President and CEO
The healthcare industry in Saudi Arabia undergoes widescale transformations, we are effectively adapting to change and anticipating its implications. More importantly, the transition towards private healthcare in the Kingdom is a landmark opportunity for HMG to serve an increasing number of Saudi citizens.
In 2024, we marked a milestone in the Saudi healthcare landscape with our first project into the western region in Jeddah, through Al Fayhaa Hospital in the first quarter and with Muhammadiyah Hospital in the pipeline. In Riyadh our milestones were at grander scale, we began operations in Al Sahafa Hospital, one of the biggest and most advanced private healthcare infrastructure in the Kingdom and one of the largest in the Middle East. We also opened a dedicated Women’s Health Hospital in Riyadh to care for the unique requirements of our female population.
Our mission to bring care closer to home through accessibility and proximity continues at a rapid pace. Furthermore, our dynamic expansion will continue into 2025 and beyond, as we maintain our overarching philosophy of being a patient centric, business-efficient organization.
Our increased presence is supported by the extraordinary teams of dedicated professionals, whose expertise and devotion to duty is the beating heart of our operations and the cutting-edge healthcare technology which delivers the most positive patient outcomes. Our combined reach and medical capabilities are increasing HMG’s regional presence and providing an even greater platform for our global impact.
HMG is well established in the region for key values such as patient safety and security, which is paramount in both our mindset and working practices. As the only private healthcare provider to host the first Patient Safety Roundtable, in collaboration with the Saudi Patient Safety Center, we have reinforced our leadership in shaping national safety protocols, driving innovations that prioritize well-being at all times.
Robust Financial Performance
Having delivered record results in 2023, we maintained our ongoing momentum last year, with a strong financial performance, achieving growth in gross profit, net income, and EBITDA.
Our increased patient numbers and operational efficiencies mirrored our sustained growth, as we achieved % 11,200.43 million in revenue, a 17.79% rise compared to 2023, with net profits of % 2,315.29 million, a year-on-year increase of 13.16%. EBITDA in 2024 rose by 17.58% to % 2,975.43 million.
Over the past five years, we have delivered on our promises to investors, driving sustained growth and creating long-term value. As of year-end 2024, we have achieved 20 consecutive quarters of growth, demonstrating consistent financial strength and delivering reliable annual dividends. In line with this strong performance, we raised the dividend to our shareholders from % 4.32 per share for 2023 to % 4.77 per share for 2024, representing a significant 10% increase.
Investing in our Greatest Asset and Developing the Future Healthcare Workforce
As we continue to grow in size and stature, the people who become part of the HMG family have the opportunity to flourish in their careers and develop as professionals in the healthcare sector. They join teams of compassionate, skilled, hard-working colleagues who come together for the common good of their patients and see their contribution as a privilege as well as a responsibility.
HMG’s total of 24,000+ employees is made up of 85+ nationalities, including 4,500+ physicians with an average of 15 years’ experience. With an emphasis on learning, training, and education, we strive to enable greater opportunities for our people, helping them to progress and providing HMG with an exceptional pool of talent as we expand. Investing in our people promotes employee satisfaction and loyalty.
The Group has established Dr. Sulaiman Al Habib Knowledge Company, which will serve as an umbrella for all training, educational, research, and academic programs. As the mainstay of our success, we ensure that our team members are equipped to enter HMG as motivated, skillful and positive recruits from their first day with the Group. For instance, in developing the Newcomers Training Program in 2024, we designed comprehensive, competency-based initiatives to support the seamless integration of new nursing staff into our organization.
During 2024, the Dr. Sulaiman Al Habib Academy, actively contributed to training the Kingdom of Saudi Arabia’s future healthcare workforce. HMG Academy administers a wide variety of educational activities including over 40 postgraduate training programs in collaboration with the Saudi Commission for Health Specialties and its Health Academy. These programs combined are currently providing high quality healthcare training opportunities to over 700 trainees.
The Dr. Sulaiman Al Habib Academy also oversees the Dr. Sulaiman Al Habib Medical Journal, our peer-reviewed scientific publication. Our commitment to global healthcare research and development continues to be an essential factor in our global influence. Each year, we conduct an award ceremony for the best research article, peer reviewed by an external committee with total rewards amounting to % 1.5 million.
HMG is excited to share that in 2025 we are set to launch the newly established Dr. Sulaiman Al Habib College for Nursing, a Nursing College that will address the national shortage of Saudi nurses with a goal of supplying the healthcare with 5,000 nurses by 2030. This initiative will begin in Riyadh with planned expansions into the Western and Eastern regions, followed by broader expansion strategy in the peripheral areas of the Kingdom.
The broad scope of our activities in healthcare education, training, research and continuing medical education reiterates HMG’s efforts to invest heavily in its specialist cadre of doctors, nurses, paramedics and technicians to develop the future of the nation’s healthcare workforce and navigate the increasing complexity of Saudi Arabia’s growing and ageing demographic.
Investing in Innovation
As one of the region’s most innovative private healthcare providers, the Group invests in the most advanced medical technology to ensure we provide the ultimate care and optimum outcome for our patients. Our application and implementation of technology during 2024 is a measure of the increasingly pivotal role it plays in our progress, as we reshape the region’s digital healthcare landscape. Our newest branches are an illustration of our dedicated commitment to innovation with the latest state-of-the-art medical equipment, the first robotic assistant surgery training center in the Middle East and much more.
Our integration of artificial intelligence (AI) and robotics is having a profound effect on our clinical success, enabling precision treatment with rapid recovery rates, crucial factors in shorter hospital stays and treating more patients. As AI evolves and takes diagnosis, prognosis, treatment and care to new levels, at HMG we continue to take giant strides in a vast spectrum of services, including an increased ability to identify cancer cells, perform more non-invasive surgery and analyze patient recovery.
Essential tele-health services continue to remotely monitor, diagnose, and treat patients, often providing a lifeline to heart attack and stroke victims where time is of the essence. Through our LiveCare services, we continued to provide remote video consultations 24/7 through the HMG app, covering more and more of our hospitals’ specialty cases.
The launch of the HMG Innovation Growth Hub (HIGH) in 2024 reflects our ongoing commitment to encouraging fresh ideas and fostering collaboration. Through HIGH, opportunities were created for colleagues to share their insights whilst simultaneously we made it easier for external companies to introduce solutions that can help us move forward together. These efforts aim to take HMG to the next level in delivering outstanding care and value. Building on this foundation, we partnered with NLC Health Ventures – the largest HealthTech Venture Builder in Europe – to launch our first HMG Global Open Challenge, expanding our scope to tap into even more promising ideas at earlier stage.
These efforts are just the beginning of our journey. By fostering a culture of innovation and collaboration, we’re continuing to grow, adapt, and improve – always focused on delivering the best outcomes for our patients and communities both local and global.
Sustainability
In 2024 the Group published its first standalone ESG report. This was the first standalone ESG report for healthcare. With this we have not only established a benchmark for the Saudi healthcare industry, we have also created key metrics to measure our successes and areas for improvement.
From technology and training to sustainability we have set the standards for healthcare organizations across the region. The Group has joined the UN Global compact – a voluntary leadership platform for the development, implementation and disclosure of responsible business practices. This marks another significant milestone in our sustainability journey.
Our Subsidiaries and Successes
The Group’s Pharmacies continued to make even greater contributions throughout the year, in part due to increased digital options and a substantial uptake in remote services. And, in line with HMG’s ethos of bringing healthcare closer to the people we serve, pharmacies took major strides in expanding its footprint with the launch of an additional 11 cutting-edge branches, nearly doubling its reach.
In order to deliver care with comfort and convenience for housebound patients, our Home Healthcare Company (HHC) has expanded its wound care program to better serve patients with chronic vascular wounds and ulcers, including home visits. The program now incorporates Doppler imaging and ultrasound monitoring to assess blood flow in specific vessels. Our highly qualified vascular surgeons and experienced wound care nursing teams operate the equipment, monitor, and record the results. Additionally, specialized wound care teams at HHC provide podiatric services for diabetic foot care, offering essential support to relieve pain and ensure prompt and regular treatment of ulcers and lacerations.
Cloud Solutions once again streamlined multiple operations and optimized efficiency, reducing significant operational costs. The Company has launched key initiatives, including Ara’a, Cyclus DRG for Revenue Cycle Management, Radiory, and Qline. Additionally, the VIDA implementation in the government sector to now reached to 69 sites, supporting the Ministry of Health’s digital transformation.
2024 marked the inauguration of the FLOW ACT Hub, delivering 24/7 monitoring of medical biotech for Gulf healthcare providers. This ensures optimal device performance and service continuity, supporting the delivery of seamless care to millions of beneficiaries. Moreover, FLOW led the Al Salam Hospital Transformation Project within Madinah’s Healthcare Cluster, upgrading the facility to provide primary and emergency care for Umrah pilgrims ahead of Ramadan. From design to the integration of advanced medical technology, FLOW oversaw every aspect of the project.
MD Lab’s expertise ensured widespread access to specialized, complicated, diagnostics services that can now be conducted in KSA to minimize the need for sending abroad. Combined with a strong network of HMG Labs we ensure access to diagnostics services at high turnaround.
Changing Lives through Landmark Initiatives
As we extended our areas of expertise, HMG launched the “Hope Program” oncology services and “Scope Program” for upper and lower endoscopy for cancer screening.
The results of our Hope Program were evident in the remarkable results of outpatient visits and chemotherapy sessions. The program achieved a record patient satisfaction score of 91%, a testament to the unwavering dedication of the team and their ability to provide care that goes beyond expectations. It has become more than a service – it is a lifeline for those navigating the challenges of cancer.
In addition, our Scope Program was developed to enhance gastrointestinal endoscopy services with a seamless patient experience. From the initial consultation to the procedure and post-care follow-up, processes have been optimized to reduce waiting times, improve communication, and minimize patient anxiety. This commitment to efficiency has resulted in patient satisfaction rates exceeding 90%.
Similarly, the outstanding effectiveness of our “Fertile Program” has resulted in patient satisfaction exceeding 90%, reflecting the program’s commitment to creating a supportive, empathetic, and efficient environment during a deeply emotional journey. Efforts to streamline processes, reduce waiting times and manage flawless coordination of services have further enhanced patient experience.
Alignment with Saudi Vision 2030
In all that we do as a Group, we always reaffirm our commitment and understand our contribution to the progress of the Kingdom. From our people, innovation to community welfare and environmental stewardship, our actions and advances are constantly aligned with the values of Saudi Vision 2030 and reflect their aspirations.
We consistently strive to improve the services we provide in making Saudi Arabia a more healthy society and continuously re-evaluate and raise the peerless quality of healthcare we deliver to our communities.
As we echo the Kingdom’s objectives, our mission is to enable all citizens to have access to medical care, a cause we achieve more each year through our expansion and extension. An example of which is our expanding network of primary care centers. Through our ongoing awareness and education campaigns we are able to raise a healthier generation which understands the importance and implications of lifestyle management.
We continued to sponsor and support key national events, including the provision of urgent care centers and emergency points for this year’s Hajj season. We also maintained our commitment to serving Hajj pilgrims by providing comprehensive 24/7 medical support services in various locations including the two holy cities.
In support of Vision 2030’s aim to create a thriving economy, we supported the first Al-Kharj Industrial Forum that saw the participation of over 130 companies in addition to various other public and private organizations and institutions.
For the fifth year in a row, we sponsored Riyadh Season, thereby reinforcing our dedication to the Kingdom’s social and cultural progress. To that end, we also sponsored the Formula 1 Saudi Arabian Grand Prix for the second consecutive year, as well as the Kingdom’s first Saudi Smash Table Tennis World championship, which took place in Jeddah.
Our overarching mission is to work hand-in-hand with Saudi Vision 2030 by prioritizing innovation, ensuring financial sustainability, preventing disease and improving access to healthcare.
Looking to the Future
In 2024, we not only launched one of the region’s largest hospitals, we also reinforced our healthcare excellence to Riyadh and welcomed new patients to Jeddah, significant successes for our brand and landmark moments in our history. Looking ahead, we aim to enhance healthcare access and quality, reinforcing our commitment to serving communities across the country, with the addition of 1,370 beds, bringing the total to 4,000+ across our facilities before the middle of next year.
Our commitment to innovation and safety remains a key focus, particularly in the rapidly advancing field of medical technology. The remarkable progress we have made will continue to drive us to lead healthcare advancements, while building expert teams essential for delivering high quality, safe services and solutions. Our medical pioneers play a central role in ensuring the future health and safety of both our patients and our business.
Our proactive approach to environmental, social and governance practices provides more opportunities than ever to not only fulfill our own obligations but also to lead a collective effort for continuous improvement.
Our commitment to investing in our employees will persist, fostering a culture of growth, innovation, and collaboration. We will continue to provide opportunities for development, ensuring our teams are equipped with the skills and support needed to drive excellence in healthcare services and contribute to our ongoing success.
Once again, our ambitions have been realized as we establish an exceptional platform to achieve new targets in the years ahead.
Acknowledgements
I would like to thank our Chairman and Board of Directors for their invaluable support, our outstanding Management team and every one of our loyal employees for their exceptional efforts and dedication.
My deep gratitude also to our patients, clients, shareholders, government partners and other stakeholders for their ongoing trust throughout a year of exceptional growth and achievements.
For three decades we have provided consummate care to our patients and have a commitment to excellence that is ingrained in the way we operate and the way we innovate. Our ultimate objective is to continue raising the bar for healthcare in the Kingdom and wider region in line with our own ambitions and those of Saudi Vision 2030.
