August 2, 2016

Addendum announcement from Al Hammadi Company for Development and Investment related to the Electrical Contact Incident in the Electricity Circuit Breakers Room At Al Hammadi Olaya Hospital Basement

Further to the announcement published on Tadawul’s website on 08-02-2016 related to the electrical contact incident in the electricity circuit breakers room at Al Hammadi Olaya Hospital Basement. Al Hammadi Company for Development and Investment would like to clarify to the respected shareholders that the Company obtained all required licenses to re-open the Hospital and the Hospital will start receiving patients on Saturday 03-11-1437H corresponding to 06-08-2016G.


It is worth mentioning that the financial impact on the Company’s net income during the hospital closure period estimated at SR 20 million.
The reason behind the relatively low financial impact on the Company’s net income during that period is that the Company has utilized Al Hammadi Olaya Hospital medical staff in Al Hammadi Sweidi Hospital which helped in increasing the occupancy rate over the planned one.