Saudi German Health 9M 2021 net profit dips 51% to SAR 35.6 mln

07/11/2021 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported a net profit after Zakat and tax of SAR 35.6 million for the nine-month period ended Sept. 30, 2021, a fall of 51% from SAR 72.5 million in the year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,301.70	1,373.67	5.5 %
Gross Income	439.25	448.07	2.0 %
Operating Income	90.21	47.54	(47.3 %)
Net Income	72.45	35.59	(50.9 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.79	0.39	(50.9 %)

The profit decline was attributed to an increase in the cost of goods sold, along with higher general and administrative (G&A) expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	492.13	498.73	1.3 %
Gross Income	171.91	172.27	0.2 %
Operating Income	42.12	27.46	(34.8 %)
Net Income	34.91	14.35	(58.9 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.38	0.16	(58.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	456.57	498.73	9.2 %
Gross Income	152.64	172.27	12.9 %
Operating Income	20.12	27.46	36.5 %
Net Income	9.14	14.35	57.1 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.10	0.16	57.1 %

In Q3 2021, net profit after Zakat and tax plunged 59% to SAR 14.4 million from SAR 34.91 million a year earlier, on a rise in the cost of goods sold, as well as higher G&A.

When compared to the previous quarter, Q3 net profit rose 57% from SAR 9.14 million, driven by higher revenue.

Shareholders’ equity, after minority interest, grew by 1.9% to SAR 1.625 billion as of Sept. 30, 2021, from SAR 1.595 billion a year earlier.

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