Middle East Healthcare Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 34.27 | 61.95 | -44.68 | 87.13 | -60.67 |
| Gross profit (loss) | 116.9 | 138.63 | -15.67 | 160.42 | -27.13 |
| Operational profit (loss) | 31.66 | 58.96 | -46.3 | 85.82 | -63.11 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 121.4 | 171.92 | -29.39 |
| Gross profit (loss) | 277.33 | 319.09 | -13.09 |
| Operational profit (loss) | 117.47 | 166 | -29.23 |
| Earning or loss per share, Riyals | 1.31 | 1.86 | - |
| 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 the net profit for the current quarter compared to the same quarter of the previous year by 44.68% is due to : 1- Increase in the caregivers & other administrative staff cost due to the new hiring and increments given to retain the Medical and administrative staff. 2- Increase in general administrative expenses mainly due to the general upkeep and maintenance of the hospitals buildings 3- Share of cost due to the initial operations of SGH Hail Hospital which is as expected. 4- Initial operational cost of the Beverly clinics which started operation in the first quarter of 2018. |
| Reasons of increase (decrease) for period compared with same period last year | Decrease in net profit for the current period compared to the previous period by 29.39% is due to : 1- The decrease in revenue by 0.48% 2- The increase in care givers and other administrative staff cost and increase in suppliers cost. 3- The increase in depreciation due to the capex addition of medical equipments and other renovation. 4- Initial operational cost of newly opened SGH Hail & Beverly Clinics. |
| Reasons of increase (decrease) for quarter compared with previous quarter | Decrease in net profit for the current quarter compared to the previous quarter is due to : 1- The decrease in revenue in the current quarter compared to the previous quarter is normally expected due to seasonal factors. Also the holy month of Ramadan & Eid holidays fall during the current quarter where in the revenues are less. |
| 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 30-06-2018. |
| Other notes | 1- The revenue for the current quarter ended 30 June 2018 amounted to SR 346.13 million compared to same period of last year SR 351.28 million, which shows a decrease of 1.47% and SR 395.11 million in the previous quarter with a decrease of 12.4%. Total revenue for the six month period amounted to SR 741.24 million compared to SR 744.81 million for the same period of last year with a decrease of 0.48%. 2- The total Comprehensive income during the current quarter is SR34.27 million compared to SR 61.95 million for the same period of last year with a decrease of 44.68% and compared to SR. 87.13 million for the first quarter with a decrease of 60.67%. Total Comprehensive income for the six month period amounted to SR 121.40 million compared to SR 171.92 million for the same period of last year with a decrease of 29.39%. 3- The total shareholders equity (excluding non-controlling interest of SR47.68 million) as at 30 June, 2018 amounted to SR1,386.7 million compared to SR1,307.96 million as at 30 June 2017, with a increase of 6.02%. 4- The External auditor reviewed the financial statements and issued an unmodified report. |
Comments