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

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 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 359.18 - 199.49 - 75.11 -
Q2 2014 347.08 - 185.78 - 88.17 -
Q3 2014 323.16 - 174.49 - 71.53 -
Q4 2014 369.34 - 190.01 - 78.37 -
Q1 2015 391.64 9.0 % 208.99 4.8 % 102.89 37.0 %
Q2 2015 372.00 7.2 % 203.88 9.7 % 89.24 1.2 %
Q3 2015 352.20 9.0 % 183.23 5.0 % 88.21 23.3 %
Q4 2015 418.69 13.4 % 214.04 12.6 % 97.86 24.9 %
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 %
Q4 2016 404.96 (3.3 %) 199.88 (6.6 %) 87.04 (11.1 %)
Q1 2017 393.53 (6.6 %) 180.47 (16.7 %) 107.04 3.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO 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 80.16 - 0.87 - 80.16 0.87
Q2 2014 92.80 - 1.01 - 92.80 1.01
Q3 2014 74.36 - 0.81 - 74.36 0.81
Q4 2014 84.64 - 0.92 - 84.64 0.92
Q1 2015 105.39 31.5 % 1.15 - 105.39 1.15
Q2 2015 91.79 (1.1 %) 1.00 - 91.79 1.00
Q3 2015 90.75 22.0 % 0.99 - 90.75 0.99
Q4 2015 102.32 20.9 % 1.11 - 102.32 1.11
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
Q4 2016 84.73 (17.2 %) 0.92 - 84.73 0.92
Q1 2017 109.97 5.5 % 1.19 - 109.97 1.19

Profitability

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 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 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 %
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 %
Q1 2017 49.90 % 26.91 % 23.20 %


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

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

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

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) 6,488.82
Enterprise Value (EV) (M) 8,884.32
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) 33.80
P/E (TTM) 30.70
Price/book 3.82
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 13.2
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Share Price

Middle East Healthcare Co.
70.50
1.50 2.17 %

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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