Saudi German Hospital’s net profit falls 43% in FY19

12/03/2020 Argaam Exclusive

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Share Price

Middle East Healthcare Co.
87.70
(1.60) (1.79 %)

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Middle East Healthcare Co. (MEAHCO), which owns and operates the Saudi German Hospital chain, reported a drop of 43% year-on-year (YoY) in net profit after Zakat and tax to SAR 97.6 million for the fiscal year 2019.

 

The annual profit was hit by an increase in staff salaries, depreciation costs and the SAR 8 million pre-operating costs incurred by the company in Q4 2019 for SGH Dammam Hospital.

 

Higher financing costs also weighed negatively on the annual figures.



Financials (M)

Item 2018 2019 Change‬
Revenues 1,390.69 1,496.65 7.6 %
Gross Income 500.75 472.93 (5.6 %)
Operating Income 162.73 103.27 (36.5 %)
Net Income 172.25 97.57 (43.4 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 1.87 1.06 (43.4 %)

In Q4 2019, net profit climbed 22% YoY to SAR 37.5 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2018 Q4 2019 Change‬
Revenues 310.68 406.51 30.8 %
Gross Income 111.56 148.59 33.2 %
Operating Income 23.96 44.06 83.9 %
Net Income 30.69 37.47 22.1 %
Average Shares 92.04 92.04 -
EPS (Riyals) 0.33 0.41 22.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q4 2018 310.68 (14.8 %) 111.56 (23.3 %) 30.69 (62.9 %) 0.33
Q1 2019 350.18 (11.4 %) 101.63 (36.6 %) 14.59 (83.3 %) 0.16
Q2 2019 353.20 2.0 % 102.76 (12.1 %) 12.28 (64.2 %) 0.13
Q3 2019 386.76 14.2 % 119.96 7.2 % 33.23 64.8 % 0.36
Q4 2019 406.51 30.8 % 148.59 33.2 % 37.47 22.1 % 0.41
2019 1,496.65 7.6 % 472.93 (5.6 %) 97.57 (43.4 %) 1.06

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 2018 36.01 % 18.10 % 12.39 %
Q1 2019 32.84 % 13.74 % 7.41 %
Q2 2019 31.62 % 12.25 % 5.74 %
Q3 2019 31.12 % 12.85 % 6.48 %
Q4 2019 31.60 % 13.48 % 7.05 %
2019 31.60 % 13.48 % 7.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2018 92.04 1.87 1.87 15.71
Q1 2019 92.04 1.08 1.08 15.87
Q2 2019 92.04 0.84 0.84 16.00
Q3 2019 92.04 0.99 0.99 16.36
Q4 2019 92.04 1.06 1.15 16.54

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2018 17.34 17.34 2.07
Q1 2019 29.49 29.49 2.01
Q2 2019 32.63 32.63 1.72
Q3 2019 26.36 26.36 1.59
Q4 2019 28.02 25.89 1.80

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
Q4 2018 147.36 97.71 61.91 3.70
Q1 2019 181.07 97.28 67.29 4.54
Q2 2019 185.66 95.13 68.96 3.44
Q3 2019 223.51 95.92 64.81 2.51
Q4 2019 222.02 111.18 69.80 3.51

Analysts Estimates (Million)

Item Q4 2019 (e) Q4 2019 (a) Change‬
Average 33.77 37.47 10.96 %

Estimates vs Actual (Million)

Item Q4 2019 (e) Q4 2019 (a) Change
OSOOL AND BAKHEET 37.50 37.47 (0.1) %
SNB Capital 37.00 37.47 1.3 %
AlJazira Capital 26.80 37.47 39.8 %


Financial Ratios
Current
Market Cap (M Riyal) 8,081.11
Enterprise Value (EV) (M) 10,508.97
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) 44.40
P/E (TTM) 44.40
Price/book 5.14
Return on Average Assets (%) (TTM) 3.7
Return on Average Equity (%) (TTM) 12.2
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