Riyadh – Mubasher: Middle East Healthcare Company (Saudi German Hospital) on Wednesday reported a 44.68% year-on-year decline in its net profits for the second quarter of 2018.

Saudi German Hospital’s profits amounted to SAR 34.27 million during Q2-18, down from SAR 61.95 million in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, the Saudi company's profits slumped 60.67% during the period between April and June, from SAR 87.13 million.

The firm attributed the second-quarter profit decrease to a rise in caregivers and other administrative costs, along with a growth in general and administrative expenses.

Revenues fell 1.47% to SAR 346.13 million in the three-month period ended last June, from SAR 351.28 million in the year-ago period.

At the level of the first six months, Saudi German Hospital’s profits retreated 29.39%, reaching SAR 121.4 million, compared to SAR 171.92 million during H1-17.

Revenues inched down 0.48% to SAR 741.24 million during H1-18, from SAR 744.81 million in the same period a year ago.

The stock edged up 0.37% to close Wednesday at SAR 54.