Riyadh – Mubasher: Al Hammadi Company for Development and Investment reported a 40.7% rise in its annual net profits for 2020 to SAR 130.83 million, up from SAR 92.99 million in the previous year.
The rise in profits was attributed to the increase in revenues of medical services, higher occupancy rates due to the coronavirus (COVID-19) pandemic, and the increase in the number of patient transfers from the Ministry of Health, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
In addition, the company witnessed an improvement in the performance of Al-Hammadi Nuzhal branch hospital wither improved operating efficiency of assets, as well as a decline in operating costs of the pharmaceutical products segment.
Furthermore, a decrease in finance costs due to lower loan balances and lending costs, alongside the decrease in staff cost because of governmental support, helped improve the company’s profitability.
The board of directors has recommended the distribution of SAR 60 million in cash dividends to shareholders for 2020.
Dividends will be distributed at SAR 0.50 per share, which represent 5% of the share’s par value.
