Financial Results : Saudi German Health posts 69% profit leap to SAR 20.5 mln in Q1 2022

Saudi German Health posts 69% profit leap to SAR 20.5 mln in Q1 2022

15/05/2022 Argaam Exclusive

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Middle East Healthcare Co. (Saudi German Health) reported a 69% rise in Q1 2022 net profit after Zakat and tax to SAR 20.5 million, compared to SAR 12.1 million in the year-ago period.

 

The profit growth was driven by a recovery in the volume of business with one of the company’s major clients, compared to last year. Dammam Hospital is also showing progress in ramping up. The healthcare service provider also cited a change in pricing and case mix.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 418.37 513.32 22.7 %
Gross Income 123.16 165.02 34.0 %
Operating Income (0.04) 35.28 90551.0 %
Net Income 12.10 20.49 69.3 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.13 0.22 69.3 %

On a sequential basis, the company turned profitable from a net loss of SAR 18.39 million. The fourth-quarter losses implied expected credit loss provisions of SAR 840,000.

 

The positive results were driven by a slight increase in revenue as the company revised prices with key customer.

 

Moreover, in the last quarter, Saudi German Health incurred huge expenses related to rebranding.

 

Shareholders’ equity, after minority interest, increased 2.75% year-on-year to SAR 1.278 billion in the three-month period.

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