Middle East Healthcare Co. announces the interim financial results for the period ending on 30-06-2016 (Six Months)

Gross Profit for the 3 months period compared with the same quarter of last year increased by 4.03% mainly due to the increase in out patient traffic. Net Profit has come down by 16.09% due to increase in Selling and Marketing expenses mainly attributable to the increase in provision for rejections, bad and doubtful debts.
 

Gross Profit for the 6 months compared with the same period of last year has increased by 3.82% mainly due to the increase in out patient traffic. Net Profit has come down by 7.59% due to increase in Selling and Marketing expenses mainly attributable to the increase in provision for rejections, bad and doubtful debts.
 

Decrease in net profit for the current quarter compared to the previous quarter by 26.78% is mainly due to the increase in provisions for rejections, bad and doubtful debts made during the period. Also, the Holy Month of Ramadan coincides in this quarter, during which period the business usually gets slower.
 

On 29-03-2016 the Company shares were listed in the Saudi Stock Exchange (Tadawul) after obtaining the approval from capital Market Authority to convert the Company from Closed Joint Stock Company to a Public Joint Stock Company. On 29-12-2015 the company obtained approval from Capital Market Authority (CMA) to issue 27,612,000 shares representing 30% of the company share capital in an Initial Public Offering and these shares were offered to the public. Accordingly the shareholders diluted their shareholding to the extent of 30%.