Riyadh – Mubasher: Saudi Arabia-based Middle East Healthcare Co (MEAHCO) on Monday posted a 17.25% decline in its net profits during the full-year 2017, compared to the previous year.

MEAHCO’s net profits amounted to SAR 300.08 million last year, down from SAR 362.64 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi healthcare provider attributed the drop in its annual net profits to accounting costs of operating Hail hospital, in addition to a growth in caregivers' salaries, and the rise of administrative and general expenses.

Revenues inched up 0.9% to SAR 1.63 billion in 2017, compared to SAR 1.6 billion in the previous year, the statement added. 

By 10:03 am KSA time, MEACHO’s stock rose 0.33% to SAR 57.70.