Saudi German Health 2021 profit slumps 79% to SAR 17.2 mln, turns to SAR 18.4 mln loss in Q4

31/03/2022 Argaam Exclusive

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Middle East Healthcare Co.’s (Saudi German Health) net profit after Zakat and tax plunged 79% to SAR 17.2 million in 2021, from SAR 82 million in the previous year, as re-branding led to higher selling and marketing expenses.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,750.59	1,872.62	7.0 %
Gross Income	578.37	608.18	5.2 %
Operating Income	107.41	40.50	(62.3 %)
Net Income	81.99	17.20	(79.0 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.89	0.19	(79.0 %)

The group also noted an increase in consultancy expenses due to cost optimization project, and higher financial costs and accrual of Zakat.

Saudi German Health swung to a net loss after Zakat and tax of SAR 18.4 million in Q4 2021, from a profit of SAR 9.5 million in Q4 2020.

On a sequential basis, the firm posted a loss versus a profit of SAR 14.35 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	448.89	498.95	11.2 %
Gross Income	139.12	160.11	15.1 %
Operating Income	17.20	(7.03)	(140.9 %)
Net Income	9.54	(18.39)	(292.8 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.10	(0.20)	(292.8 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	498.73	498.95	0.0 %
Gross Income	172.27	160.11	(7.1 %)
Operating Income	27.46	(7.03)	(125.6 %)
Net Income	14.35	(18.39)	(228.1 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.16	(0.20)	(228.1 %)

Shareholders’ equity, after minority interest, increased 2.1% year-on-year to SAR 1.257 billion in 2021.

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