MEAHCO’s FY16 net profit drops 7%
18/01/2017
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Middle East Healthcare Co. (MEAHCO), which owns and operates Saudi German Hospitals, reported a net profit of SAR 362 million for fiscal year 2016, down 7.3 percent compared to the same period in 2015, due to the overall increase in care givers salaries, increased provision for rejections, depreciation, and finance charges.
Financials (M)
| Item | 2015 | 2016 | Change |
|---|---|---|---|
| Revenues | 1,534.53 | 1,615.64 | 5.3 % |
| Gross Income | 810.13 | 828.39 | 2.3 % |
| Operating Income | 378.20 | 358.37 | (5.2 %) |
| Net Income | 390.25 | 362.64 | (7.1 %) |
| Average Shares | 92.04 | 92.04 | - |
| Earnings Per Share before unusual items (Riyals) | 4.24 | 3.94 | (7.1 %) |
| EPS (Riyal) | 4.24 | 3.94 | (7.1 %) |
Net profit for fourth quarter fell 14 percent to SAR 87.6 million, from SAR 102.3 million year-on-year, as care giver salaries increased to accommodate more hospital beds.
Profit for the quarter dropped 5 percent compared to the previous quarter.
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2015 | Q4 2016 | Change |
|---|---|---|---|
| Revenues | 418.69 | 404.96 | (3.3 %) |
| Gross Income | 214.04 | 199.88 | (6.6 %) |
| Operating Income | 97.86 | 87.04 | (11.1 %) |
| Net Income | 102.32 | 84.73 | (17.2 %) |
| Average Shares | 92.04 | 92.04 | - |
| Earnings Per Share before unusual items (Riyal) | 1.11 | 0.92 | (17.2 %) |
| EPS (Riyal) | 1.11 | 0.92 | (17.2 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2016 | 421.52 | 7.6 % | 216.62 | 3.7 % | 103.68 | 0.8 % |
| Q2 2016 | 410.07 | 10.2 % | 212.49 | 4.2 % | 76.56 | (14.2 %) |
| Q3 2016 | 379.09 | 7.6 % | 199.40 | 8.8 % | 91.10 | 3.3 % |
| Q4 2016 | 404.96 | (3.3 %) | 199.88 | (6.6 %) | 87.04 | (11.1 %) |
| 2016 | 1,615.64 | 5.3 % | 828.39 | 2.3 % | 358.37 | (5.2 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2016 | 104.20 | (1.1 %) | 1.13 | - | 104.20 | 1.13 |
| Q2 2016 | 74.07 | (19.3 %) | 0.80 | - | 74.07 | 0.80 |
| Q3 2016 | 99.64 | 9.8 % | 1.08 | - | 99.64 | 1.08 |
| Q4 2016 | 84.73 | (17.2 %) | 0.92 | - | 84.73 | 0.92 |
| 2016 | 362.64 | (7.1 %) | 3.94 | - | 362.64 | 3.94 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 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 % |
| 2016 | 51.27 % | 26.12 % | 22.45 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2016
| Period | Inpatient clinics | Outpatient clinics | Pharmacy Sales | Others |
|---|---|---|---|---|
| Q1 2016 | 241.22 | 100.20 | 73.04 | 7.06 |
| Q2 2016 | 229.99 | 99.85 | 72.93 | 7.31 |
| Q3 2016 | 224.32 | 89.88 | 62.16 | 2.72 |
| Q4 2016 | 220.91 | 107.73 | 72.64 | 3.69 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 92.95 | 84.73 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Sico | 85.00 | 84.73 | |
| OSOOL AND BAKHEET | 100.90 | 84.73 |
| Current | |
| Market Cap (M Riyal) | 5,347.53 |
| Enterprise Value (EV) (M Riyal) | 7,698.25 |
| Shares Outstanding ((M)) | 92.04 |
| EPS ( Riyal) (TTM) | 4.27 |
| Book Value (BV) ( Riyal) | 19.60 |
| Par Value ( Riyal) | 10.00 |
| Recurring P/E | 22.93 |
| P/E (TTM) | 13.62 |
| Price/book | 2.96 |
| Return on Average Assets (%) (TTM) | 7.4 |
| Return on Average Equity (%) (TTM) | 24.3 |
| EV/adj EBITDA | 11.64 |
| EV/Revenues | 2.56 |
Share Price
Middle East Healthcare Co. (SAUDI GERMAN HEALTH)
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