Saudi German’s net profit falls 5% in 9M 2016
19/10/2016
Argaam Exclusive
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Middle East Healthcare Co. (Saudi German) said its net profit for the first nine months of 2016 fell 5 percent year-on-year to SAR 274.2 million due to an overall increase in medical staff costs, driven by increment and new hiring, and lower operational profit due to higher selling and distribution expenses.
Financials (M)
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Revenues | 1,115.84 | 1,210.68 | 8.5 % |
| Gross Income | 596.10 | 628.50 | 5.4 % |
| Operating Income | 280.34 | 271.33 | (3.2 %) |
| Net Income | 287.93 | 277.92 | (3.5 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 3.13 | 3.02 | (3.5 %) |
Net profit for the third quarter edged up by 1.4 percent YoY to SAR 92 million as revenue rose, supported by the growth in outpatient traffic, price increase and case mix of patients.
When compared to the previous quarter, Q3 profit rose by 19.5 percent mainly due to the control in general and administrative expenses, an increase in other income and change in estimated provisions on a receivable account.
Compared With The
Current Quarter Comparison (M)
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 352.20 | 379.09 | 7.6 % |
| Gross Income | 183.23 | 199.40 | 8.8 % |
| Operating Income | 88.21 | 91.10 | 3.3 % |
| Net Income | 90.75 | 99.64 | 9.8 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.99 | 1.08 | 9.8 % |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 421.52 | 7.6 % | 216.62 | 3.7 % | 103.68 | 0.8 % |
| Q2 2016 | 410.07 | 10.2 % | 212.49 | 4.2 % | 76.56 | (14.2 %) |
| Q3 2016 | 379.09 | 7.6 % | 199.40 | 8.8 % | 91.10 | 3.3 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2016 | 104.20 | (1.1 %) | 1.13 | - | 104.20 | 1.13 |
| Q2 2016 | 74.07 | (19.3 %) | 0.80 | - | 74.07 | 0.80 |
| Q3 2016 | 99.64 | 9.8 % | 1.08 | - | 99.64 | 1.08 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2016 | 52.27 % | 27.77 % | 24.87 % |
| Q2 2016 | 51.57 % | 26.50 % | 23.17 % |
| Q3 2016 | 51.71 % | 26.41 % | 23.34 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2016 | 17.17 | 17.17 | 4.43 |
| Q2 2016 | 17.16 | 17.16 | 4.56 |
| Q3 2016 | 12.41 | 12.41 | 3.12 |
Business Segments (Million)
Q3 2016
| Period | Inpatient clinics | Outpatient clinics | Pharmacy Sales | Others |
|---|---|---|---|---|
| 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 |
Analysts Estimates (Million)
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Average | 81.00 | 99.64 | 23.02 % |
| Current | |
| Market Cap (M Riyal) | 6,461.21 |
| Enterprise Value (EV) (M) | 8,856.71 |
| Shares Outstanding ((M)) | 92.04 |
| EPS ( Riyal) (TTM) | 2.30 |
| Book Value (BV) ( Riyal) | 18.46 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 33.65 |
| P/E (TTM) | 30.57 |
| Price/book | 3.80 |
| Return on Average Assets (%) (TTM) | 4.2 |
| Return on Average Equity (%) (TTM) | 13.2 |
Share Price
Middle East Healthcare Co. (SAUDI GERMAN HEALTH)
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