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Saudi German Health net profit projected to decline in Q3 2021
In this report, Argaam captures the expected results of Middle East Healthcare Co. (Saudi German Health) during the third quarter of 2021, in addition to key events, development of sales and quarterly revenue, in addition to performance and profitability indicators.
The third-quarter revenue is projected to rise 2.47% year-on-year (YoY) to SAR 504.30 million.
Quarter Revenue Changes (M Riyal)
| Item | Q3 2020 |
Q4 2020 |
Q1 2021 |
Q2 2021 |
Q3 2021 (Average Estimate) |
|---|---|---|---|---|---|
| Sales | 492.13 | 448.89 | 418.37 | 456.57 | 504.30 |
| Change % | 27.25% | 10.42% | (4.11%) | 22.32% | 2.47% |
Quarter Net Income Changes (M Riyal)
| Item | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 (Average Estimate) |
|---|---|---|---|---|---|
| Net Income | 34.91 | 9.54 | 12.10 | 9.14 | 32.55 |
| Extraordinary income/expense | 0.00 | 0.00 | 17.53 | (0.48) | - |
| Net Profit Before Unusual Items | 34.91 | 9.54 | (5.43) | 9.62 | - |
| EPS Before Unusual Items (Riyal/Share) | 0.38 | 0.10 | (0.06) | 0.10 | 0.35 |
Key events during Q3 2021:
The company agreed with Al Sobh New Medical Co., a related party that owns Sobhi Abdul Jalil Batterjee Medical Hospital, to extend a memorandum of understanding (MoU) to enter as an investor partner in the hospital for an additional 90 business days.
The company resumed the contractual relationship with The Company for Cooperative Insurance (Tawuniya) since early July 2021. The company's financial results are expected to be positively impacted during the quarter.
Quarterly Profit and Revenue (M Riyal)
Average forecasts
The company is projected to report a net profit of SAR 32.55 million for Q3 2021, a decrease of 6.77% YoY, according to the average estimates by two research firms.
Quarterly Actuals vs Estimates (M Riyal)
Average Estimate (M Riyal)
| Analyst | Million Riyals |
|---|---|
| SNB Capital Company | 36.00 |
| AlJazira Capital Company | 29.10 |
| Average | 32.55 |
| Net Profit Before Unusual Items (2020 - Q3) | 34.91 |
| Change % | (6.77%) |
Stock Performance
| Item | The Company | TASI |
|---|---|---|
| YTD | (20.50 %) | 35.89 % |
| Change(12M) | (17.89 %) | 48.82 % |
| Previous Close | 37.25 | 11,704.14 |
| P/E adjusted (x) | More than 100 | 24.14 |
| EPS (TTM) before unusual items (SAR/Share) | 0.53 | - |
Valuation Data (Latest Share Price)
| P/E (TTM) | 30.57 |
| P/E Before Unusual Items (TTM) | 33.65 |
| P/BV | 3.80 |
| Dividend Yield | 0.00 % |
| Market Cap. (M) | 6,461.21 |
| Return on Average Assets | 4.17 % |
| Return on Average Equity | 13.17 % |
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