Middle East Healthcare Co. (Saudi German Health) reported a surge in net profit to SAR 143.7 million in the first nine months of 2023, compared to SAR 42 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 1,533.79 | 1,933.36 | 26.1 % |
| Gross Income | 476.00 | 720.45 | 51.4 % |
| Operating Income | 82.38 | 255.35 | 210.0 % |
| Net Income | 42.02 | 143.67 | 241.9 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.46 | 1.56 | 241.9 % |
This was because of a leap in revenues due to the higher number of inpatients and the group’s increased capacity. Operating efficiency also improved due to the ramping up of new facilities.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 512.37 | 671.05 | 31.0 % |
| Gross Income | 152.21 | 266.33 | 75.0 % |
| Operating Income | 26.26 | 109.85 | 318.4 % |
| Net Income | 11.11 | 53.30 | 379.9 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.12 | 0.58 | 379.9 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 624.33 | 671.05 | 7.5 % |
| Gross Income | 228.63 | 266.33 | 16.5 % |
| Operating Income | 68.99 | 109.85 | 59.2 % |
| Net Income | 40.25 | 53.30 | 32.4 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.44 | 0.58 | 32.4 % |
In the third quarter of this year, net profit skyrocketed to SAR 53.3 million, compared to SAR 11.1 million in Q3 2022, thanks to a rise in the number of inpatients and outpatients. Operating efficiency also strengthened on the rollout of new facilities.
Net profit jumped 32.4% from SAR 40.2 million in Q2 2023 due to the abovementioned reasons.
Total shareholders’ equity, no minority interest, jumped to SAR 1.51 billion as of Sept. 30, 2023, from SAR 1.29 billion a year earlier.
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