Saudi German Hospital net profit up 4% to SAR 101 mln in 2020

28/02/2021 Argaam Exclusive

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Middle East Healthcare Co. (MEAHCO), which owns and operates the Saudi German Hospital chain, reported a net profit after Zakat and tax of SAR 101 million for 2020, an increase of 4%, from SAR 97.6 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	1,496.65	1,750.59	17.0 %
Gross Income	472.93	578.37	22.3 %
Operating Income	103.27	107.41	4.0 %
Net Income	97.57	81.99	(16.0 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	1.06	0.89	(16.0 %)

The increase in net profit was attributed to higher in-patient traffic and case mix, in addition to lower cost of revenue due to effective procurement policy.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	406.51	448.89	10.4 %
Gross Income	148.59	139.12	(6.4 %)
Operating Income	44.06	17.20	(61.0 %)
Net Income	37.47	9.54	(74.5 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.41	0.10	(74.5 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	492.13	448.89	(8.8 %)
Gross Income	171.91	139.12	(19.1 %)
Operating Income	42.12	17.20	(59.2 %)
Net Income	34.91	9.54	(72.7 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.38	0.10	(72.7 %)

The company reported a net profit after Zakat and tax of SAR 28.5 million in Q4 2020, a 24% year-on-year (YoY) decline.

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