Saudi German Hospital net profit dips 43% to SAR 21.2 mln in H1 2021

22/08/2021 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Hospital) reported a net profit after Zakat and tax of SAR 21.2 million for the first half of 2021, a drop of 43% from SAR 37.5 million a year earlier.

The profit decline was attributed to an increase in the cost of goods sold, higher general and administrative expenses as well as finance charges.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	809.57	874.94	8.1 %
Gross Income	267.35	275.80	3.2 %
Operating Income	48.09	20.08	(58.2 %)
Net Income	37.54	21.24	(43.4 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.41	0.23	(43.4 %)

In Q2 2021, net profit after Zakat and tax fell by 44% to SAR 9.1 million from SAR 16.3 million in the year-ago period, due to higher general and administrative expenses and increased cost of goods sold.

On a quarterly basis, SGH’s net profit after Zakat and tax decreased by 24.4% from SAR 12.1 million on lower other income and increased finance charges.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	373.26	456.57	22.3 %
Gross Income	120.49	152.64	26.7 %
Operating Income	23.73	20.12	(15.2 %)
Net Income	16.35	9.14	(44.1 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.18	0.10	(44.1 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	418.37	456.57	9.1 %
Gross Income	123.16	152.64	23.9 %
Operating Income	(0.04)	20.12	51684.6 %
Net Income	12.10	9.14	(24.5 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.13	0.10	(24.5 %)

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