Saudi German Hospital net profit falls 46% in 2018
24/03/2019
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Middle East Healthcare Co. (Saudi German Hospital) reported a net profit after zakat and tax of SAR 172.2 million for fiscal year 2018, a 46 percent year-on-year (YoY) drop on lower revenue.
The profit decrease was also attributed to higher salary cost, higher cost of sales, and an increase in administration and depreciation expenses.
Financials (M)
| Item | 2017 | 2018 | Change |
|---|---|---|---|
| Revenues | 1,462.39 | 1,390.69 | (4.9 %) |
| Gross Income | 597.87 | 500.75 | (16.2 %) |
| Operating Income | 294.77 | 162.73 | (44.8 %) |
| Net Income | 319.49 | 172.25 | (46.1 %) |
| Average Shares | 92.04 | 92.04 | - |
| Earnings Per Share before unusual items (Riyals) | 3.47 | 1.87 | (46.1 %) |
| EPS (Riyal) | 3.47 | 1.87 | (46.1 %) |
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2017 | Q4 2018 | Change |
|---|---|---|---|
| Revenues | 364.60 | 310.68 | (14.8 %) |
| Gross Income | 145.47 | 111.56 | (23.3 %) |
| Operating Income | 73.06 | 23.96 | (67.2 %) |
| Net Income | 82.69 | 30.69 | (62.9 %) |
| Average Shares | 92.04 | 92.04 | - |
| Earnings Per Share before unusual items (Riyal) | 0.90 | 0.33 | (62.9 %) |
| EPS (Riyal) | 0.90 | 0.33 | (62.9 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2018 | 395.11 | 0.4 % | 160.42 | (11.1 %) | 85.82 | (19.8 %) |
| Q2 2018 | 346.13 | (1.5 %) | 116.91 | (15.7 %) | 31.66 | (46.3 %) |
| Q3 2018 | 338.77 | (4.0 %) | 111.87 | (16.1 %) | 21.29 | (61.8 %) |
| Q4 2018 | 310.68 | (14.8 %) | 111.56 | (23.3 %) | 23.96 | (67.2 %) |
| 2018 | 1,390.69 | (4.9 %) | 500.75 | (16.2 %) | 162.73 | (44.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2018 | 87.13 | (20.8 %) | 0.95 | - | 87.13 | 0.95 |
| Q2 2018 | 34.27 | (44.7 %) | 0.37 | - | 34.27 | 0.37 |
| Q3 2018 | 20.16 | (68.9 %) | 0.22 | - | 20.16 | 0.22 |
| Q4 2018 | 30.69 | (62.9 %) | 0.33 | - | 30.69 | 0.33 |
| 2018 | 172.25 | (46.1 %) | 1.87 | - | 172.25 | 1.87 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2017 | 49.90 % | 26.91 % | 23.20 % |
| Q2 2017 | 46.99 % | 27.02 % | 23.30 % |
| Q3 2017 | 43.41 % | 25.39 % | 21.40 % |
| Q4 2017 | 40.88 % | 25.40 % | 21.85 % |
| 2017 | 40.88 % | 25.40 % | 21.85 % |
| Q1 2018 | 39.47 % | 24.17 % | 20.26 % |
| Q2 2018 | 38.12 % | 22.54 % | 18.44 % |
| Q3 2018 | 37.01 % | 20.57 % | 15.52 % |
| Q4 2018 | 36.01 % | 18.10 % | 12.39 % |
| 2018 | 36.01 % | 18.10 % | 12.39 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2018 | 92.04 | 3.22 | 3.22 | 16.69 |
| Q2 2018 | 92.04 | 2.92 | 2.92 | 15.07 |
| Q3 2018 | 92.04 | 2.44 | 2.44 | 15.29 |
| Q4 2018 | 92.04 | 1.87 | 1.87 | 15.71 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| Q1 2018 | 17.90 | 17.90 | 3.46 |
| Q2 2018 | 20.02 | 20.02 | 3.88 |
| Q3 2018 | 15.00 | 15.00 | 2.39 |
| Q4 2018 | 17.34 | 17.34 | 2.07 |
Business Segments (Million)
Q4 2018
| Period | Inpatient clinics | Outpatient clinics | Pharmacy Sales | Others |
|---|---|---|---|---|
| Q1 2018 | 214.32 | 109.10 | 68.50 | 3.20 |
| Q2 2018 | 188.62 | 79.63 | 76.10 | 1.78 |
| Q3 2018 | 184.16 | 98.93 | 53.64 | 2.04 |
| Q4 2018 | 147.36 | 97.71 | 61.91 | 3.70 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 46.80 | 30.69 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| SNB Capital | 39.00 | 30.69 | |
| AlJazira Capital | 49.40 | 30.69 | |
| Sico | 52.00 | 30.69 |
| Current | |
| Market Cap (M Riyal) | 4,970.16 |
| Enterprise Value (EV) (M Riyal) | 7,320.89 |
| Shares Outstanding ((M)) | 92.04 |
| EPS ( Riyal) (TTM) | 4.27 |
| Book Value (BV) ( Riyal) | 19.60 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 21.31 |
| P/E (TTM) | 12.66 |
| Price/book | 2.76 |
| Return on Average Assets (%) (TTM) | 7.4 |
| Return on Average Equity (%) (TTM) | 24.3 |
| EV/adj EBITDA | 11.07 |
| EV/Revenues | 2.44 |
Share Price
Middle East Healthcare Co. (SAUDI GERMAN HEALTH)
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