Dr. Sulaiman Al Habib Medical Services Group (HMG), one of the largest private healthcare providers in the Middle East, announced its annual financial results for the year 2023, showing strong performance across its hospital and pharmacy segments.
According to the group’s financial statement, HMG’s revenues for the year 2023 reached SAR 9,508.44 million, an increase of 14.41% compared to SAR 8,310.74 million in the previous year. The revenue growth was driven by the increase in the number of patients and inpatient occupancy, which positively impacted the pharmacy segment sales as well.
HMG’s EBITDA (earnings before interest, taxes, depreciation, and amortization) for the year 2023 increased by 18.49% to reach SAR 2,530.60 million, with an improved EBITDA margin of 26.61% compared to 25.70% in the previous year.
The group’s net income for the year 2023 increased by 23.94% to reach SAR 2,046.01 million, with an improved net income margin of 21.52% versus 19.86% for the previous year. The net income increase was mainly driven by the revenue growth due to the increase in the number of patients and inpatient occupancy.
The Board of Directors of Dr. Sulaiman Al Habib Medical Services Group has decided on 17th February 2024 Corresponding to 7th Shaban 1445H to distribute cash dividends to the shareholders for the fourth quarter of 2023. The total amount distributed is SAR 402.50 million, with a dividend per share of SAR 1.15, representing 11.5% of the share par value.
The company wishes to draw the attention of non-resident investors that cash distributions are subject to withholding tax at a rate of 5% in accordance with the provisions of Article (68) of the Income Tax Law and Article (63) of its Executive Regulations.
Therefore, the company urges non-resident investors who have tax exemptions on dividends issued by the Zakat, Tax and Customs Authority, to communicate with the Investor Relations Department to provide documents supporting tax exemption.
The company also encourages all the shareholders to update their information and to make sure to link their bank account numbers to their investment portfolios to ensure the deposit of any future dividends without any delay.
Dr. Sulaiman Al Habib Medical Services Group is a leading healthcare provider in the region, operating 21 medical facilities across Saudi Arabia, the UAE and Bahrain. The group offers a comprehensive range of healthcare services, including general and specialized medicine, dentistry, cosmetology, radiology, laboratory, and pharmacy.
Dr. Sulaiman Al Habib Medical Services Group is also a pioneer in digital healthcare solutions, such as telemedicine, e-prescription, and online appointment booking.
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