Saudi German Health to add 450 beds to operational capacity in 2022, prices up 10%: CFO

Saudi German Health CFO Madani Hozaien

Middle East Healthcare Co. (Saudi German Health) will gradually add more than 450 beds and 150 clinics to the group’s operational capacity during the current year, CFO Madani Hozaien told Argaam in a phone call today, May 16. 
 

Makkah Hospital will be opened before Hajj season, specifically in early June, while two clinic complexes in Riyadh and Abha will be inaugurated during H2 2022, Hozaien said. 
 

In Q3 2022, Saudi German Health will start the expansion of Jeddah Hospital, along with expanding Riyadh Hospital and a medical tower. 
 

University District Hospital in Jeddah was opened last April, the CFO highlighted. 
 

He pointed out that the company concluded administrative supervision agreements for hospitals outside the Kingdom, expecting to open Saudi German Hospital in Alexandria, Egypt, in 2022, with a capacity of about 300 beds. 
 

The Tadawul-listed healthcare services provider reviewed prices with most insurance companies during the current year, as the total prices increased by more than 10%, Hozaien noted.  
 

He clarified that the company obtained accreditations from Healthcare Information and Management Systems Society (HIMSS), the College of American Pathologists (CAP) and the Association for the Advancement of Blood & Biotherapies (AABB), which led to a rise in Ministry of Health prices. 
 

According to data compiled by Argaam, 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.