SAUDI ELECTRICITY COMPANY-

Saudi Electricity Company (SEC) reported a 33% y-o-y decline in net income to SAR 6.9 bn in 2024, weighed down by a payment to settle accounting discrepancies following a restructuring of the electricity sector, according to a disclosure to Tadawul. Meanwhile, revenue climbed 17.7% y-o-y to SAR 88.7 bn in the same period, driven by a higher weighted average cost of capital and regulatory asset base, in addition to growth in electricity production and customer base.

ALSO- The SEC’s board recommended distributing SAR 2.9 bn in dividends for 2024 at SAR 0.70 per share, it said in a separate disclosure. The payout date and eligibility criteria will be announced at an upcoming general assembly.

DALLAH HEALTHCARE-

Dallah Healthcare saw its net income rise 30.8% y-o-y to SAR 471.2 mn in 2024, according to a disclosureto Tadawul. Meanwhile, revenues rose 8.9% y-o-y to SAR 3.2 bn during the same period amid a boost in capacity and efficiency. Dallah also attributed its rising revenues to its expansion of Dallah Namar Hospital, as well as new Dallah Clinics it opened in Riyadh’s Al Yarmouk, along with “growth in the number of visits and inpatients as a result of the increased demand for healthcare services in the Makkah region, especially during the Hajj and Umrah seasons.”

DR. SOLIMAN ABDEL KADER FAKEEH HOSPITAL-

Dr. Soliman Abdel Kader Fakeeh Hospital’s net income grew 13.6% y-o-y to SAR 263.7 mn in 2024, fueled by lower interest expenses, after adjusting for a one-off SAR 38.2 mn finance income, according to an earnings release (pdf). At the same time, revenues were up 20% y-o-y at SAR 2.8 bn, driven by a rise in the number of patients, margins per patient, and operation and management contracts.

In the pipeline: The integrated healthcare conglomerate plans to add six new day-surgery units, 31 operating theaters, 124 clinics, and 740 beds with ongoing projects in Jeddah, Riyadh, and Makkah expected to roll out starting 1H 2025 until 1H 2028.

ALSO- The company’s board recommended the distribution of SAR 69 mn in dividends for 2024 at SAR 0.3 per share. The distribution date will be determined after the payout receives general assembly approval.

CITY CEMENT-

City Cement logged net income growth of 75.8% y-o-y to SAR 144.1 mn in 2024 and revenue growth of 46.1% y-o-y to SAR 520.8 mn, all thanks to a higher sales volume and average selling price, it said in a disclosure to Tadawul.

ICYMI- The company tapped Aramco in January to support the company’s transition from liquid fuel to natural gas, part of the government’s Liquid Fuel Displacement Program, helping it curb a 7% increase in production costs following the latest fuel pricing update.

GAS ARABIAN SERVICES-

GasArabian Services’ net income increased 39.9% y-o-y to SAR 114 mn in 2024, with revenue jumping 51.5% y-o-y to SAR 1.1 bn, it said in a disclosure to Tadawul.

DIVIDENDS- The company’s board is distributing SAR 36.2 mn in dividends for 2H 2024 at SAR 0.23 apiece, it said in a separate disclosure. Distribution is scheduled for Wednesday, 26 March.

MOUWASAT MEDICAL SERVICES CO.-

Mouwasat Medical Services reported a 1.8% y-o-y decline in net income to SAR 645.8 mn in 2024, impacted by higher operating costs at Mouwasat LTC in Madinah and increased hedging of customer balances, according to a disclosure to Tadawul. Revenues rose 6.4% y-o-y to SAR 2.9 bn during the same period, driven by higher outpatient visits, increased occupancy rates, and improved contractual terms with customers.

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