Fakeeh Care Group, a leading academic healthcare provider in Saudi Arabia, recently announced its financial results for the nine-month period ended on 30 September 2024. The company reported a revenue of SR2 billion, marking a solid 23.1% increase year-on-year. Net profit also saw a strong growth of 49.4% y-o-y to SR 195.3 million. This growth was primarily driven by higher patient footfall, increased number of surgeries and deliveries, improved revenue per patient, and contributions from the NEOM Hospital O&M contract. Total cases served during this period reached approximately 1.3 million, showcasing the increased activity across the Group’s outpatient clinics.
Dr. Mazen Soliman Fakeeh, President of FCG, expressed satisfaction with the Group’s performance, highlighting the 23.1% revenue increase to SR2 billion. He attributed this growth to the consistent rise in patient volumes, a higher-value business mix, and a strong contribution from the O&M business. The Riyadh Hospital played a significant role in driving the Group’s growth trajectory, with its utilization reaching 71.3% and contributing to improved cost efficiencies and margins. The Group’s strong financial position, supported by a debt settlement of SR 1.2 billion, will enable targeted investments in expansion projects, including the upcoming Madinah facility and other growth initiatives.
Fakeeh Care Group witnessed strong growth across all its business segments during 9M-2024. The Healthcare and Medical-Related segments expanded with the addition of Fakeeh Home Healthcare in six major cities and significant growth in Fakeeh Emergency Medical Services. Fakeeh Vision also grew, operating 16 branches with more scheduled to open soon. In the Education segment, Fakeeh College enrolled 352 new students, demonstrating the Group’s commitment to offering comprehensive healthcare and academic programs. The Group also secured prestigious accreditations, further enhancing its credibility and quality of care.
Dr. Mazen Soliman Fakeeh remains optimistic about the Group’s future growth prospects, citing strong utilization trends in Riyadh and operational enhancements at Jeddah Hospital. The focus on complex care, expansion of O&M business, and favorable macroeconomic conditions in Saudi Arabia are expected to drive continued growth for Fakeeh Care Group. The Group’s 9M-2024 Earnings Release with detailed management analysis is available for download on its website, providing a comprehensive overview of its performance and future outlook.
Founded in 1978 by the late Dr. Soliman Fakeeh, Fakeeh Care Group has been a pioneer in integrated healthcare services in Saudi Arabia. With a wide range of healthcare offerings including ambulatory care, secondary and tertiary care, Emergency Medical Services, and Fakeeh Home Healthcare, the Group has established itself as a comprehensive healthcare provider. Following a successful IPO in June 2024, the Group raised substantial funds to support its growth strategy and expansion plans across major cities in Saudi Arabia. The Group’s commitment to delivering high-quality care and academic programs continues to drive its success in the healthcare industry.
