Saudi German Hospital’s net profit down 40% in 9M 2018

06/11/2018 Argaam Exclusive

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Share Price

Middle East Healthcare Co.
87.10
(2.20) (2.46 %)

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Middle East Healthcare Co. (Saudi German Hospital) reported a net profit of SAR 141.56 million in the first nine months of 2018, a 40.2 percent year-on-year (YoY) drop attributed to higher cost of sales, increased depreciation expenses and higher salaries’ cost on the newly-opened Beverly clinics.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 1,097.79 1,080.01 (1.6 %)
Gross Income 452.40 389.19 (14.0 %)
Operating Income 221.71 138.77 (37.4 %)
Net Income 236.80 141.56 (40.2 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 2.57 1.54 (40.2 %)

Profit for third quarter was SAR 20.16 million; 68.9 percent lower YoY, driven by lower revenue on decreased number of outpatients, and higher operating and non-operating expenses incurred from starting up the Beverly clinic in Jeddah.

 

On a sequential quarter basis, profit for the period fell 41.17 percent. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 352.98 338.77 (4.0 %)
Gross Income 133.30 111.87 (16.1 %)
Operating Income 55.70 21.29 (61.8 %)
Net Income 64.88 20.16 (68.9 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 0.70 0.22 (68.9 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q1 2018 395.11 0.4 % 160.42 (11.1 %) 87.13 (20.8 %) 0.95
Q2 2018 346.13 (1.5 %) 116.91 (15.7 %) 34.27 (44.7 %) 0.37
Q3 2018 338.77 (4.0 %) 111.87 (16.1 %) 20.16 (68.9 %) 0.22

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2018 39.47 % 24.17 % 20.26 %
Q2 2018 38.12 % 22.54 % 18.44 %
Q3 2018 37.01 % 20.57 % 15.52 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2018 92.04 3.22 3.22 16.69
Q2 2018 92.04 2.92 2.92 15.07
Q3 2018 92.04 2.44 2.44 15.29

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2018 17.90 17.90 3.46
Q2 2018 20.02 20.02 3.88
Q3 2018 15.00 15.00 2.39

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
Q1 2018 214.32 109.10 68.50 3.20
Q2 2018 188.62 79.63 76.10 1.78
Q3 2018 184.16 98.93 53.64 2.04

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 41.18 20.16 (51.0 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
SNB Capital 33.50 20.16 (39.8) %
OSOOL AND BAKHEET 36.00 20.16 (44.0) %
AlJazira Capital 43.20 20.16 (53.3) %
Sico 52.00 20.16 (61.2) %


Financial Ratios
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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