Middle East Healthcare Co. (MEAHCO), which owns and operates the Saudi German Hospital chain, reported net profit after Zakat and tax of SAR 21.2 million, surging 45% year-on-year (YoY) for Q1 2020, compared to SAR 14.6 million in the same period last year.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 350.18 | 436.31 | 24.6 % |
| Gross Income | 101.63 | 146.86 | 44.5 % |
| Operating Income | 18.31 | 24.36 | 33.0 % |
| Net Income | 14.59 | 21.18 | 45.2 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.16 | 0.23 | 45.2 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 406.51 | 436.31 | 7.3 % |
| Gross Income | 148.59 | 146.86 | (1.2 %) |
| Operating Income | 44.06 | 24.36 | (44.7 %) |
| Net Income | 37.47 | 21.18 | (43.5 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.41 | 0.23 | (43.5 %) |
The company attributed the increase to higher revenue due to rise in patient traffic, and lower cost of revenue.
On a quarterly basis, Q1 earnings decreased 43.4% on higher cost of revenue and general and administrative expenses, increased credit losses provision on COVID-19, and SAR 19 million losses from the recent commencement of operations at Dammam hospital.
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