Middle East Healthcare Co. (Saudi German Health) reported a 69% rise in Q1 2022 net profit after Zakat and tax to SAR 20.5 million, compared to SAR 12.1 million in the year-ago period.
The profit growth was driven by a recovery in the volume of business with one of the company’s major clients, compared to last year. Dammam Hospital is also showing progress in ramping up. The healthcare service provider also cited a change in pricing and case mix.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 418.37 | 513.32 | 22.7 % |
| Gross Income | 123.16 | 165.02 | 34.0 % |
| Operating Income | (0.04) | 35.28 | 90551.0 % |
| Net Income | 12.10 | 20.49 | 69.3 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.13 | 0.22 | 69.3 % |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 498.95 | 513.32 | 2.9 % |
| Gross Income | 160.11 | 165.02 | 3.1 % |
| Operating Income | (7.03) | 35.28 | 601.7 % |
| Net Income | (18.39) | 20.49 | 211.4 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | (0.20) | 0.22 | 211.4 % |
On a sequential basis, the company turned profitable from a net loss of SAR 18.39 million. The fourth-quarter losses implied expected credit loss provisions of SAR 840,000.
The positive results were driven by a slight increase in revenue as the company revised prices with key customer.
Moreover, in the last quarter, Saudi German Health incurred huge expenses related to rebranding.
Shareholders’ equity, after minority interest, increased 2.75% year-on-year to SAR 1.278 billion in the three-month period.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}