Middle East Healthcare Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

8 May 2018
Introduction
Reasons of increase (decrease) for quarter compared with same quarter last year

The decrease in net profit for the current quarter compared to the same quarter by 20.77% of last year is due to :
1- Increase in some of the caregivers salaries due to the hiring of more caregivers with a view to enhancing revenue over the period.
2- Share of cost due to the initial operations of Hail hospital which was expected
3- Increase in depreciation cost due to the renovation capex in some of the hospitals to improve the patients satisfaction and medical service
4- Initial cost of the Beverly Clinics, which started operations in the first quarter.
 
Reasons of increase (decrease) for quarter compared with previous quarter

Increase in net profit for the current quarter compared to the previous quarter by 5.37% is due to:

1- increase revenue of current quarter compared to the previous quarter due to increase in patient numbers in the outpatients and inpatients.
2- Reduction in the share of loss of Hail hospital.
3- Savings in zakat expenses and finance charges.
 
Reclassifications in quarterly financial results

Certain figures of the previous year have been restated and regrouped to conform to the presentation for the current year presentation as per International Financial Reporting Standard 9 & 15 as endorsed in the Kingdom of Saudi Arabia. For more information, refer note 3-Adoption of new standards of Condensed Interim Consolidated Financial Statements for the period ended 31-03-2018.
 
Other notes

1- The revenue for the current quarter ended 31 March 2018 amounted to SR 395.11 million compared to same period of last year SR 393.53 million, which shows a growth of 0.4% and SR 364.76million in the previous quarter with an increase of 8.3%.

2- The total Comprehensive income during the current quarter is SR87.13 million compared to SR 109.97 million for the same period of last year with a decrease of 20.77% and compared to SR. 76.53 million for the previous quarter with an increase 13.9%.

3- The total shareholders' equity (excluding non-controlling interest of SR48.89 million) as at 31 March, 2018 amounted to SR 1,536.50 million compared to SR1,430.09 million as at 31 March 2017, with an increase of 7.4%.