‎Al Hammadi’s 2021 profit declines 31% to SAR 130.8 mln

‎Al Hammadi’s 2021 profit declines 31% to SAR 130.8 mln

Al Hammadi Company for Development and Investment reported a net profit after Zakat and tax of SAR 90.1 million for 2021, a decline of 31% from SAR 130.8 million a year earlier.

This profit drop was driven by a SAR 8.8 million loss from discontinued operations of Al Hammadi Olaya Hospital in 2021.

The Saudi medical services provider also cited higher credit loss provisions, SAR 9.7 million goodwill impairment loss, in addition to lower sales of subsidiaries last year.

Q4 2021 net profit tumbled 65% year-on-year (YoY) to SAR 10.7 million, from SAR 30.2 million in Q4 2020.

On a sequential basis, net earnings more than doubled from SAR 3.58 million in Q3 2021.

Total shareholders’ equity, excluding minority interest, dropped 2.32% YoY to SAR 1.659 billion for 2021, from SAR 1.698 billion a year earlier.

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