Middle East Healthcare Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

The revenue for the current quarter ended 30 September 2017 amounted to SR 396.62 million compared to same quarter of last year of SR379.09 million, which shows a growth of 4.6% mainly due to the increase in the outpatient traffic.
Net profit for the 3 months period decreased by 39.75% because of the impact of the increase in caregivers' salary, increase in provision for rejections, bad and doubtful debts due to the delay in collections from a major customer and due to the loss relating to the newly commissioned Hail hospital. During the third quarter of the previous year the zakat liability was Nil which resulted in a positive profitability due to the reversal of the earlier provisions. Gross Profit and Operational Profit for the 3 months period reduced by 11.26% and 44.18% respectively due to the above stated reasons.
 

The revenue for the 9 months period increased from SR 1210.68 million to SR 1212.20 million. Decrease in net profit for the current period compared to the previous period by 20.03% is due to the increase in caregivers' salaries, initial loss of the Hail hospital and due to increased Zakat impact. Gross profit and operational profit were also decreased in line with the increased costs.
 

Increase in net profit for the current quarter compared to the previous quarter by 5.13% is due to the increase in revenue from SR 391.69 million to SR 396.62 million with a growth of 1.26% compared to the last quarter. The increase in net profits is also due to the reduced finance charges during the current quarter.
 

Certain figures of the previous year have been restated and regrouped to conform to the presentation for the current year presentation as per IFRS. For more information refer note 4-First-time adoption of IFRS of Condensed Interim Consolidated Financial Statements for the period ended 30-09-2017.
 

1- The revenue for the current quarter ended 30 September 2017 amounted to SR396.62 million compared to same quarter of last year of SR379.09 million, which shows a growth of 4.6% and SR 1,212.20 million for the period, ended 30 September 2017 compared to SR 1,210.68 million for the corresponding period of the previous year with a growth of 0.1%.

2- The total Comprehensive income during the current quarter is SR60.03 million compared to SR 99.64 million for the same quarter last year with a decrease of 39.75% and compared to SR 57.10 million of the previous quarter with a increase of 5.13% and SR222.25 million for the period ended 30 September 2017 compared to SR277.92 million for the similar period of previous year with a decrease of 20.03%.

3- The total shareholders' equity (excluding minority interest of SR58.28million) as at 30 September, 2017 amounted to SR 1,632.56 million compared to SR1,512.03million as at 30 September 2016, with an increase of 8.0%.