Canadian Medical Center’s 2021 profit drops to SAR 14.1 mln

13/03/2022 Argaam Exclusive

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Canadian Medical Center (CMC) reported a net profit after Zakat and tax of SAR 14.1 million in 2021, a fall of 13% from SAR 16.2 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	64.22	70.64	10.0 %
Gross Income	24.03	25.19	4.9 %
Operating Income	17.16	16.30	(5.0 %)
Net Income	16.15	14.06	(12.9 %)
Average Shares	77.00	77.00	-
EPS (Riyals)	0.21	0.18	(12.9 %)

CMC attributed the profit decline to the SAR 2.70 million start-up costs of the Johns Hopkins Aramco Healthcare (JHAH) project in the first half of 2021. The project began operations on July 1, 2021.

The company also incurred SAR 1.82 million costs to list its shares on Nomu Parallel Market.

It also cited an increase in the Zakat provision to SAR 2.47 million in 2021, compared to SAR 0.56 million in 2020, due to the company’s capital raise from SAR 2 million to SAR 77 million at the end of 2020.

CMC’s H2 2021 net profit rose by 83.38% to SAR 9.10 million, from SAR 4.96 million in the first half of 2021.

The second-half net profit climbed 20.82% year-on-year from SAR 7.53 million in H2 2020.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2020	H2 2021	Change‬
Revenues	34.38	40.46	17.7 %
Gross Income	11.80	12.80	8.4 %
Operating Income	8.44	9.80	16.0 %
Net Income	7.75	9.10	17.4 %
Average Shares	77.00	77.00	-
EPS (Riyals)	0.10	0.12	17.4 %

Item	H1 2021	H2 2021	Change‬
Revenues	30.18	40.46	34.0 %
Gross Income	12.39	12.80	3.3 %
Operating Income	6.51	9.80	50.6 %
Net Income	4.96	9.10	83.4 %
Average Shares	77.00	77.00	-
EPS (Riyals)	0.06	0.12	83.4 %

Shareholders' equity, after minority interest, at the end of 2021 amounted to SAR 94.5 million, compared to SAR 92.2 billion in 2020.

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