Middle East Healthcare Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
Middle East Healthcare Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )
| Introduction | |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Decrease in net profit for the current quarter compared to the same quarter of the last year is due to: 2- Increase in general and administrative expenses compared to the same quarter of the last year. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is | Increase in net profit for the current quarter compared to the previous quarter is due to: 2- Control / (Decrease) in general and administrative expenses compared to previous quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Decrease in net profit for the current nine months period compared to the same period of last year is due to: 1- Increase in cost of goods sold compared to the same period of last year which effect the GP percentage 2- Increase in general and administrative expenses and financial cost compared to same period of last year. |
| Statement of the type of external auditor's report | Qualified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | As stated in note 6 to the interim condensed consolidated financial statements, accounts receivables as at 30 September 2021 included amounts due from certain government and non-government customers amounting to SR 384.30 million against which an allowance of expected credit losses of SR 52.80 million was maintained by the Group's management based on their assessment of the estimated recoverability and timing of recoverability. These balances have been outstanding for over the average collection cycle of one year and remained uncollected, primarily, due to rejections of claims by the customers against which negotiations are still in progress or amounts that are subject to final reconciliation and agreement before collection. The Group management was unable to provide us with adequate supporting evidence to conclude whether the assumptions and estimates used in the determination of estimated recoverability and timing of recoverability of these balances were reasonable. Consequently, we are unable to determine whether any adjustments are required to be made against these balances in these interim condensed consolidated financial statements. |
| Reclassification of Comparison Items | N/A |
| Additional Information | Dammam hospital contribute losses to the extent of 43.29 MSR for the period |
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