Saudi Arabian Tibbiyah sees 14% profit drop on lower sales

RIYADH: Arabian International Healthcare Holding Co. recorded a 14-percent drop in profit during 2021, driven by lower sales.

Also known as Tibbiyah, the company registered a net profit of SR82 million ($21 million), down from SR95 million a year earlier, according to a bourse filing.

Despite the fall in profitability, the company's board proposed the distribution of SR3 per share in dividends for 2021.

In a recent move, the firm entered into a deal to acquire a majority stake in Innovative Care Co., owner of the Riyadh based medical center known as ‘New You’.