Middle East Healthcare Co. (Saudi German) said its net profit for the first nine months of 2016 fell 5 percent year-on-year to SAR 274.2 million due to an overall increase in medical staff costs, driven by increment and new hiring, and lower operational profit due to higher selling and distribution expenses.
| Item | 9m 2015 | 9m 2016 | Change |
|---|---|---|---|
| Revenues | 1,115.84 | 1,210.68 | 8.5 % |
| Gross Income | 596.10 | 628.50 | 5.4 % |
| Operating Income | 280.34 | 271.33 | (3.2 %) |
| Net Income | 287.93 | 277.92 | (3.5 %) |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 3.13 | 3.02 | (3.5 %) |
Net profit for the third quarter edged up by 1.4 percent YoY to SAR 92 million as revenue rose, supported by the growth in outpatient traffic, price increase and case mix of patients.
When compared to the previous quarter, Q3 profit rose by 19.5 percent mainly due to the control in general and administrative expenses, an increase in other income and change in estimated provisions on a receivable account.
| Item | Q3 2015 | Q3 2016 | Change |
|---|---|---|---|
| Revenues | 352.20 | 379.09 | 7.6 % |
| Gross Income | 183.23 | 199.40 | 8.8 % |
| Operating Income | 88.21 | 91.10 | 3.3 % |
| Net Income | 90.75 | 99.64 | 9.8 % |
| Average Shares | 92.04 | 92.04 | - |
| EPS (Riyals) | 0.99 | 1.08 | 9.8 % |
| Period | Revenues | Change | Gross Income | Change | Net Income | Change | EPS(Riyal) |
|---|---|---|---|---|---|---|---|
| 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 |
| 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 % |
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (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 |
| Period | P/E | Adjusted 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 |
Q3 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 |
| Item | Q3 2016 (e) | Q3 2016 (a) | Change |
|---|---|---|---|
| Average | 81.00 | 99.64 | 23.02 % |
| Current | |
| Market Cap (M Riyal) | 7,252.75 |
| Enterprise Value (EV) (M) | 9,588.32 |
| Shares Outstanding ((M)) | 92.04 |
| EPS ( Riyal) (TTM) | 1.98 |
| Book Value (BV) ( Riyal) | 17.08 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 39.85 |
| P/E (TTM) | 39.85 |
| Price/book | 4.61 |
| Return on Average Assets (%) (TTM) | 3.8 |
| Return on Average Equity (%) (TTM) | 12.2 |
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