Riyadh – Mubasher: Dr Soliman Abdel Kader Fakeeh Hospital Company and its Subsidiaries (Fakeeh Care Group) reported revenues of SAR 2.80 billion in 2024, up by a solid 20% year-on-year (YoY), according to a press release.
The net profit reached SAR 263.70 million, higher by 36% YoY compared to the adjusted figure of SAR 193.80 million in 2023, with net profit margin expanding c.110 bps to 9.4% versus an adjusted 18.30%.
Revenue growth during the year was driven by a higher number of patients served in Jeddah as well as the ramp up at Riyadh Hospital, an improved business mix that enhanced average revenue per patient across the group, and a growing contribution from the group’s Operate and Manage (O&M) contracts.
President of Fakeeh Care, Mazen Soliman Fakeeh, said: “As we reflect on a year of exceptional progress, I am proud to share that Fakeeh Care has met its strategic and financial targets in 2024. With SAR 2.80 billion in revenue—a 20% YoY increase—our performance emphasises the strength of our integrated healthcare model, the dedication of our teams, and the trust placed in us by our patients and partners across the Kingdom.”
Cash Dividends
In light of Fakeeh Care’s strong performance and its commitment to deliver shareholder value, the board recommended a cash dividend for of SAR 0.30 per share for 2024.
The dividend payout will total SAR 69 million and is equivalent to 24% of the group’s attributable net profit for the year.
The recommendation is still subject to the approval of the annual general meeting.
The President added: “Guided by our post-IPO roadmap, we are expanding our footprint to bring world-class healthcare to underserved communities across the Kingdom. In that regard, Fakeeh’s expansion strategy is on track with our Riyadh Hospital continuing to ramp-up towards operational capacity, and with the completion of DSFH Madinah—set to commence operations in March 2025—marking a new milestone in our mission to reinforce Fakeeh’s leadership in Saudi Arabia’s healthcare sector.”
He noted: “These new facilities alongside targeted land acquisitions and partnerships in Riyadh, Madinah, and Makkah exemplify our approach to scaling capacity while leveraging our proven hub-and-spoke model as a blueprint for delivering comprehensive, patient-centric care across the Kingdom.”
The official concluded: “The year ahead will be marked by continued ramp-up of our new facilities, an increasing focus on complex care, and prudent costs management and improved operational efficiency as we work to strengthen the group’s profitability.”
It is worth noting that Fakeeh Care started trading on the Saudi Exchange (Tadawul) in June 2024.
