Financial Results : Saudi German Hospital’s Q1 2020 profit surges 45% to SAR 21.2 mln

Saudi German Hospital’s Q1 2020 profit surges 45% to SAR 21.2 mln

03/06/2020 Argaam Exclusive

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Middle East Healthcare Co. (MEAHCO), which owns and operates the Saudi German Hospital chain, reported net profit after Zakat and tax of SAR 21.2 million, surging 45% year-on-year (YoY) for Q1 2020, compared to SAR 14.6 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 350.18 436.31 24.6 %
Gross Income 101.63 146.86 44.5 %
Operating Income 18.31 24.36 33.0 %
Net Income 14.59 21.18 45.2 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.16 0.23 45.2 %

The company attributed the increase to higher revenue due to rise in patient traffic, and lower cost of revenue.

 

On a quarterly basis, Q1 earnings decreased 43.4% on higher cost of revenue and general and administrative expenses, increased credit losses provision on COVID-19, and SAR 19 million losses from the recent commencement of operations at Dammam hospital.

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