Riyadh – Mubasher: Middle East Healthcare Company (Saudi German Hospital) posted an annual decline of 43.4% in net profits after zakat and tax to SAR 97.57 million during 2019 when compared to SAR 172.25 million.

Saudi German Hospital further said, in a bourse filing on Thursday, the revenues increased by 7.6% year-on-year (YoY) to SAR 1.5 billion in 2019 from SAR 1.4 billion.

The Saudi company clarified that among the reasons of the lower profits last year was the pre-operating cost of SAR 8 million incurred by Dammam hospital during the fourth quarter, in addition to higher finance charges due to additional borrowings.

It is worth noting that during the nine-month period last year, Saudi German Hospital posted a YoY plunge of 57.54% in profits to SAR 60 million.