MEAHCO’s FY16 net profit drops 7%

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	4.24	3.94	(7.1 %)
EPS (Riyals)	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.

Current Quarter Comparison (M)

Compared With The

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	1.11	0.92	(17.2 %)
EPS (Riyals)	1.11	0.92	(17.2 %)

Item	Q3 2016	Q4 2016	Change‬
Revenues	379.09	404.96	6.8 %
Gross Income	199.40	199.88	0.2 %
Operating Income	91.10	87.04	(4.5 %)
Net Income	99.64	84.73	(15.0 %)
Average Shares	92.04	92.04	-
Earnings Per Share before unusual items	1.08	0.92	(15.0 %)
EPS (Riyals)	1.08	0.92	(15.0 %)

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Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

	Current
Market Cap (M Riyal)	6,074.64
Enterprise Value (EV) (M)	8,453.04
Shares Outstanding ((M))	92.04
EPS ( Riyal) (TTM)	3.06
Book Value (BV) ( Riyal)	17.67
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	27.97
P/E (TTM)	21.54
Price/book	3.74
Return on Average Assets (%) (TTM)	5.5
Return on Average Equity (%) (TTM)	19.1

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	436.84	-	159.99	-	40.98	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	542.22	24.1 %	248.36	55.2 %	72.56	77.0 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	828.36	52.8 %	430.49	73.3 %	136.85	88.6 %
Q1 2014	359.18	-	199.49	-	75.11	-
Q2 2014	347.08	-	185.78	-	88.17	-
Q3 2014	323.16	-	174.49	-	71.53	-
Q4 2014	369.34	-	190.01	-	78.37	-
2014	1,398.75	68.9 %	749.76	74.2 %	313.18	128.8 %
Q1 2015	391.64	9.0 %	208.99	4.8 %	102.89	37.0 %
Q2 2015	372.00	7.2 %	203.88	9.7 %	89.24	1.2 %
Q3 2015	352.20	9.0 %	183.23	5.0 %	88.21	23.3 %
Q4 2015	418.69	13.4 %	214.04	12.6 %	97.86	24.9 %
2015	1,534.53	9.7 %	810.13	8.1 %	378.20	20.8 %
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	436.84	-	159.99	-	40.98	-
2012	542.22	24.1 %	248.36	55.2 %	72.56	77.0 %
2013	828.36	52.8 %	430.49	73.3 %	136.85	88.6 %
2014	1,398.75	68.9 %	749.76	74.2 %	313.18	128.8 %
2015	1,534.53	9.7 %	810.13	8.1 %	378.20	20.8 %
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	Earnings Per Share before unusual items
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	36.01	-	0.39	-	36.01	0.39
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	61.99	72.2 %	0.67	-	61.99	0.67
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	137.20	121.3 %	1.49	-	137.20	1.49
Q1 2014	80.16	-	0.87	-	80.16	0.87
Q2 2014	92.80	-	1.01	-	92.80	1.01
Q3 2014	74.36	-	0.81	-	74.36	0.81
Q4 2014	84.64	-	0.92	-	84.64	0.92
2014	331.97	142.0 %	3.61	-	331.97	3.61
Q1 2015	105.39	31.5 %	1.15	-	105.39	1.15
Q2 2015	91.79	(1.1 %)	1.00	-	91.79	1.00
Q3 2015	90.75	22.0 %	0.99	-	90.75	0.99
Q4 2015	102.32	20.9 %	1.11	-	102.32	1.11
2015	390.25	17.6 %	4.24	-	390.25	4.24
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	36.01	-	0.39	-	36.01	0.39
2012	61.99	72.2 %	0.67	-	61.99	0.67
2013	137.20	121.3 %	1.49	-	137.20	1.49
2014	331.97	142.0 %	3.61	-	331.97	3.61
2015	390.25	17.6 %	4.24	-	390.25	4.24
2016	362.64	(7.1 %)	3.94	-	362.64	3.94

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.62 %	20.91 %	8.24 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	45.80 %	20.53 %	11.43 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	51.97 %	21.68 %	16.56 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	53.60 %	25.57 %	23.73 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	36.62 %	20.91 %	8.24 %
2012	45.80 %	20.53 %	11.43 %
2013	51.97 %	21.68 %	16.56 %
2014	53.60 %	25.57 %	23.73 %
2015	52.79 %	28.05 %	25.43 %
2016	51.27 %	26.12 %	22.45 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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	55.54 %	23.76 %	22.32 %
Q2 2014	53.53 %	28.54 %	26.74 %
Q3 2014	54.00 %	25.72 %	23.01 %
Q4 2014	51.45 %	24.43 %	22.92 %
Q1 2015	53.36 %	29.47 %	26.91 %
Q2 2015	54.81 %	27.44 %	24.67 %
Q3 2015	52.02 %	28.83 %	25.77 %
Q4 2015	51.12 %	26.62 %	24.44 %
Q1 2016	51.39 %	28.30 %	24.72 %
Q2 2016	51.82 %	22.50 %	18.06 %
Q3 2016	52.60 %	28.28 %	26.29 %
Q4 2016	49.36 %	25.48 %	20.92 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
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	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

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	92.04	0.39	0.39	6.03
2012	92.04	0.67	0.67	6.65
2013	92.04	1.49	1.49	9.84
2014	92.04	3.61	3.61	12.38
2015	92.04	4.24	4.24	14.70
2016	92.04	3.94	3.94	17.32

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	18.62	18.62	4.23

Business Segments (Million)

Compared With The

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
Q1 2014	207.07	85.01	64.94	2.16
Q2 2014	200.50	77.40	66.66	2.51
Q1 2015	224.99	91.95	70.24	4.46
Q2 2015	211.41	86.64	70.30	3.65
Q3 2015	200.38	85.53	63.54	2.76
Q4 2015	220.47	119.55	72.94	5.72
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

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
2013	-	-	159.08	1.19
2014	807.92	323.31	257.32	10.20
2015	857.25	383.67	277.02	16.59
2016	916.44	397.66	280.76	20.77

Analysts Estimates (Million)

Item	Q4 2016 (e)	Q4 2016 (net income)	Change‬	Q4 2016 (before unusual items)	Change‬
Average	92.95	84.73	(8.8 %)	84.73	(8.8 %)

Estimates vs Actual (Million)

Item	Q4 2016 (e)	Q4 2016 (net income)	Change	Q4 2016 (before unusual items)	Change‬
Sico	85.00	84.73	(0.3) %	84.73	(0.3) %
OSOOL AND BAKHEET	100.90	84.73	(16.0) %	84.73	(16.0) %

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MEAHCO’s FY16 net profit drops 7%

Financials (M)

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Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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Profit Performance (Million)

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MEAHCO’s FY16 net profit drops 7%

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2016

Revenue by Business Segment (Latest) 2016 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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