Riyadh – Mubasher: Saudi Arabia-based Middle East Healthcare Company, known as Saudi German Hospital, reported a 46.1% year-on-year profit decline in 2018.

Saudi German Hospital’s net profits, after taxes and zakat, amounted to SAR 172.25 million ($45.93 million) last year, compared to SAR 319.49 million ($85.20 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

Revenues went down 4.9% to SAR 1.39 billion in 2018, against SAR 1.46 billion in the prior year.

The retreat in net profits was ascribed to reduced revenues pressured by lower numbers of inpatients and outpatients.

During the three months ended 31 December 2018, Saudi German Hospital’s net profits plunged 62.9% to SAR 30.69 million, against SAR 82.69 million in the prior-year period.

Over the first nine months of 2018, Saudi German Hospital posted a 40.2% net profit decline to SAR 141.56 million, compared to SAR 236.8 million in the corresponding period a year earlier.

By 10:51 am Saudi time on Sunday, Saudi German Hospital’s stock fell 0.95% to SAR 31.15.