Saudi German Health sees improved operating efficiency: CFO

 Madani Hozaien CFO of Middle East Healthcare Co.

Middle East Healthcare Co. (Saudi German Health) witnessed improvement in operating efficiency at the level of old branches during the first quarter of 2023, CFO Madani Hozaien told Argaam.

He added that the company recorded earnings in the first quarter despite opening new facilities recently in Al-Jami'ah district, Jeddah, as well as in Abha and Makkah. These openings resulted in aggregate losses of SAR 21 million.

These losses were completely offset by the earnings achieved by the other branches, in addition to the opening of Riyadh Hospital expansion.

The number of inpatients and outpatients increased by 15% and 31% year-on-year (YoY). This was due to the opening of the medical tower in Riyadh, as well as Abha clinics and Makkah Hospital. This is besides the increase in the number of other branches.

The group started the current year with positive results, the official said, indicating that it continues to build on the intensive work carried out by the team over the past 12 to 18 months. This aimed to enhance the company's operations while boosting its ability to benefit from the increased demand in the Saudi market.

The medical services provider is expected to continue witnessing improved performance permanently, the official said. Saudi German Health's Q1 2023 net profit more than doubled to SAR 50.1 million, compared to SAR 20.5 million in the year before, according to data available with Argaam.