Middle East Healthcare Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 87.13 | 109.97 | -20.77 | 82.69 | 5.37 |
| Gross profit (loss) | 160.42 | 180.47 | -11.11 | 145.64 | 10.15 |
| Operational profit (loss) | 85.82 | 107.04 | -19.82 | 73.06 | 17.47 |
| Earning or loss per share, Riyals | 0.95 | 1.2 | - | - | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decrease in net profit for the current quarter compared to the same quarter by 20.77% of last year is due to : 1- Increase in some of the caregivers salaries due to the hiring of more caregivers with a view to enhancing revenue over the period. 2- Share of cost due to the initial operations of Hail hospital which was expected 3- Increase in depreciation cost due to the renovation capex in some of the hospitals to improve the patients satisfaction and medical service 4- Initial cost of the Beverly Clinics, which started operations in the first quarter. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Increase in net profit for the current quarter compared to the previous quarter by 5.37% is due to: 1- increase revenue of current quarter compared to the previous quarter due to increase in patient numbers in the outpatients and inpatients. 2- Reduction in the share of loss of Hail hospital. 3- Savings in zakat expenses and finance charges. |
| Reclassifications in quarterly financial results | Certain figures of the previous year have been restated and regrouped to conform to the presentation for the current year presentation as per International Financial Reporting Standard 9 & 15 as endorsed in the Kingdom of Saudi Arabia. For more information, refer note 3-Adoption of new standards of Condensed Interim Consolidated Financial Statements for the period ended 31-03-2018. |
| Other notes | 1- The revenue for the current quarter ended 31 March 2018 amounted to SR 395.11 million compared to same period of last year SR 393.53 million, which shows a growth of 0.4% and SR 364.76million in the previous quarter with an increase of 8.3%. 2- The total Comprehensive income during the current quarter is SR87.13 million compared to SR 109.97 million for the same period of last year with a decrease of 20.77% and compared to SR. 76.53 million for the previous quarter with an increase 13.9%. 3- The total shareholders' equity (excluding non-controlling interest of SR48.89 million) as at 31 March, 2018 amounted to SR 1,536.50 million compared to SR1,430.09 million as at 31 March 2017, with an increase of 7.4%. |
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