The company achieved annual revenues of 168.6 million dinars, an increase of 1.9% over the fiscal year 2022, and profits of 5.03 million dinars, a decrease of 28.2% on an annual basis. The high cost of revenues from health services, coupled with rising interest rates, led to an increase in financing costs by 57.2%, reaching a total of 10.8 million dinars in 2023. Earnings per share reached 33.53 fils per share in 2023, compared to 46.75 fils per share in 2022. .
“Although partially offset by lower SG&A costs, the decrease in net profit was largely attributable to the Company’s acquisition of Kuwait Medical Center Holding Company (KMCH). ATC acquired control of KMCH in an effort to strategically strengthen its presence in The country’s expanding healthcare services sector, Faisal Sarkhou, Vice Chairman of ATC, said that this sector in particular shows great growth potential, contributing 11.4% or 19.2 million dinars to total revenues in 2023.
“We are currently focused on implementing several major projects aimed at driving the company’s business growth in the coming years. Sarkhouh added: “These initiatives are designed not only to strengthen our long-term competitive position and achieve a significant and sustainable market share, but also to accelerate our growth trajectory in “The coming years.”
“Guided by our vision and driven by innovation, ATC remains steadfast in promoting excellence in healthcare by delivering innovative solutions. We aim to create lasting value through operational excellence and establishing strategic relationships with prominent local and international medical partners. Ghassan Mamlouk, CEO of ATC, said, These efforts underscore our commitment to advancing the medical landscape in Kuwait and delivering long-term value to our shareholders.
“ATC is committed to delivering innovative healthcare and environmental technology solutions to enhance customer satisfaction and create long-term shareholder value through disciplined execution, strategic partnerships and principled leadership. Our goal is to become the premier provider of comprehensive healthcare and environmental solutions in the region,” the CEO added.