Saudi German’s Q1 profit falls 21% on higher expenses

08/05/2018 Argaam Exclusive

Middle East Healthcare Co., which operates the Saudi German Hospitals, posted a net profit of SAR 87.1 million for the first quarter of 2018, a 20.8 percent year-on-year (YoY) decline on an increase in caregivers’ salaries, higher operating expenses related to Hail Hospital and rising depreciation costs.

On a sequential basis, Q1 net profit increased 5.4 percent, driven by higher revenue from inpatient and outpatient clinics.



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 393.53 395.11 0.4 %
Gross Income 180.47 160.42 (11.1 %)
Operating Income 107.04 85.82 (19.8 %)
Net Income 109.97 87.13 (20.8 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 1.19 0.95 (20.8 %)

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Share Price

Middle East Healthcare Co.
84.50
(0.80) (0.94 %)

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Financial Ratios
Current
Market Cap (M Riyal) 7,777.38
Enterprise Value (EV) (M) 10,126.41
Shares Outstanding ((M)) 92.04
EPS ( Riyal) (TTM) 1.92
Book Value (BV) ( Riyal) 16.41
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 43.98
P/E (TTM) 43.98
Price/book 5.15
Return on Average Assets (%) (TTM) 3.8
Return on Average Equity (%) (TTM) 12.6
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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2009 - - - - - - -
Q2 2009 - - - - - - -
Q3 2009 - - - - - - -
Q4 2009 - - - - - - -
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 - - - - - - -
Q2 2011 - - - - - - -
Q3 2011 - - - - - - -
Q4 2011 - - - - - - -
Q1 2012 - - - - - - -
Q2 2012 - - - - - - -
Q3 2012 - - - - - - -
Q4 2012 - - - - - - -
Q1 2013 - - - - - - -
Q2 2013 - - - - - - -
Q3 2013 - - - - - - -
Q4 2013 - - - - - - -
Q1 2014 359.18 - 199.49 - 80.16 - 0.87
Q2 2014 347.08 - 185.78 - 92.80 - 1.01
Q3 2014 323.16 - 174.49 - 74.36 - 0.81
Q4 2014 369.34 - 190.01 - 84.64 - 0.92
Q1 2015 391.64 9.0 % 208.99 4.8 % 105.39 31.5 % 1.15
Q2 2015 372.00 7.2 % 203.88 9.7 % 91.79 (1.1 %) 1.00
Q3 2015 352.20 9.0 % 183.23 5.0 % 90.75 22.0 % 0.99
Q4 2015 418.69 13.4 % 214.04 12.6 % 102.32 20.9 % 1.11
Q1 2016 421.52 7.6 % 216.62 3.7 % 104.20 (1.1 %) 1.13
Q2 2016 410.07 10.2 % 212.49 4.2 % 74.07 (19.3 %) 0.80
Q3 2016 379.09 7.6 % 199.40 8.8 % 99.64 9.8 % 1.08
Q4 2016 404.96 (3.3 %) 199.88 (6.6 %) 84.73 (17.2 %) 0.92
Q1 2017 393.53 (6.6 %) 180.47 (16.7 %) 109.97 5.5 % 1.19
Q2 2017 351.28 (14.3 %) 138.63 (34.8 %) 61.95 (16.4 %) 0.67
Q3 2017 352.98 (6.9 %) 133.30 (33.1 %) 64.88 (34.9 %) 0.70
Q4 2017 364.60 (10.0 %) 145.47 (27.2 %) 82.69 (2.4 %) 0.90
Q1 2018 395.11 0.4 % 160.42 (11.1 %) 87.13 (20.8 %) 0.95

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 53.60 % 25.57 % 23.73 %
Q1 2015 53.05 % 27.10 % 24.96 %
Q2 2015 53.39 % 26.84 % 24.46 %
Q3 2015 52.93 % 27.56 % 25.09 %
Q4 2015 52.79 % 28.05 % 25.43 %
Q1 2016 52.27 % 27.77 % 24.87 %
Q2 2016 51.57 % 26.50 % 23.17 %
Q3 2016 51.71 % 26.41 % 23.34 %
Q4 2016 51.27 % 26.12 % 22.45 %
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 %
Q1 2018 39.47 % 24.17 % 20.26 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 - - - -
Q2 2009 - - - -
Q3 2009 - - - -
Q4 2009 - - - -
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 - - - -
Q2 2011 - - - -
Q3 2011 - - - -
Q4 2011 92.04 - - 6.03
Q1 2012 - - - -
Q2 2012 - - - -
Q3 2012 - - - -
Q4 2012 92.04 - - 6.65
Q1 2013 - - - -
Q2 2013 - - - -
Q3 2013 - - - -
Q4 2013 92.04 - - 9.84
Q1 2014 92.04 - - 10.70
Q2 2014 92.04 - - 11.69
Q3 2014 92.04 - - 12.48
Q4 2014 92.04 3.61 3.61 12.38
Q1 2015 92.04 3.88 3.88 13.50
Q2 2015 92.04 3.87 3.87 12.67
Q3 2015 92.04 4.05 4.05 13.63
Q4 2015 92.04 4.24 4.24 14.70
Q1 2016 92.04 4.23 4.23 16.39
Q2 2016 92.04 4.03 4.03 15.20
Q3 2016 92.04 4.13 4.13 16.43
Q4 2016 92.04 3.94 3.94 17.32
Q1 2017 92.04 4.00 4.00 18.46
Q2 2017 92.04 3.87 3.87 17.09
Q3 2017 92.04 3.49 3.49 17.74
Q4 2017 92.04 3.47 3.47 15.75
Q1 2018 92.04 3.22 3.22 16.69

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 - - -
Q2 2013 - - -
Q3 2013 - - -
Q4 2013 - - -
Q1 2014 - - -
Q2 2014 - - -
Q3 2014 - - -
Q4 2014 - - -
Q1 2015 - - -
Q2 2015 - - -
Q3 2015 - - -
Q4 2015 - - -
Q1 2016 17.17 17.17 4.43
Q2 2016 17.16 17.16 4.56
Q3 2016 12.41 12.41 3.12
Q4 2016 18.62 18.62 4.23
Q1 2017 18.48 18.48 4.01
Q2 2017 19.45 19.45 4.41
Q3 2017 17.98 17.98 3.54
Q4 2017 15.52 15.52 3.42
Q1 2018 17.90 17.90 3.46

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical and medical Other related
Q1 2014 292.08 64.94 2.16
Q2 2014 277.90 66.66 2.51
Q1 2015 316.95 70.24 4.46
Q2 2015 298.05 70.30 3.65
Q3 2015 285.90 63.54 2.76
Q4 2015 340.02 72.94 5.72
Q1 2016 341.43 73.04 7.06
Q2 2016 329.84 72.93 7.31
Q3 2016 314.20 62.16 2.72
Q4 2016 328.64 72.64 3.69
Q1 2017 347.69 71.94 4.27
Q2 2017 317.38 70.77 3.54
Q3 2017 218.78 60.16 3.27
Q4 2017 286.95 71.35 6.30
Q1 2018 323.41 68.50 3.20

Analysts Estimates (Million)