Saudi German Hospital net profit up 4% to SAR 101 mln in 2020

Saudi German Hospital net profit up 4% to SAR 101 mln in 2020

28/02/2021 Argaam Exclusive

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Middle East Healthcare Co. (MEAHCO), which owns and operates the Saudi German Hospital chain, reported a net profit after Zakat and tax of SAR 101 million for 2020, an increase of 4%, from SAR 97.6 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,496.65 1,750.59 17.0 %
Gross Income 472.93 578.37 22.3 %
Operating Income 103.27 107.41 4.0 %
Net Income 97.57 81.99 (16.0 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 1.06 0.89 (16.0 %)

The increase in net profit was attributed to higher in-patient traffic and case mix, in addition to lower cost of revenue due to effective procurement policy.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 406.51 448.89 10.4 %
Gross Income 148.59 139.12 (6.4 %)
Operating Income 44.06 17.20 (61.0 %)
Net Income 37.47 9.54 (74.5 %)
Average Shares 92.04 92.04 -
EPS (Riyals) 0.41 0.10 (74.5 %)

The company reported a net profit after Zakat and tax of SAR 28.5 million in Q4 2020, a 24% year-on-year (YoY) decline. 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 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 -
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 %
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 %)
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 %)
Q1 2018 395.11 0.4 % 160.42 (11.1 %) 85.82 (19.8 %)
Q2 2018 346.13 (1.5 %) 116.91 (15.7 %) 31.66 (46.3 %)
Q3 2018 338.77 (4.0 %) 111.87 (16.1 %) 21.29 (61.8 %)
Q4 2018 310.68 (14.8 %) 111.56 (23.3 %) 23.96 (67.2 %)
Q1 2019 350.18 (11.4 %) 101.63 (36.6 %) 18.31 (78.7 %)
Q2 2019 353.20 2.0 % 102.76 (12.1 %) 7.58 (76.0 %)
Q3 2019 386.76 14.2 % 119.96 7.2 % 33.31 56.5 %
Q4 2019 406.51 30.8 % 148.59 33.2 % 44.06 83.9 %
Q1 2020 436.31 24.6 % 146.86 44.5 % 24.36 33.0 %
Q2 2020 373.26 5.7 % 120.49 17.3 % 23.73 212.9 %
Q3 2020 492.13 27.2 % 171.91 43.3 % 42.12 26.4 %
Q4 2020 448.89 10.4 % 139.12 (6.4 %) 17.20 (61.0 %)
2020 1,750.59 17.0 % 578.37 22.3 % 107.41 4.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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 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
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
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
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
Q1 2018 87.13 (20.8 %) 0.95 - 87.13 0.95
Q2 2018 34.27 (44.7 %) 0.37 - 34.27 0.37
Q3 2018 20.16 (68.9 %) 0.22 - 20.16 0.22
Q4 2018 30.69 (62.9 %) 0.33 - 30.69 0.33
Q1 2019 14.59 (83.3 %) 0.16 - 14.59 0.16
Q2 2019 12.28 (64.2 %) 0.13 - 12.28 0.13
Q3 2019 33.23 64.8 % 0.36 - 33.23 0.36
Q4 2019 37.47 22.1 % 0.41 (8.00) 45.47 0.49
Q1 2020 21.18 45.2 % 0.23 - 21.18 0.23
Q2 2020 16.35 33.2 % 0.18 - 16.35 0.18
Q3 2020 34.91 5.1 % 0.38 - 34.91 0.38
Q4 2020 9.54 (74.5 %) 0.10 - 9.54 0.10
2020 81.99 (16.0 %) 0.89 - 81.99 0.89

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 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 %
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 %
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 %
Q1 2018 39.47 % 24.17 % 20.26 %
Q2 2018 38.12 % 22.54 % 18.44 %
Q3 2018 37.01 % 20.57 % 15.52 %
Q4 2018 36.01 % 18.10 % 12.39 %
Q1 2019 32.84 % 13.74 % 7.41 %
Q2 2019 31.62 % 12.25 % 5.74 %
Q3 2019 31.12 % 12.85 % 6.48 %
Q4 2019 31.60 % 13.48 % 7.05 %
Q1 2020 32.74 % 13.41 % 7.09 %
Q2 2020 33.43 % 14.66 % 7.25 %
Q3 2020 34.41 % 14.80 % 6.90 %
Q4 2020 33.04 % 13.40 % 4.68 %
2020 33.04 % 13.40 % 4.68 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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
Q1 2018 92.04 3.22 3.22 16.69
Q2 2018 92.04 2.92 2.92 15.07
Q3 2018 92.04 2.44 2.44 15.29
Q4 2018 92.04 1.87 1.87 15.71
Q1 2019 92.04 1.08 1.08 15.87
Q2 2019 92.04 0.84 0.84 16.00
Q3 2019 92.04 0.99 0.99 16.36
Q4 2019 92.04 1.06 1.15 16.54
Q1 2020 92.04 1.13 1.22 16.77
Q2 2020 92.04 1.18 1.26 16.95
Q3 2020 92.04 1.19 1.28 17.33
Q4 2020 92.04 0.89 0.89 13.38

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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
Q1 2018 17.90 17.90 3.46
Q2 2018 20.02 20.02 3.88
Q3 2018 15.00 15.00 2.39
Q4 2018 17.34 17.34 2.07
Q1 2019 29.49 29.49 2.01
Q2 2019 32.63 32.63 1.72
Q3 2019 26.36 26.36 1.59
Q4 2019 28.02 25.89 1.80
Q1 2020 22.49 20.89 1.52
Q2 2020 25.77 23.99 1.79
Q3 2020 30.69 28.61 2.11
Q4 2020 39.35 39.35 2.62

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
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
Q1 2018 214.32 109.10 68.50 3.20
Q2 2018 188.62 79.63 76.10 1.78
Q3 2018 184.16 98.93 53.64 2.04
Q4 2018 147.36 97.71 61.91 3.70
Q1 2019 181.07 97.28 67.29 4.54
Q2 2019 185.66 95.13 68.96 3.44
Q3 2019 223.51 95.92 64.81 2.51
Q4 2019 222.02 111.18 69.80 3.51
Q1 2020 264.27 98.09 71.34 2.60
Q2 2020 238.16 70.59 61.71 2.81
Q3 2020 301.73 111.20 76.35 2.85
Q4 2020 281.15 110.99 74.56 3.81

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average 38.07 9.54 (74.9 %)

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
OSOOL AND BAKHEET 37.00 9.54 (74.2) %
SNB Capital 38.00 9.54 (74.9) %
AlJazira Capital 39.20 9.54 (75.7) %


Financial Ratios
Current
Market Cap (M Riyal) 6,488.82
Enterprise Value (EV) (M) 8,884.32
Shares Outstanding ((M)) 92.04
EPS ( Riyal) (TTM) 2.30
Book Value (BV) ( Riyal) 18.46
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 33.80
P/E (TTM) 30.70
Price/book 3.82
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 13.2
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Share Price

Middle East Healthcare Co.
70.50
1.50 2.17 %

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

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