Latest news with #Fakeeh
Saudi Gazette
05-03-2025
- Business
- Saudi Gazette
Fakeeh Care Group reports FY-2024 revenues of SR2.8 billion, up 20% year-on-year
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), announced on Wednesday its financial results for the full year ended 31 December 2024 reporting revenues of SR2.8 billion, up by a solid 20% y-o-y. Net Profit for the year reached SR 263.7 million, up 36% y-o-y compared to the adjusted[1] figure of SR 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 SR2.8 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.' [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 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 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 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 1private hospital for the 4consecutive year and ranked 2across all hospitals in Saudi Arabia (up from 3in 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.'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 SR0.3 per share, amounting to SR69 million and equivalent to 24% of the Group's attributable net profit for the Care Group's complete FY-2024 Earnings Release with management's analysis of the Company's performance is available for download on
Mid East Info
27-02-2025
- Business
- Mid East Info
HAALA Energy Secures SAR 28.5 Million in Series A Funding Led by Fakeeh Investment Holding - Middle East Business News and Information
Jeddah, Saudi Arabia: HAALA Energy, a leading Saudi solar energy developer and installer based in Jeddah, has announced the successful completion of its Series A funding round, securing SAR 28.5 million to support its growing development pipeline. This funding round includes SAR 18.5 million in equity and SAR 10 million in debt, led by the Fakeeh family office, representing the majority shareholders of Fakeeh Care, the premier listed healthcare company in Saudi Arabia. FINERGREEN acted as HAALA Energy's exclusive financial advisor throughout the process. Founded in 2017 at the KAUST (King Abdullah University of Science and Technology) Innovation Cluster, HAALA Energy has rapidly evolved from its origins as a solar installer to become a key player in the Kingdom's solar industrial and commercial (C&I) segment. The company offers a comprehensive suite of vertically integrated services, including project development, installation, and operation & maintenance services, catering to a wide array of off and on-grid clients across the country. The company is also committed to the principle of employee ownership, with a substantial ESOP program that has allowed it to attract and retain the best talent in the industry. This strategic transaction will enable HAALA Energy service its growing pipeline of projects for Tier-1 and repeat clients that include the Kingdom's largest grocery chain the Panda Retail Company – Savola Group, retail giants like IKEA Alsulaiman, as well as leaders in the pharmaceutical and healthcare industries such as GSK, Fakeeh Care Group, and Tamer Group. The company is targeting the completion of 30MWp of C&I projects in the next 3 years, with discussions currently underway to raise further capital in an external vehicle to accelerate and expand on this target. More broadly, the funding round will be instrumental in advancing the company's commitment to driving the adoption of renewables across the kingdom, and playing its part in the ambitious climate goals central to Vision 2030 program. Faris Al-Sulayman, Executive Director at HAALA Energy, commented on the milestone: 'We are thrilled to have completed this funding round, which demonstrates investor confidence in our vertically integrated model, and a strong willingness to support the growth of a homegrown Saudi developer that is able to compete successfully in a market with many foreign players. HAALA is now able to offer solar power to our clients at rates that are competitive with the Saudi Electricity Company (SEC)'s lowest tariffs, and this will mark the beginning of a new wave of Solar PV adoption across the commercial and industrial segment. As a local company with an unrivalled team, great financial backing, and a diverse portfolio of projects under its belt, Haala is uniquely positioned to play a leading role in the industry. We are excited about the next few years.' Dr. Mazen Fakeeh, a leading investor in the round added 'HAALA Energy has shown great promise and resilience over the last few years, and is well positioned to play a big role in what is set to be a hot industry in the Kingdom of Saudi Arabia over the next decade. We are looking forward to playing a bigger role in their growth story.' Finergreen, an M&A and financing advisory boutique specialized in the energy transition, supported HAALA Energy during the fundraising process, further strengthening its credentials in the region and demonstrating its enthusiasm to continue supporting the growth of this market alongside major players.
