Financial Results : Saudi German Hospital net profit drops 43% to SAR 12.1 mln in Q1 2021

Saudi German Hospital net profit drops 43% to SAR 12.1 mln in Q1 2021

20/05/2021 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 12.1 million for Q1 2021, a drop of 43% from SAR 21.2 million in Q1 2020.

 

The decline in net profit was attributed to lower revenue due to a decrease in volume of business with a key client. In addition, the firm noted an increase in cost of goods sold, and general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 436.31 418.37 (4.1 %)
Gross Income 146.86 123.16 (16.1 %)
Operating Income 24.36 (0.04) (100.2 %)
Net Income 21.18 12.10 (42.9 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 0.23 0.13 (42.9 %)

When compared to the previous quarter, Q1 2021 net profit after Zakat and tax slumped 57.6%.

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