Saudi German’s net profit drops 17% in 2017

26/03/2018 Argaam Exclusive

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Share Price

Middle East Healthcare Co.
89.30
(0.90) (1.00 %)

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Middle East Healthcare Co.’s (Saudi German Hospital) FY 2017 net profit fell 17 percent year-on-year (YoY) to SAR 300 million mainly due to the operation costs of newly-launched Hail hospital. There were also some increases in the salaries of caregivers, general and administrative expenses, and zakat, the company said in a statement to Tadawul.



Financials (M)

Item 2016 2017 Change‬
Revenues 1,615.64 1,462.39 (9.5 %)
Gross Income 828.39 597.87 (27.8 %)
Operating Income 358.37 294.77 (17.7 %)
Net Income 362.64 319.49 (11.9 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 3.94 3.47 (11.9 %)


Current Quarter Comparison (M)

Compared With The
Item Q4 2016 Q4 2017 Change‬
Revenues 404.96 364.60 (10.0 %)
Gross Income 199.88 145.47 (27.2 %)
Operating Income 87.04 73.06 (16.1 %)
Net Income 84.73 82.69 (2.4 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 0.92 0.90 (2.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 - - - - - - -
Q2 2011 - - - - - - -
Q3 2011 - - - - - - -
Q4 2011 - - - - - - -
Q1 2012 - - - - - - -
Q2 2012 - - - - - - -
Q3 2012 - - - - - - -
Q4 2012 - - - - - - -
Q1 2013 - - - - - - -
Q2 2013 - - - - - - -
Q3 2013 - - - - - - -
Q4 2013 - - - - - - -
Q1 2014 359.18 - 199.49 - 80.16 - 0.87
Q2 2014 347.08 - 185.78 - 92.80 - 1.01
Q3 2014 323.16 - 174.49 - 74.36 - 0.81
Q4 2014 369.34 - 190.01 - 84.64 - 0.92
Q1 2015 391.64 9.0 % 208.99 4.8 % 105.39 31.5 % 1.15
Q2 2015 372.00 7.2 % 203.88 9.7 % 91.79 (1.1 %) 1.00
Q3 2015 352.20 9.0 % 183.23 5.0 % 90.75 22.0 % 0.99
Q4 2015 418.69 13.4 % 214.04 12.6 % 102.32 20.9 % 1.11
Q1 2016 421.52 7.6 % 216.62 3.7 % 104.20 (1.1 %) 1.13
Q2 2016 410.07 10.2 % 212.49 4.2 % 74.07 (19.3 %) 0.80
Q3 2016 379.09 7.6 % 199.40 8.8 % 99.64 9.8 % 1.08
Q4 2016 404.96 (3.3 %) 199.88 (6.6 %) 84.73 (17.2 %) 0.92
Q1 2017 393.53 (6.6 %) 180.47 (16.7 %) 109.97 5.5 % 1.19
Q2 2017 351.28 (14.3 %) 138.63 (34.8 %) 61.95 (16.4 %) 0.67
Q3 2017 352.98 (6.9 %) 133.30 (33.1 %) 64.88 (34.9 %) 0.70
Q4 2017 364.60 (10.0 %) 145.47 (27.2 %) 82.69 (2.4 %) 0.90
2017 1,462.39 (9.5 %) 597.87 (27.8 %) 319.49 (11.9 %) 3.47

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 53.60 % 25.57 % 23.73 %
Q1 2015 53.05 % 27.10 % 24.96 %
Q2 2015 53.39 % 26.84 % 24.46 %
Q3 2015 52.93 % 27.56 % 25.09 %
Q4 2015 52.79 % 28.05 % 25.43 %
Q1 2016 52.27 % 27.77 % 24.87 %
Q2 2016 51.57 % 26.50 % 23.17 %
Q3 2016 51.71 % 26.41 % 23.34 %
Q4 2016 51.27 % 26.12 % 22.45 %
Q1 2017 49.90 % 26.91 % 23.20 %
Q2 2017 46.99 % 27.02 % 23.30 %
Q3 2017 43.41 % 25.39 % 21.40 %
Q4 2017 40.88 % 25.40 % 21.85 %
2017 40.88 % 25.40 % 21.85 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 - - - -
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 - - - -
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 - - - -
Q1 2014 92.04 - - 10.70
Q2 2014 92.04 - - 11.69
Q3 2014 92.04 - - 12.48
Q4 2014 92.04 3.61 3.61 12.38
Q1 2015 92.04 3.88 3.88 13.50
Q2 2015 92.04 3.87 3.87 12.67
Q3 2015 92.04 4.05 4.05 13.63
Q4 2015 92.04 4.24 4.24 14.70
Q1 2016 92.04 4.23 4.23 16.39
Q2 2016 92.04 4.03 4.03 15.20
Q3 2016 92.04 4.13 4.13 16.43
Q4 2016 92.04 3.94 3.94 17.32
Q1 2017 92.04 4.00 4.00 18.46
Q2 2017 92.04 3.87 3.87 17.09
Q3 2017 92.04 3.49 3.49 17.74
Q4 2017 92.04 3.47 3.47 15.75

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 17.17 17.17 4.43
Q2 2016 17.16 17.16 4.56
Q3 2016 12.41 12.41 3.12
Q4 2016 18.62 18.62 4.23
Q1 2017 18.48 18.48 4.01
Q2 2017 19.45 19.45 4.41
Q3 2017 17.98 17.98 3.54
Q4 2017 15.52 15.52 3.42

Business Segments (Million)

Compared With The
Period Inpatient clinics Outpatient clinics Pharmacy Sales Others
Q1 2014 207.07 85.01 64.94 2.16
Q2 2014 200.50 77.40 66.66 2.51
Q1 2015 224.99 91.95 70.24 4.46
Q2 2015 211.41 86.64 70.30 3.65
Q3 2015 200.38 85.53 63.54 2.76
Q4 2015 220.47 119.55 72.94 5.72
Q1 2016 241.22 100.20 73.04 7.06
Q2 2016 229.99 99.85 72.93 7.31
Q3 2016 224.32 89.88 62.16 2.72
Q4 2016 220.91 107.73 72.64 3.69
Q1 2017 242.80 104.89 71.94 4.27
Q2 2017 224.48 92.89 70.77 3.54
Q3 2017 133.39 85.39 60.16 3.27
Q4 2017 172.44 114.51 71.35 6.30

Analysts Estimates (Million)

Item Q4 2017 (e) Q4 2017 (a) Change‬
Average 66.24 82.69 24.83 %

Estimates vs Actual (Million)

Item Q4 2017 (e) Q4 2017 (a) Change
Arbah Capital 74.40 82.69 11.1 %
AlJazira Capital 70.50 82.69 17.3 %
Sico 64.00 82.69 29.2 %
SNB Capital 64.00 82.69 29.2 %
OSOOL AND BAKHEET 58.30 82.69 41.8 %


Financial Ratios
Current
Market Cap (M Riyal) 8,219.17
Enterprise Value (EV) (M) 10,647.03
Shares Outstanding ((M)) 92.04
EPS ( Riyal) (TTM) 1.98
Book Value (BV) ( Riyal) 17.08
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 45.16
P/E (TTM) 45.16
Price/book 5.23
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 12.2
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