Middle East Healthcare Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Net profit for the 3 months period marginally increased is mainly due to the reduction in provisions for rejections, bad and doubtful debts since the Company was able to recover substantial amount from a major customer. Gross Profit and Operational Profit for the 3 months period reduced by 2.67% and 1.44% respectively, mainly due to the increase in caregivers salary and the loss relating to newly commissioned Hail hospital.
 

Increase in net profit for the current quarter compared to the previous quarter by 24.08% is due to the increase in revenue by 4.67% compared to the last quarter and reduction in provisions for rejections, bad and doubtful debts due to the substantial recovery of receivables from a major customer. Gross profit and operational profit were also increased in line with the increase in revenue.
 

Certain figures of the previous year have been restated and reclassified 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 31-03-2017.
 

1- The revenue for the period ended 31 March 2017 amounted to SR 423.90 million compared to same period of last year of SR 421.51million, which shows a growth of 0.6%. 2- The total Comprehensive income during the current quarter is SR105.12 million compared to SR 104.20 million for the same quarter last year with an increase of 0.88% and compared to SR 84.72 million of the previous quarter with an increase of 24.1%.
3- The total shareholders' equity (excluding minority interest of SR 59.3 million) as at 31 March, 2017 amounted to SR1699.51 million compared to SR1508.84 million as at 31 March 2016, with an increase of 12.6%.