Saudi: Tibbiyah 2022 gross profit increases 7.4% to $41mln

Saudi: Tibbiyah 2022 gross profit increases 7.4% to $41mln

Saudi Arabia - Arabian International Healthcare Holding Company (Tibbiyah), a leading integrated healthcare provider in Saudi Arabia, has posted a revenue increase of 3.9% and a gross profit rise of 7.4% to SR154.2 million ($41 million) for 2022. This shows the solid performance from the medical supplies division (Premma Health) and the resilience of the medical equipment division (FMS), despite challenges faced in the healthcare sector. In FY22, Tibbiyah made progress in working capital management, with improvements in the Cash Conversion Cycle (CCC), demonstrating the company’s commitment to efficient operations. Notable recovery Tibbiyah saw a notable recovery in revenue in the second half of 2022 compared to H1-FY22 and achieved a significant 16% improvement over H2-FY21. This rebound led to an H2-FY22 net income of SR46.4 million ($12.37 million), playing a key role in contributing to the overall net income for FY22. The company maintains a strong project backlog and pipeline, indicative of its adaptability and promising outlook. Alaa Ameen, Chief Executive Officer, Tibbiyah, commented: “In a challenging year, Tibbiyah has demonstrated its resilience and ability to capitalise on opportunities within the domestic healthcare market and the secular growth trends backed by strong demographics in the kingdom. Our strategic growth