Middle East Healthcare Co.’s (Saudi German Health) net profit after Zakat and tax plunged 79% to SAR 17.2 million in 2021, from SAR 82 million in the previous year, as re-branding led to higher selling and marketing expenses.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 1,750.59 | 1,872.62 | 7.0 % |
| Gross Income | 578.37 | 608.18 | 5.2 % |
| Operating Income | 107.41 | 40.50 | (62.3 %) |
| Net Income | 81.99 | 17.20 | (79.0 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.89 | 0.19 | (79.0 %) |
The group also noted an increase in consultancy expenses due to cost optimization project, and higher financial costs and accrual of Zakat.
Saudi German Health swung to a net loss after Zakat and tax of SAR 18.4 million in Q4 2021, from a profit of SAR 9.5 million in Q4 2020.
On a sequential basis, the firm posted a loss versus a profit of SAR 14.35 million in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 448.89 | 498.95 | 11.2 % |
| Gross Income | 139.12 | 160.11 | 15.1 % |
| Operating Income | 17.20 | (7.03) | (140.9 %) |
| Net Income | 9.54 | (18.39) | (292.8 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.10 | (0.20) | (292.8 %) |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 498.73 | 498.95 | 0.0 % |
| Gross Income | 172.27 | 160.11 | (7.1 %) |
| Operating Income | 27.46 | (7.03) | (125.6 %) |
| Net Income | 14.35 | (18.39) | (228.1 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.16 | (0.20) | (228.1 %) |
Shareholders’ equity, after minority interest, increased 2.1% year-on-year to SAR 1.257 billion in 2021.
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