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Al Hammadi Company for Development and Investment’s (Al Hammadi) Q4 net profit of SAR 10.7 million missed Al Rajhi Capital’s estimate of SAR 30 million and consensus estimates of SAR 30.1 million, the brokerage said in an earnings review.
Net profit plunged 70 percent year-on-year (YoY), impacted by a provision of SAR 20-25 million for doubtful debts in Q4, as per Al Rajhi Capital’s calculations, the report said.
Meanwhile, Al Hammadi’s revenue rose 15.8 percent YoY to SAR 182.6 million, beating the brokerage’s forecast of SAR 166 million estimate (consensus: SAR 159.5 million), supported by an increase in number of patients.
“We believe the strong top line performance could be attributable to the improving utilization of the Olaya hospital, which restarted operations in the third quarter,” Al Rajhi Capital said.
This trend is likely to continue in the first half of 2017, and margins are also likely to expand on improving overall utilization.
However, rising receivables over the last couple of years remain a risk for Al Hammadi and the healthcare sector, the report said, adding that this has already led to higher financing charges for the company.
Going forward, Al Hammadi’s gross margin is expected to gradually improve as the utilization of both hospitals increase to healthier levels.
Meanwhile, outstanding receivables remain an overhang on the stock and the healthcare sector, Al Rajhi Capital said.
The brokerage reiterated its ‘Neutral’ rating on the stock, with a target price of SAR 40.
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