Financial Results : Saudi German Hospital’s H1 2020 profit rises 40% to SAR 38 mln

Saudi German Hospital’s H1 2020 profit rises 40% to SAR 38 mln

27/07/2020 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 37.5 million in the first half of 2020, an increase of 40% year-on-year (YoY), compared to SAR 26.9 million in the same period last year.

 

The company attributed the higher profit to increase in inpatient traffic as outpatient decreased amid COVID-19, as well as lower cost of revenue due to effective procurement and patient case mix.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 703.38 809.57 15.1 %
Gross Income 204.39 267.35 30.8 %
Operating Income 25.90 48.09 85.7 %
Net Income 26.87 37.54 39.7 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.29 0.41 39.7 %

The company’s net profit after Zakat and tax rose to SAR 16.35 million in Q2 2020, rising 33.14% YoY, due to an increase in revenue from higher inpatient traffic and decrease in the cost of revenue.

 

On a quarterly basis, Q2 earnings decreased 22.8% on the higher cost of revenue and finance charges.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 353.20 373.26 5.7 %
Gross Income 102.76 120.49 17.3 %
Operating Income 7.58 23.73 212.9 %
Net Income 12.28 16.35 33.2 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.13 0.18 33.2 %

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