Al Hammadi expects 10% rise in 2018 revenues as Nuzha branch opens

31/01/2018 Argaam

 

Al Hammadi Company for Development and Investment (Al Hammadi) has commenced the commercial run of Al Hammadi Hospital Nuzha branch after getting approval from the Ministry of Health, the company said in a statement to Tadawul.

 

The new branch, which will initially operate with 120 beds, will start accepting patients from Feb.13. The number of beds will be increased gradually, the statement added.

 

The company expects the Nuzha branch will help in increasing 2018 revenues by 10 percent. However, it estimates a negative EBITDA (operating losses before depreciation and amortization) of  SAR 18 million, which is expected to breakeven in Q4 2019.

 

The opening of the new branch is expected to boost Al Hammadi's outpatient clinics to 202 and 1,378 beds.

 

The full financial impact will be reflected in Q1 2018 earnings, the statement said.

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