Riyadh – Mubasher: Middle East Healthcare Co (MEAHCO) on Thursday said its profits decreased by 22.9% year-on-year in the second quarter of 2017.

Profits amounted to SAR 57.1 million in Q2-17, compared to SAR 74.07 million in Q2-16, according to statements to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled down 45.7%.

The Tadawul-listed company attributed the drop in its year-on-year profits to a drop in revenues on the back of changing pricing patterns from a major government client, and losses of the newly commissioned Hail hospital.

At the level of the first six months of 2017, profits went down 9.01% to reach SAR 162.2 million, compared to SAR 178.3 million in H1-16.

MEACHO's stock fell 1.10%, closing at SAR 77 on Thursday.