Middle East Healthcare Co. announces the annual financial results for the period ending on 31-12-2017

The revenue for the year ended 31, December 2017 amounted to SR1,629.43 million compared to last year of SR1,615.64 million, which shows a growth of 0.9% mainly due to the increase in the outpatient traffic. Net profit for the year decreased by 17.3% this is because of the operation cost of the newly commissioned Hail hospital in the first year of operation as expected resulted in the decrease of the profit. And some increase in caregivers' salary, G&A, and Zakat has contributed for the decrease of profit. The company received majority of the government outstanding receivables during the period. Gross Profit and Operational Profit for the year reduced by 7.66% and 23.16% respectively due to the above stated reasons.
 

Elements and notes of the comparatives Financial Statements have been restated and reclassified to meet with the applied accounting policies for the current year, which have been prepared according to the International Financial Reporting Standards (IFRS) as endorsed by SOCPA in the Kingdom of Saudi Arabia. For more information, refer to note-2 (significant accounting policies) and note 4 (First time adoption of IFRS) in the Consolidated Financial Statements.
 

1- The revenue for the current period ended 31 December 2017 amounted to SR1, 629.43 million compared to same period of last year SR1,615.64 million, which shows a growth of 0.9%.
2- The total Comprehensive income during the current period is SR293.93 million compared to SR 360.28 million for the same period of last year with a decrease of 18.41%.
3- The total shareholders' equity (excluding non-controlling interest of SR 51.73 million) as at 31 December, 2017 amounted to SR1,704.24 million compared to SR1,594.39 million as at 31 December 2016, with an increase of 6.9%.