Middle East Healthcare Co. (Saudi German) said its net profit for the first nine months of 2017 fell 20 percent year-on-year (YoY) to SAR 222.3 million due to an increase in medical staff salaries, an initial loss from Hail hospital, and higher zakat expenses.
| Item | 9m 2016 | 9m 2017 | Change |
|---|---|---|---|
| Revenues | 1,210.68 | 1,097.79 | (9.3 %) |
| Gross Income | 628.50 | 452.40 | (28.0 %) |
| Operating Income | 271.33 | 221.71 | (18.3 %) |
| Net Income | 277.92 | 236.80 | (14.8 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 3.02 | 2.57 | (14.8 %) |
Net profit for the third quarter dropped 39.8 percent YoY to SAR 60 million, impacted by higher salaries for caregivers, increased provisions for rejected invoices, as well as bad and doubtful debts due to delays in receivables collection.
When compared to the previous quarter, Q3 profit rose by 5 percent on higher revenue and lower financing charges.
| Item | Q3 2016 | Q3 2017 | Change |
|---|---|---|---|
| Revenues | 379.09 | 352.98 | (6.9 %) |
| Gross Income | 199.40 | 133.30 | (33.1 %) |
| Operating Income | 91.10 | 55.70 | (38.9 %) |
| Net Income | 99.64 | 64.88 | (34.9 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 1.08 | 0.70 | (34.9 %) |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 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 |
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 49.90 % | 26.91 % | 23.20 % |
| Q2 2017 | 46.99 % | 27.02 % | 23.30 % |
| Q3 2017 | 43.41 % | 25.39 % | 21.40 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2017 | 18.48 | 18.48 | 4.01 |
| Q2 2017 | 19.45 | 19.45 | 4.41 |
| Q3 2017 | 17.98 | 17.98 | 3.54 |
Q3 2017
| Period | Inpatient clinics | Outpatient clinics | Pharmacy Sales | Others |
|---|---|---|---|---|
| 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 |
| Item | Q3 2017 (e) | Q3 2017 (a) | Change |
|---|---|---|---|
| Average | 68.90 | 64.88 | (5.8 %) |
| Item | Q3 2017 (e) | Q3 2017 (a) | Change |
|---|---|---|---|
| Alistithmar Capital | 66.31 | 64.88 | (2.2) % |
| SNB Capital | 66.80 | 64.88 | (2.9) % |
| Sico | 67.00 | 64.88 | (3.2) % |
| Arbah Capital | 75.50 | 64.88 | (14.1) % |
| Current | |
| Market Cap (M Riyal) | 8,016.68 |
| Enterprise Value (EV) (M) | 10,352.25 |
| 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) | 44.05 |
| P/E (TTM) | 44.05 |
| Price/book | 5.10 |
| Return on Average Assets (%) (TTM) | 3.8 |
| Return on Average Equity (%) (TTM) | 12.2 |
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