Middle East Healthcare Co. (Saudi German Health) reported a net profit after Zakat and tax of SAR 35.6 million for the nine-month period ended Sept. 30, 2021, a fall of 51% from SAR 72.5 million in the year-earlier period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,301.70 | 1,373.67 | 5.5 % |
| Gross Income | 439.25 | 448.07 | 2.0 % |
| Operating Income | 90.21 | 47.54 | (47.3 %) |
| Net Income | 72.45 | 35.59 | (50.9 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.79 | 0.39 | (50.9 %) |
The profit decline was attributed to an increase in the cost of goods sold, along with higher general and administrative (G&A) expenses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 492.13 | 498.73 | 1.3 % |
| Gross Income | 171.91 | 172.27 | 0.2 % |
| Operating Income | 42.12 | 27.46 | (34.8 %) |
| Net Income | 34.91 | 14.35 | (58.9 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.38 | 0.16 | (58.9 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 456.57 | 498.73 | 9.2 % |
| Gross Income | 152.64 | 172.27 | 12.9 % |
| Operating Income | 20.12 | 27.46 | 36.5 % |
| Net Income | 9.14 | 14.35 | 57.1 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.10 | 0.16 | 57.1 % |
In Q3 2021, net profit after Zakat and tax plunged 59% to SAR 14.4 million from SAR 34.91 million a year earlier, on a rise in the cost of goods sold, as well as higher G&A.
When compared to the previous quarter, Q3 net profit rose 57% from SAR 9.14 million, driven by higher revenue.
Shareholders’ equity, after minority interest, grew by 1.9% to SAR 1.625 billion as of Sept. 30, 2021, from SAR 1.595 billion a year earlier.
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