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\u00a0Dr Soliman Abdel Kader Fakeeh Hospital Company and its Subsidiaries (\u201cFakeeh Care Group\u201d, \u201cFCG\u201d, \u201cFakeeh Care\u201d, the \u201cCompany\u201d or the \u201cGroup\u201d), a leading fully integrated academic healthcare provider listed on TASI (SYMBOL: 4017 and ISIN code SA562GSHUOH7), announces today its financial results for the full year ended 31 December 2024 reporting revenues of SAR 2.8 billion, up by a solid 20% y-o-y. Net Profit for the year reached SAR 263.7 million, up 36% y-o-y compared to the adjusted\u00a0 figure of SAR 193.8 million in FY-2023, with net profit margin expanding c.110 bps to 9.4% versus an adjusted1 8.3%.<\/p>\n
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\u2019s Operate and Manage (O&M) contracts.<\/p>\n
In FY-2024, Fakeeh Care Group served 1.74 million patients (including inpatient admissions and paid outpatient visits) reflecting a solid 12.5% year-on-year increase. The Group\u2019s surgical procedures and deliveries also posted double-digit year-on-year growth in FY-2024.<\/p>\n
Commenting on the Group\u2019s performance, FCG\u2019s President Dr. Mazen Soliman Fakeeh said: \u201cAs we reflect on a year of exceptional progress, I am proud to share that Fakeeh Care Group has met its strategic and financial targets in 2024. With SAR 2.8 billion in revenue\u2014a 20% year-on-year increase\u2014our performance emphasizes 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. Our success is rooted in a commitment to clinical excellence, innovation, and accessibility, while our unique three-pillar ecosystem\u2014Healthcare Services, Medical Education, and Technology\u2014continues to set us apart.\u201d<\/p>\n
\u00a0\u201cGuided 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\u2019s expansion strategy is on track with our Riyadh Hospital continuing to ramp-up towards operational capacity, and with the completion of DSFH Madinah\u2014set to commence operations in March 2025\u2014marking a new milestone in our mission to reinforce Fakeeh\u2019s leadership in Saudi Arabia\u2019s healthcare sector. 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.\u201d<\/p>\n
During FY-2024, all the Group\u2019s business verticals experienced growth and reinforced the Fakeeh Health Care integrated platform. Namely, the Group’s Home Healthcare division has expanded its operations nationally reaching beyond Jeddah, Riyadh, Madinah, and Makkah to two new cities: Abha and Dammam. Additionally, Fakeeh Emergency Medical Services continued to expand its fleet which reached 83 ambulances as of year-end, bolstering the Group\u2019s hub-and-spoke model with the largest private ambulatory fleet across the Kingdom. Meanwhile, Fakeeh Vision expanded to 17 locations with the opening of eight new stores, four of which in key locations across Riyadh. The brand is set to open eight additional stores in 2025, further strengthening its presence in Riyadh and expanding into Dammam and Alkhobar. Lastly, Fakeeh College welcomed 352 new students, increasing its active student count by over 10%. The College is developing a 6,500-square-meter Simulation and Clinical Skills Centre which is set to begin accepting students in the new academic year starting September 2025.<\/p>\n
Fakeeh Care Group secured numerous accreditations and awards throughout the year, most notably: DSFH Jeddah featured in Newsweek\u2019s 2025 “World\u2019s Best Hospitals\u201d ranking as 1st private hospital for the 4th consecutive year and ranked 2nd across all hospitals in Saudi Arabia (up from 3rd in 2023); DSFH Jeddah laboratory team achieved re-accreditation by CAP with zero deficiencies; Riyadh Hospital received CEBAHI and JCIA accreditations underscoring FCG\u2019s commitment to excellence; Basatin and Nuzha Medical Centers received outstanding JCIA re-certifications, ensuring high standards in patient care; Riyadh Hospital received an institutional accreditation from the Saudi Commission for Health Specialties and the approval of the Saudi Board Program in Obstetrics and Gynaecology, further strengthening Fakeeh\u2019s role in medical education and training; lastly the Group\u2019s IPO was recognized as the “Local IPO Deal of the Year” by Global Banking & Markets, marking a significant milestone in the region\u2019s healthcare investment landscape.<\/p>\n
Dr. Mazen Soliman Fakeeh concluded: \u201cThe 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\u2019s profitability. In parallel, with a strengthened balance sheet, reduced debt, and a net cash position, we are well-equipped to fund organic growth and strategic opportunities and continue delivering on our expansion plans. Coupled with Saudi Arabia\u2019s supportive macroeconomic environment, Fakeeh Care Group is poised to deliver enduring value for shareholders while advancing the nation\u2019s healthcare transformation in line with the Kingdom\u2019s 2030 vision.\u201d<\/p>\n
In light of Fakeeh\u2019s strong performance and its commitment to deliver shareholder value, the Board recommends\u2014subject to the approval of the AGM\u2014a cash dividend for FY-2024 of SAR 0.3 per share, amounting to SAR 69 million and equivalent to 24% of the Group\u2019s attributable net profit for the year.<\/p>\n","protected":false},"excerpt":{"rendered":"
\u00a0Dr Soliman Abdel Kader Fakeeh Hospital Company and its Subsidiaries (\u201cFakeeh Care Group\u201d, \u201cFCG\u201d, \u201cFakeeh Care\u201d, the \u201cCompany\u201d or the \u201cGroup\u201d), a leading fully integrated academic healthcare provider listed on TASI (SYMBOL: 4017 and ISIN code SA562GSHUOH7), announces today its financial results for the full year ended 31 December 2024 reporting revenues of SAR …<\/p>\n","protected":false},"author":2,"featured_media":110551,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-110562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n