April 26, 2022

Hospital operator Al Habib shares gain 3% as it posts Q1 profit growth

categories : healthcare

RIYADH: Saudi hospital operator Dr. Sulaiman Al Habib Medical Services Group's shares jumped 3 percent on Monday, as it posted 22 percent growth in first-quarter profit.

The group’s stock price was up 3.14 percent to SR204 ($54.4), a day after it recorded SR391 million in profit, against SR319 million a year ago.

The profit hike was coupled with higher revenue of SR2 billion, propelled by a growth in the hospital segment and higher patient occupancy.

“In the hospital segment, our expansion plans remain on track, with new hospital projects underway in Riyadh, Jeddah, Al Kharj, Madinah, and Tabuk,” said Sulaiman Al Habib, HMG chairman, commenting on the results.

“Furthermore, medical centers' expansions are in progress as per a construction plan for four new facilities.”

“Moving forward we will continue to prioritize our foundational commitment to medical education, with continuous development to meet the highest international standards in healthcare services,” Al Habib concluded.

Established in 1995, HMG is a private health service provider in Saudi Arabia, with seven hospitals in the Kingdom, the UAE, Bahrain, as well as pharmacies, and other medical departments.

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