Saudi German Hospital’s net profit declines 57.5% in 9M 2019

07/11/2019 Argaam Exclusive

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Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

Middle East Healthcare Co. (Saudi German Hospital) has reported net profit after zakat and tax of SAR 60.1 million for the first nine months of 2019, a 57.5 percent year-on-year (YoY) decline compared to SAR 141.5 million in the same period last year, the company said in a bourse filing.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	1,080.01	1,090.13	0.9 %
Gross Income	389.19	324.35	(16.7 %)
Operating Income	138.77	59.21	(57.3 %)
Net Income	141.56	60.10	(57.5 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	1.54	0.65	(57.5 %)

The decrease in net profit for the current period is attributed to increase in cost of salaries due to the new hiring of caregivers and key management professionals to improve the operational efficiency, the company said in the statement.

The decrease in net profit for the current period is also attributed to increased governmental labor cost, increase in finance charges due to the additional borrowings, and increase in the depreciation expenses due to the renovation of hospitals and addition to medical equipment to improve patient experience, the company said.

For the current quarter, the company reported net profit after zakat and tax of SAR 33.2 million, up 64.8 percent YoY, compared to SAR 20.1 million in the same quarter last year.

The increase in net profit for the current quarter is attributed to increase in revenue due to the increase of patient traffic, as well as decrease in general and administrative expenses compared to same quarter last year.

On a sequential basis, net profit for the current quarter rose by 170.6 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	338.77	386.76	14.2 %
Gross Income	111.87	119.96	7.2 %
Operating Income	21.29	33.31	56.5 %
Net Income	20.16	33.23	64.8 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.22	0.36	64.8 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	353.20	386.76	9.5 %
Gross Income	102.76	119.96	16.7 %
Operating Income	7.58	33.31	339.2 %
Net Income	12.28	33.23	170.7 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.13	0.36	170.7 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	436.84	-	159.99	-	36.01	-	0.39
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	542.22	24.1 %	248.36	55.2 %	61.99	72.2 %	0.67
Q1 2013	-	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-	-
2013	828.36	52.8 %	430.49	73.3 %	137.20	121.3 %	1.49
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
2014	1,398.75	68.9 %	749.76	74.2 %	331.97	142.0 %	3.61
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
2015	1,534.53	9.7 %	810.13	8.1 %	390.25	17.6 %	4.24
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
2016	1,615.64	5.3 %	828.39	2.3 %	362.64	(7.1 %)	3.94
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
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
2018	1,390.69	(4.9 %)	500.75	(16.2 %)	172.25	(46.1 %)	1.87
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	-	-	-	-	-	-	-
2011	436.84	-	159.99	-	36.01	-	0.39
2012	542.22	24.1 %	248.36	55.2 %	61.99	72.2 %	0.67
2013	828.36	52.8 %	430.49	73.3 %	137.20	121.3 %	1.49
2014	1,398.75	68.9 %	749.76	74.2 %	331.97	142.0 %	3.61
2015	1,534.53	9.7 %	810.13	8.1 %	390.25	17.6 %	4.24
2016	1,615.64	5.3 %	828.39	2.3 %	362.64	(7.1 %)	3.94
2017	1,462.39	(9.5 %)	597.87	(27.8 %)	319.49	(11.9 %)	3.47
2018	1,390.69	(4.9 %)	500.75	(16.2 %)	172.25	(46.1 %)	1.87

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.62 %	20.91 %	8.24 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	45.80 %	20.53 %	11.43 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	51.97 %	21.68 %	16.56 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	53.60 %	25.57 %	23.73 %
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 %
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 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	36.62 %	20.91 %	8.24 %
2012	45.80 %	20.53 %	11.43 %
2013	51.97 %	21.68 %	16.56 %
2014	53.60 %	25.57 %	23.73 %
2015	52.79 %	28.05 %	25.43 %
2016	51.27 %	26.12 %	22.45 %
2017	40.88 %	25.40 %	21.85 %
2018	36.01 %	18.10 %	12.39 %

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	55.54 %	23.76 %	22.32 %
Q2 2014	53.53 %	28.54 %	26.74 %
Q3 2014	54.00 %	25.72 %	23.01 %
Q4 2014	51.45 %	24.43 %	22.92 %
Q1 2015	53.36 %	29.47 %	26.91 %
Q2 2015	54.81 %	27.44 %	24.67 %
Q3 2015	52.02 %	28.83 %	25.77 %
Q4 2015	51.12 %	26.62 %	24.44 %
Q1 2016	51.39 %	28.30 %	24.72 %
Q2 2016	51.82 %	22.50 %	18.06 %
Q3 2016	52.60 %	28.28 %	26.29 %
Q4 2016	49.36 %	25.48 %	20.92 %
Q1 2017	45.86 %	31.64 %	27.94 %
Q2 2017	39.46 %	22.25 %	17.64 %
Q3 2017	37.76 %	21.46 %	18.38 %
Q4 2017	39.90 %	25.53 %	22.68 %
Q1 2018	40.60 %	27.04 %	22.05 %
Q2 2018	33.78 %	15.35 %	9.90 %
Q3 2018	33.02 %	13.01 %	5.95 %
Q4 2018	35.91 %	15.33 %	9.88 %
Q1 2019	29.02 %	11.44 %	4.17 %
Q2 2019	29.09 %	9.62 %	3.48 %
Q3 2019	31.02 %	15.07 %	8.59 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	-	-	-	-
2011	92.04	0.39	0.39	6.03
2012	92.04	0.67	0.67	6.65
2013	92.04	1.49	1.49	9.84
2014	92.04	3.61	3.61	12.38
2015	92.04	4.24	4.24	14.70
2016	92.04	3.94	3.94	17.32
2017	92.04	3.47	3.47	15.75
2018	92.04	1.87	1.87	15.71

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

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	18.62	18.62	4.23
2017	15.52	15.52	3.42
2018	17.34	17.34	2.07

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

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
2013	-	-	159.08	1.19
2014	807.92	323.31	257.32	10.20
2015	857.25	383.67	277.02	16.59
2016	916.44	397.66	280.76	20.77
2017	773.12	397.68	274.21	17.38
2018	734.45	385.37	260.14	10.73

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	15.33	33.23	116.72 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	33.20	33.23	0.1 %
AlJazira Capital	8.80	33.23	277.6 %
SNB Capital	4.00	33.23	730.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	8,246.78
Enterprise Value (EV) (M)	10,674.65
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)	45.31
P/E (TTM)	45.31
Price/book	5.25
Return on Average Assets (%) (TTM)	3.7
Return on Average Equity (%) (TTM)	12.2

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Saudi German Hospital’s net profit declines 57.5% in 9M 2019

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Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Saudi German Hospital’s net profit declines 57.5% in 9M 2019

View other reports

Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)