Middle East Healthcare Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )

1- There is increase in revenue due to the increase of patient traffic in all the segments of business and increase in other income

2- Decrease in general and administrative expenses compared to same quarter last year.

1- There is increase in revenue due to increase in patient traffic, improved patient experience and caregiver’s performance.

2- Decrease in general and administrative expenses compared to previous quarter.

1- There is marginal increase in revenue 0.94% compare to the previous period.

2- Increase in cost of 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.

Unmodified opinion
 

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 12 Adoption of new standards of Condensed Consolidated Interim Financial Statements for the period ended 30-09-2019.
 

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.