Middle East Healthcare’s net profit edged up 1% in Q1

10/05/2017 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Hospital) reported a net profit of SAR 105.1 million in the first quarter of this year, up by 0.9 percent year-on-year, on a decrease in provisions for bad and doubtful debts.

Meanwhile, gross and operational profit for the quarter reduced due to higher care-givers salaries and loss from newly commissioned Hail Hospital.

On a quarterly basis, net profit in Q1 rose 24 percent due to an increase in revenue and a decrease in provisions for bad debts.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2016	Q1 2017	Change‬
Revenues	421.52	393.53	(6.6 %)
Gross Income	216.62	180.47	(16.7 %)
Operating Income	103.68	107.04	3.2 %
Net Income	104.20	109.97	5.5 %
Average Shares	92.04	92.04	-
EPS (Riyals)	1.13	1.19	5.5 %

Item	Q4 2016	Q1 2017	Change‬
Revenues	404.96	393.53	(2.8 %)
Gross Income	199.88	180.47	(9.7 %)
Operating Income	87.04	107.04	23.0 %
Net Income	84.73	109.97	29.8 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.92	1.19	29.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	436.84	-	159.99	-	36.01	-	0.39
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	542.22	24.1 %	248.36	55.2 %	61.99	72.2 %	0.67
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	828.36	52.8 %	430.49	73.3 %	137.20	121.3 %	1.49
Q1 2014	359.18	-	199.49	-	80.16	-	0.87
Q2 2014	347.08	-	185.78	-	92.80	-	1.01
Q3 2014	323.16	-	174.49	-	74.36	-	0.81
Q4 2014	369.34	-	190.01	-	84.64	-	0.92
2014	1,398.75	68.9 %	749.76	74.2 %	331.97	142.0 %	3.61
Q1 2015	391.64	9.0 %	208.99	4.8 %	105.39	31.5 %	1.15
Q2 2015	372.00	7.2 %	203.88	9.7 %	91.79	(1.1 %)	1.00
Q3 2015	352.20	9.0 %	183.23	5.0 %	90.75	22.0 %	0.99
Q4 2015	418.69	13.4 %	214.04	12.6 %	102.32	20.9 %	1.11
2015	1,534.53	9.7 %	810.13	8.1 %	390.25	17.6 %	4.24
Q1 2016	421.52	7.6 %	216.62	3.7 %	104.20	(1.1 %)	1.13
Q2 2016	410.07	10.2 %	212.49	4.2 %	74.07	(19.3 %)	0.80
Q3 2016	379.09	7.6 %	199.40	8.8 %	99.64	9.8 %	1.08
Q4 2016	404.96	(3.3 %)	199.88	(6.6 %)	84.73	(17.2 %)	0.92
2016	1,615.64	5.3 %	828.39	2.3 %	362.64	(7.1 %)	3.94
Q1 2017	393.53	(6.6 %)	180.47	(16.7 %)	109.97	5.5 %	1.19

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	436.84	-	159.99	-	36.01	-	0.39
2012	542.22	24.1 %	248.36	55.2 %	61.99	72.2 %	0.67
2013	828.36	52.8 %	430.49	73.3 %	137.20	121.3 %	1.49
2014	1,398.75	68.9 %	749.76	74.2 %	331.97	142.0 %	3.61
2015	1,534.53	9.7 %	810.13	8.1 %	390.25	17.6 %	4.24
2016	1,615.64	5.3 %	828.39	2.3 %	362.64	(7.1 %)	3.94

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.62 %	20.91 %	8.24 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	45.80 %	20.53 %	11.43 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	51.97 %	21.68 %	16.56 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	53.60 %	25.57 %	23.73 %
2014	53.60 %	25.57 %	23.73 %
Q1 2015	53.05 %	27.10 %	24.96 %
Q2 2015	53.39 %	26.84 %	24.46 %
Q3 2015	52.93 %	27.56 %	25.09 %
Q4 2015	52.79 %	28.05 %	25.43 %
2015	52.79 %	28.05 %	25.43 %
Q1 2016	52.27 %	27.77 %	24.87 %
Q2 2016	51.57 %	26.50 %	23.17 %
Q3 2016	51.71 %	26.41 %	23.34 %
Q4 2016	51.27 %	26.12 %	22.45 %
2016	51.27 %	26.12 %	22.45 %
Q1 2017	49.90 %	26.91 %	23.20 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	36.62 %	20.91 %	8.24 %
2012	45.80 %	20.53 %	11.43 %
2013	51.97 %	21.68 %	16.56 %
2014	53.60 %	25.57 %	23.73 %
2015	52.79 %	28.05 %	25.43 %
2016	51.27 %	26.12 %	22.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	55.54 %	23.76 %	22.32 %
Q2 2014	53.53 %	28.54 %	26.74 %
Q3 2014	54.00 %	25.72 %	23.01 %
Q4 2014	51.45 %	24.43 %	22.92 %
Q1 2015	53.36 %	29.47 %	26.91 %
Q2 2015	54.81 %	27.44 %	24.67 %
Q3 2015	52.02 %	28.83 %	25.77 %
Q4 2015	51.12 %	26.62 %	24.44 %
Q1 2016	51.39 %	28.30 %	24.72 %
Q2 2016	51.82 %	22.50 %	18.06 %
Q3 2016	52.60 %	28.28 %	26.29 %
Q4 2016	49.36 %	25.48 %	20.92 %
Q1 2017	45.86 %	31.64 %	27.94 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	92.04	-	-	10.70
Q2 2014	92.04	-	-	11.69
Q3 2014	92.04	-	-	12.48
Q4 2014	92.04	3.61	3.61	12.38
Q1 2015	92.04	3.88	3.88	13.50
Q2 2015	92.04	3.87	3.87	12.67
Q3 2015	92.04	4.05	4.05	13.63
Q4 2015	92.04	4.24	4.24	14.70
Q1 2016	92.04	4.23	4.23	16.39
Q2 2016	92.04	4.03	4.03	15.20
Q3 2016	92.04	4.13	4.13	16.43
Q4 2016	92.04	3.94	3.94	17.32
Q1 2017	92.04	4.00	4.00	18.46

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	92.04	0.39	0.39	6.03
2012	92.04	0.67	0.67	6.65
2013	92.04	1.49	1.49	9.84
2014	92.04	3.61	3.61	12.38
2015	92.04	4.24	4.24	14.70
2016	92.04	3.94	3.94	17.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	17.17	17.17	4.43
Q2 2016	17.16	17.16	4.56
Q3 2016	12.41	12.41	3.12
Q4 2016	18.62	18.62	4.23
Q1 2017	18.48	18.48	4.01

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	18.62	18.62	4.23

Business Segments (Million)

Compared With The

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
Q1 2014	207.07	85.01	64.94	2.16
Q2 2014	200.50	77.40	66.66	2.51
Q1 2015	224.99	91.95	70.24	4.46
Q2 2015	211.41	86.64	70.30	3.65
Q3 2015	200.38	85.53	63.54	2.76
Q4 2015	220.47	119.55	72.94	5.72
Q1 2016	241.22	100.20	73.04	7.06
Q2 2016	229.99	99.85	72.93	7.31
Q3 2016	224.32	89.88	62.16	2.72
Q4 2016	220.91	107.73	72.64	3.69
Q1 2017	242.80	104.89	71.94	4.27

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
2013	-	-	159.08	1.19
2014	807.92	323.31	257.32	10.20
2015	857.25	383.67	277.02	16.59
2016	916.44	397.66	280.76	20.77

Analysts Estimates (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change‬
Average	106.13	109.97	3.61 %

Estimates vs Actual (Million)

Item	Q1 2017 (e)	Q1 2017 (a)	Change
Arbah Capital	108.10	109.97	1.7 %
Sico	113.00	109.97	(2.7) %
OSOOL AND BAKHEET	97.30	109.97	13.0 %

Financial Ratios

	Current
Market Cap (M Riyal)	7,041.06
Enterprise Value (EV) (M)	9,376.63
Shares Outstanding ((M))	92.04
EPS ( Riyal) (TTM)	1.98
Book Value (BV) ( Riyal)	17.08
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	38.69
P/E (TTM)	38.69
Price/book	4.48
Return on Average Assets (%) (TTM)	3.8
Return on Average Equity (%) (TTM)	12.2

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Middle East Healthcare’s net profit edged up 1% in Q1

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Middle East Healthcare’s net profit edged up 1% in Q1

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2017

Revenue by Business Segment (Latest) 2017 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Business Segments (Million)