Riyadh – Mubasher: Saudi Arabia-based Middle East Healthcare Company, known as (Saudi German Hospital) on Tuesday posted a 68.9% year-on-year decline in its net profits after calculating Zakat and Tax plunged in the third quarter of 2018.

Saudi German Hospital’s net profits amounted to SAR 20.16 million ($5.37 million) during Q3-18, compared to SAR 64.88 million ($17.30 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues fell 4% to SAR 338.77 million from July to September, against SAR 352.98 million during Q3-17.

Year-on-year, operational profits slumped 62% to SAR 21.29 million during the three-month period ended September, from SAR 55.7 million.

Quarter-on-quarter, Saudi German Hospital’s profit levelled down 41.1% in the July-September period of 2018, from SAR 34.27 million.

During the first nine months of 2018, Saudi German Hospital’s net profits after calculating Zakat and Tax tumbled 40.2% to SAR 141.56 million, from SAR 236.8 million in the year-ago period.

The healthcare firm attributed the nine-month profit decline to a drop in revenues due to a decrease in the number of outpatients, coupled with sales cost, administrative, and financing expenses.

Sales decreased by 1.6% to SAR 1.08 billion from January to September, versus SAR 1.09 billion in the same period last year.

Earnings per share (EPS) amounted to SAR 1.54 by the end of September, down from SAR 2.57.

Saudi German Hospital’s stock fell 3.47% to close Monday’s trading session at SAR 34.75.