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Al Hammadi Company for Development and Investment announces its Interim Financial Results for the Period Ending on 2020-08-23 ( Six Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 244.29 253.83 -3.758 206.69 18.191
Gross Profit (Loss) 90.81 71.08 27.757 66.48 36.597
Operational Profit (Loss) 50.66 33.54 51.043 37.06 36.697
Net Profit (Loss) after Zakat and Tax 39.1 20.01 95.402 24.94 56.776
Total Comprehensive Income 40.39 17.07 136.613 26.43 52.818
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 450.98 483.51 -6.727
Gross Profit (Loss) 157.29 136.69 15.07
Operational Profit (Loss) 87.72 70.29 24.797
Net Profit (Loss) after Zakat and Tax 64.05 44.18 44.975
Total Comprehensive Income 66.83 42.81 56.108
Total Share Holders Equity (after Deducting Minority Equity) 1,632.96 1,521.41 7.332
Profit (Loss) per Share 0.53 0.37
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The net profit of the current quarter has increased compared with the net profit of the same quarter last year due to the following:

 

1.The increase of inpatient revenues as a result of the increase of the number of patients transferred from the Ministry of Health.

2. The decrease in some expenses and the decease in staff cost resulted from benefiting from government initiatives to support private sector companies.

3. The decrease in finance costs due to lower loans balances and lower lending cost.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The net profit for the current quarter has increased compared to the previous quarter due to the following:

 

1.The increase of inpatient revenues as a result of the increase of the number of patients transferred from the Ministry of Health.

2. The decrease in some expenses and the decease in staff cost resulted from benefiting from government initiatives to support private sector companies.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The net profit for the current period has increased compared with the net profit of the same period last year due to the following:

 

1. Improved performance of Nuzha Hospital branch.

2.The increase of inpatient revenues as a result of the increase of the number of patients transferred from the Ministry of Health.

3. The decrease in some expenses and the decease in staff cost resulted from benefiting from government initiatives to support private sector companies.

4. The decrease in finance costs due to lower loans balances and lower lending cost.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain comparative figures have been reclassified to conform with the presentation for the current period in accordance with the International Financial Reporting Standards adopted in the Kingdom of Saudi Arabia.
Additional Information In response to the spread of the (COVID-19) virus in the world and the resulted disruptions to economic activities in the markets. The company's management has proactively assessed its impact on its operations to ensure the continuity of providing its services. Despite these challenges, operations are currently still largely unaffected as the healthcare sector has been classified as a primary service by the government and as a result, the Saudi Arabian government has not imposed restrictions on the company's operations or its supply chain. The company's management continues to monitor the financial and operational effects of the spread of the (COVID-19) as well as the economic effects in general, and its measures have focused on managing the crisis in terms of operating efficiency and benefiting from the various government initiatives that aimed to support the health sector in the Kingdom. In addition, the company’s management has taken measures to sustain the supply chain for medicines and medical and non-medical materials, which had the effect of increasing its stocks to secure operational needs in anticipation of any unexpected disruptions and meeting the unusual increase in demand for medicines and medical supplies. The company’s management also has focused the availability of sufficient cash balances to finance the operating requirements to ensure the continuation of its activity under these circumstances. Moreover, outpatient visits has decreased during the pandemic period compared to the extraordinary increase of inpatient admissions which positively affected the revenues generated from health care services for inpatients Despite the difficulty of determining the extent and duration of the impact of the spread of the (COVID-19) epidemic, the company's management believes that it will not have a material impact on the company's ability to continue its activity. Management will also continue to monitor the situation closely, and will reflect any required impacts or changes in the financial reporting periods that pertain to it.