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Al Hammadi Company for Development and Investment announces its Annual Financial Results for the Period Ending on 2019-12-31

ELEMENT LIST CURRENT YEAR PREVIOUS YEAR %CHANGE
Sales/Revenue 974.06 893.59 9.005
Gross Profit (Loss) 282.62 250.36 12.885
Operational Profit (Loss) 146.54 138.14 6.08
Net Profit (Loss) after Zakat and Tax 92.99 89.81 3.54
Total Comprehensive Income 87.53 93.04 -5.922
Total Share Holders Equity (after Deducting Minority Equity) 1,566.13 1,478.59 5.92
Profit (Loss) per Share 0.77 0.75
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Increase (Decrease) in Net Profit for Current Year Compared to Last Year is Attributed to The increase in net profit for the current year compared to the previous year is due to the increase in revenues resulted from the increase in the numbers of outpatient visits and inpatient admissions for the current year despite: 1)The increase in operating expenses related to the increase of the group operations. 2) The increase in depreciation expense for the property and equipment of Al-Nuzha Hospital which started operations during the first quarter of the previous year. 3) The increase in the finance costs resulting from the application of IFRS 16 and financing of the subsidiary operations.
Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain figures of the previous year have been reclassified to conform to the presentation for the current year as shown in note 33 attached to the consolidated financial statements for the year ended December 31, 2019.
Additional Information Starting the 1st of January 2019, the company has adopted IFRS (16) “Rent Contracts”. For more information regarding the impact of adoption of IFRS 16, refer to note 4 (Summary of Significant Accounting Policies) attached to the consolidated financial statements for the year ended December 31, 2019.