Premma), offsetting revenue declines in Medical Equipment Division (FMS) and Innovative Healthcare Company Holding Limited (IHC). |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Arabian International Healthcare Holding Co. (“The Company” or “Tibbiyah”) registered a net loss attributable to shareholders of SAR 66.6 million in FY24 (FY23: SAR 38.1 million net profit) mainly due to: Revenue: Tibbiyah reported revenue of SAR 814.4 million in FY 2024 (2023: SAR 806.9 million) represented a 0.9% increase year-on-year (YoY). The increase was driven by the acquisition of Al-Hammad in July 2024, followed by improved performance at Premma. The increase in revenue offset the declines in IHC and FMS. Gross profit: Gross profit of SAR 195.3 million in FY 2024 (2023: SAR 190.0 million) represented an increase of 2.8% YoY, with margins rising to 24.0% in 2024 (2023: 23.6%). This improvement reflects the company’s strategic focus on execution and cost optimization, particularly across its core segments, FMS and Premma, while also managing the impact of inflationary pressures on raw materials and logistics.
Net Loss: Net loss attributable to shareholders of SAR 66.6 million in FY 2024 (2023: net income SAR 38.1 million), primarily driven by a non-cash SAR 93.7 million impairment charge against the goodwill at IHC, along with a SAR 17.6 million impairment on trade receivables. These charges were partially offset by a SAR 24.1 million reversal of the contingent consideration related to the acquisition of IHC. Excluding these one-time, non-cash charges, the Company would have reported a net income of SAR 20.5 million in FY 2024. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | During the year, the Group has identified certain adjustments relating to reclassifications from short term loans to long term loans amounting to SAR 145 million (31 December 2023: SR 157.5 million and 1 January 2023: SR 227.5 million) as per the requirements of amendments to IAS 1 which have also been adjusted in the prior year. Such adjustment has been done for presentation purpose and do not have a material impact on these consolidated financial statements. |
| Additional Information | Basic and diluted (loss) / earnings per share are calculated by dividing the (loss) / profit for the period by the weighted average number of outstanding shares during the period. There were no potentially dilutive shares or options in the period, therefore no difference between the basic and the diluted (loss) / earnings per share. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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