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Middle East Healthcare Co. announces its Interim Financial Results for the Period Ending on 2019-06-30 ( Six Months )

SAUDI GERMAN HEALTH 4009 0.58% 69.40 0.40
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 353.2 346.13 2.042 350.18 0.862
Gross Profit (Loss) 102.76 116.91 -12.103 101.63 1.111
Operational Profit (Loss) 7.58 31.66 -76.058 18.31 -58.601
Net Profit (Loss) after Zakat and Tax 12.28 34.27 -64.166 14.59 -15.832
Total Comprehensive Income 12.28 34.27 -64.166 14.59 -15.832
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Sales/Revenue 703.38 741.24 -5.107
Gross Profit (Loss) 204.38 277.33 -26.304
Operational Profit (Loss) 25.9 117.48 -77.953
Net Profit (Loss) after Zakat and Tax 26.87 121.4 -77.866
Total Comprehensive Income 26.87 121.4 -77.866
Total Share Holders Equity (after Deducting Minority Equity) 1,472.61 1,386.7 6.195
Profit (Loss) per Share 0.29 1.32
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to 1- There is only marginal increase in revenue due to the minimal increase of patient traffic.

2- Increase in cost of caregivers salaries due to the new hiring of caregivers and key management professionals to enhance the revenue and improve the operational efficiency.

The increased governmental labour cost also resulted in increase of staff cost.

3- Increase in the depreciation expenses due to the renovation of hospitals and addition to medical equipments to improve patient experience.

4- Increase in finance charges due to the additional borrowings.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to 1- There is marginal increase in revenue due to the improved patient experience and caregivers performance.

2- The increase in caregivers salaries due to the new appointments and increment effect.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to 1- The revenue is decreased due to the reduction in patient traffic, due to the renovation in some of the group hospitals affecting the patient flow.

2- Increase in cost of caregivers salaries due to the new hiring of caregivers and key management professionals to improve the operational efficiency.

The increased governmental labour cost also resulted in increase of staff cost.

3- Increase in the depreciation expenses due to the renovation of hospitals and addition to medical equipments to improve patient experience.

4- Increase in finance charges due to the additional borrowings.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain figures of the previous year have been reclassified and regrouped to conform to the presentation for the current year presentation as per International Financial Reporting Standard 16 as endorsed in the Kingdom of Saudi Arabia applicable from 1 January 2019. For more information refer note 3 and 12Adoption of new standards of Condensed Consolidated Interim Financial Statements for the period ended 30-06-2019.
Additional Information The Company has adopted IRFS 16, as of January 1, 2019 and the application of this was not material and did not required any adjustments to retained earnings as of 1 January 2019.

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