Dr. Sulaiman Al Habib Medical Group (HMG) Reports First Quarter Net Income Growth of 5.35%
In light of the precautionary measures taken by the Saudi government to limit and counter the outbreak of the Covid-19 pandemic, including a curfew in some of the Kingdom’s cities and governorates, HMG’s facilities and subsidiaries are fully operational. It is expected, however, that there will be an impact on certain activities during the precautionary measures period, which will have an impact on the business and activities of the Group. HMG has worked to enhance and develop patient services, and has increased the readiness of its electronic services channels by activating remote medical consultation services, as well as delivering medicines and other medical services to customers at their homes.
In light of the present situation and given the unknowns about the transmission of the virus and the effectiveness of the measures to contain it, the potential impact of the pandemic remains hard to predict. Management anticipates that these developments could have a material impact on the Group’s results, cash flow and financial position in the future. The Group is monitoring the situation on a real-time basis in order to rapidly introduce all necessary mitigating actions. In relation to recent government announcements regarding stimulus plans for the private sector, to minimize the impact of the precautionary measures, HMG is working closely with the relevant authorities to determine the stimulus mechanisms, and how they will be implemented.
Growth strategy
HMG’s overarching growth strategy remains unchanged, with a focus on growing the scale of the Group’s facilities including the South West Jeddah Hospital, which began construction in 2019 and is expected to start operations in 2023; the North Riyadh hospital which began construction in 2019 and will start operations in 2023; and the North Jeddah Hospital for which construction is scheduled to begin in 2021, with a projected completion date of 2024. Further opportunity is provided by the government’s 2030 Vision for the healthcare sector, which is expected to reflect positively on growth at Group level.
The Group continues to build up its IT services offering, through its Solutions segment, which has become a leader in technology services for healthcare. During the current Covid-19 health crisis, the service offering has become particularly important for boosting the resilience of the business and for adding value to multiple stakeholder groups. Cloud Solutions, a subsidiary of the Group, will continue to be a growth driver for HMG, providing technical services for healthcare providers in the region. Areas of focus for technology will include developing the group’s Tele-ICU capabilities from the world-record 796 beds currently served, and developing HMG’s hospital information system, a one-of-a-kind electronic portal to manage medical procedures, diagnostics and analysis.
HMG is listed on Tadawul (Symbol: SULAIMAN ALHABIB: 4013), and is Saudi Arabia’s leading private healthcare provider. The Group’s portfolio includes 7 hospitals in Saudi Arabia and the UAE, 1,913 beds and 1,371 clinics, and 1 medical centre in Bahrain. HMG also operates 13 pharmacies and provides a range of medical and technical services for its own and other hospitals.
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