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FinancialNews
30-08-22
Saudi Tibbiyah’s stocks drop 10 percent after USD6M decline in profit in H1
(MENAFN) The stocks of Arabian International Healthcare Holding Co. dropped massively on Monday after it recorded declines valued at SR21 million (nearly USD6 million) for the first six months of the year from revenues of SR5.1 million (almost USD1.35 million) in the same period last year.
The stock price of the healthcare supplier dropped 10.23 percent to hit SR46 (USD12.25).
Also known as Tibbiyah, its profits fell 14 percent to SR215 million (nearly USD57 million) in the first six months, a bourse filing presents.
Tibbiyah has credited the poor performance to disruptions in the worldwide supply chain, causing sales to delays.
CEO Alaa Ameen remarked that “Despite the weak financial performance due to the skewed base of the prior year and supply chain issues impacting our sales cycles negatively, we are confident that our full-year performance will be positive, supported by a typically stronger second half and the investments we have made in our internal capabilities.”
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