Saudi German’s net profit drops 17% in 2017
26/03/2018
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Middle East Healthcare Co.’s (Saudi German Hospital) FY 2017 net profit fell 17 percent year-on-year (YoY) to SAR 300 million mainly due to the operation costs of newly-launched Hail hospital. There were also some increases in the salaries of caregivers, general and administrative expenses, and zakat, the company said in a statement to Tadawul.
Financials (M)
| Item | 2016 | 2017 | Change |
|---|---|---|---|
| Revenues | 1,615.64 | 1,462.39 | (9.5 %) |
| Gross Income | 828.39 | 597.87 | (27.8 %) |
| Operating Income | 358.37 | 294.77 | (17.7 %) |
| Net Income | 362.64 | 319.49 | (11.9 %) |
| Average Shares | 92.04 | 92.04 | - |
| Earnings Per Share before unusual items (Riyals) | 3.94 | 3.47 | (11.9 %) |
| EPS (Riyal) | 3.94 | 3.47 | (11.9 %) |
Compared With The
Current Quarter Comparison (M)
| Item | Q4 2016 | Q4 2017 | Change |
|---|---|---|---|
| Revenues | 404.96 | 364.60 | (10.0 %) |
| Gross Income | 199.88 | 145.47 | (27.2 %) |
| Operating Income | 87.04 | 73.06 | (16.1 %) |
| Net Income | 84.73 | 82.69 | (2.4 %) |
| Average Shares | 92.04 | 92.04 | - |
| Earnings Per Share before unusual items (Riyal) | 0.92 | 0.90 | (2.4 %) |
| EPS (Riyal) | 0.92 | 0.90 | (2.4 %) |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2017 | 393.53 | (6.6 %) | 180.47 | (16.7 %) | 107.04 | 3.2 % |
| Q2 2017 | 351.28 | (14.3 %) | 138.63 | (34.8 %) | 58.97 | (23.0 %) |
| Q3 2017 | 352.98 | (6.9 %) | 133.30 | (33.1 %) | 55.70 | (38.9 %) |
| Q4 2017 | 364.60 | (10.0 %) | 145.47 | (27.2 %) | 73.06 | (16.1 %) |
| 2017 | 1,462.39 | (9.5 %) | 597.87 | (27.8 %) | 294.77 | (17.7 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS(Riyal) |
|---|---|---|---|---|---|---|
| Q1 2017 | 109.97 | 5.5 % | 1.19 | - | 109.97 | 1.19 |
| Q2 2017 | 61.95 | (16.4 %) | 0.67 | - | 61.95 | 0.67 |
| Q3 2017 | 64.88 | (34.9 %) | 0.70 | - | 64.88 | 0.70 |
| Q4 2017 | 82.69 | (2.4 %) | 0.90 | - | 82.69 | 0.90 |
| 2017 | 319.49 | (11.9 %) | 3.47 | - | 319.49 | 3.47 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
| 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 % |
Compared With The
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Recurring P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2017
| Period | Inpatient clinics | Outpatient clinics | Pharmacy Sales | Others |
|---|---|---|---|---|
| Q1 2017 | 242.80 | 104.89 | 71.94 | 4.27 |
| Q2 2017 | 224.48 | 92.89 | 70.77 | 3.54 |
| Q3 2017 | 133.39 | 85.39 | 60.16 | 3.27 |
| Q4 2017 | 172.44 | 114.51 | 71.35 | 6.30 |
Analysts Estimates (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Average | 66.24 | 82.69 |
Estimates vs Actual (Million)
| Item | Profit (Expected) | Profit (Actual) | Change |
|---|---|---|---|
| Arbah Capital | 74.40 | 82.69 | |
| AlJazira Capital | 70.50 | 82.69 | |
| SNB Capital | 64.00 | 82.69 | |
| Sico | 64.00 | 82.69 | |
| OSOOL AND BAKHEET | 58.30 | 82.69 |
| 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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