Fakeeh Care Group reports FY-2024 revenues of SAR 2.8 billion, up 20% y-o-y driven by double-digit growth in patients served
Jeddah, KSA: Dr Soliman Abdel Kader Fakeeh Hospital Company and its Subsidiaries ('Fakeeh Care Group', 'FCG', 'Fakeeh Care', the 'Company' or the 'Group'), 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 [1] 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%.
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.
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's surgical procedures and deliveries also posted double-digit year-on-year growth in FY-2024.
Commenting on the Group's performance, FCG's President Dr. Mazen Soliman Fakeeh said: 'As 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—a 20% year-on-year increase—our 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—Healthcare Services, Medical Education, and Technology—continues to set us apart.'
'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. 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.'
During FY-2024, all the Group's 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's 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.
Fakeeh Care Group secured numerous accreditations and awards throughout the year, most notably: DSFH Jeddah featured in Newsweek's 2025 "World's Best Hospitals' 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's 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's role in medical education and training; lastly the Group's IPO was recognized as the "Local IPO Deal of the Year" by Global Banking & Markets, marking a significant milestone in the region's healthcare investment landscape.
Dr. Mazen Soliman Fakeeh 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. 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's supportive macroeconomic environment, Fakeeh Care Group is poised to deliver enduring value for shareholders while advancing the nation's healthcare transformation in line with the Kingdom's 2030 vision.'
In light of Fakeeh's strong performance and its commitment to deliver shareholder value, the Board recommends—subject to the approval of the AGM—a cash dividend for FY-2024 of SAR 0.3 per share, amounting to SAR 69 million and equivalent to 24% of the Group's attributable net profit for the year.
Fakeeh Care Group's complete FY-2024 Earnings Release with management's analysis of the Company's performance is available for download on en.fakeeh.care.
About Fakeeh Care Group
Established in 1978 by the late Dr. Soliman Fakeeh, the Fakeeh Care Group stands as a pioneer in integrated healthcare services in Saudi Arabia. Our comprehensive healthcare offering includes our core healthcare services ranging from ambulatory care to secondary and tertiary care, supported by Emergency Medical Services and Fakeeh Home Healthcare. Additionally, our offerings are enhanced by our industry-leading academic healthcare programs. In 2022, after a period of significant growth in our home city of Jeddah, the Group embarked on a Kingdom-wide expansion strategy to bring our well proven hub-and-spoke model and medical support services to major cities across Saudi Arabia.
In June 2024, Fakeeh Care Group successfully concluded its initial public offering (IPO) on the Tadawul. The IPO raised gross proceeds of SAR 2.9 billion (US$ 764 million) for the Company and the Selling Shareholders of which SAR 1.7 billion will be used to support and accelerate the Group's growth strategy.
For further information, please contact:
Fakeeh Care Group
e-mail: investors@fakeeh.care
Forward-looking Statements
This communication contains certain forward-looking statements. A forward-looking statement is any statement that does not relate to historical facts and events, and can be identified by the use of such words and phrases as 'according to estimates', 'anticipates', 'assumes', 'believes', 'could', 'estimates', 'expects', 'intends', 'is of the opinion', 'may', 'plans', 'potential', 'predicts', 'projects', 'should', 'to the knowledge of', 'will', 'would', or, in each case, their negatives, or other similar expressions that are intended to identify a statement as forward-looking. This applies, in particular, to statements containing information on future financial results, plans, or expectations regarding the Company's business and management, its future growth or profitability and general economic and regulatory conditions and other matters affecting it.
These forward-looking statements are subject to risks, uncertainties and assumptions about the Company and its subsidiaries and its investments, including, among other things, the development of its business, financial condition, prospects, growth, strategies, as well as the trends in the industry and macroeconomic developments in the Kingdom of Saudi Arabia. Many of these risks and uncertainties relate to factors that are beyond the Company's control or accurate estimation, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and any changes in applicable laws or regulations or government policies. In light of these risks, uncertainties and assumptions, the events in the forward-looking statements may not otherwise occur and past performance shall not be taken as a guarantee of future results. No representation or warranty is made pertaining to any forward-looking statement made by the Company. The Company does not intend to update, supplement, amend or revise any such forward-looking statement whether as a result of new information, future events or otherwise. Nothing in the Information shall be construed as a profit forecast.
The Information may include financial information that are not defined or recognized under the International Financial Reporting Standards (IFRS). These measures are derived from the Company's consolidated financial statements and provided as additional information to complement IFRS measures. Any financial information provided by the Company should not be considered in isolation or as a substitute for analysis of the Company's financial information as reported under the IFRS.
[1] Comparable Net Profit figure and Attributable Profits for FY-2023 are adjusted to exclude non-recurring financing income amounting to SAR 38.2 million. These amounts were related to a long-term receivable from FCG's UAE related party, which was settled as of September 2023
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