Middle East Healthcare Co. (Saudi German Health) reported a surge in 2022 net profit after Zakat and tax of SAR 75.2 million, compared to SAR 17.2 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,872.62 | 2,151.74 | 14.9 % |
| Gross Income | 608.18 | 680.01 | 11.8 % |
| Operating Income | 40.50 | 140.34 | 246.5 % |
| Net Income | 17.20 | 75.18 | 337.1 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.19 | 0.82 | 337.1 % |
The profit spike was spurred by an increase in number of patients both in outpatient and inpatient clinics, higher revenue due to the revised prices with major customer, accreditation and case mix, along with better efficiency due to ramp up of new facilities.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 498.95 | 617.96 | 23.9 % |
| Gross Income | 160.11 | 204.01 | 27.4 % |
| Operating Income | (7.03) | 57.96 | 924.3 % |
| Net Income | (18.39) | 33.16 | 280.3 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | (0.20) | 0.36 | 280.3 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 512.37 | 617.96 | 20.6 % |
| Gross Income | 152.21 | 204.01 | 34.0 % |
| Operating Income | 26.26 | 57.96 | 120.8 % |
| Net Income | 11.11 | 33.16 | 198.6 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.12 | 0.36 | 198.6 % |
In Q4 2022, the healthcare services provider swung to a net profit of SAR 33.2 million, against a net loss of SAR 18.39 million in the prior-year period.
Compared to the previous quarter, net profit more than doubled from SAR 11.11 million.
Shareholders’ equity, after minority interest, increased to SAR 1.36 billion as of Dec. 31, 2022, from SAR 1.25 billion a year earlier.
In 2022, SGH opened three new healthcare facilities in Jeddah, Abha and Makkah, growing the group’s network to eight hospitals and two polyclinics across seven cities in the Kingdom.
The three new facilities contributed negative results of SAR 54 million in the 12-month period.
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