Al Hammadi awaits nod to resume ops at Al Olaya hospital

Al Hammadi Company for Development and Investment is still awaiting an approval from  authorities to restart operations at its hospital in Al Olaya, the company’s financial statements revealed.

The facility was evacuated and closed in February due to maintenance work following a fire in its basement caused by faulty electric cables.

Al Hammadi added that the losses arising from the incident were covered under an insurance policy. The losses are not material, the company explained, as they are fully depreciated in its financial statements.

However, it added that the cost of implementing additional safety procedures as required by authorities, stood at SAR 6.5 million.

The healthcare services provider’s Q1 net profit fell 47 percent year-on-year, hurt by the hospital's closure.