October 18, 2016

Al Hammadi Company for Development and Investment announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

Al Hammadi Company for Development and Investment announces the interim financial results for the period ending on 30-09-2016 (Nine Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 21.47 27.69 -22.46 20.92 2.63
Gross profit (loss) 57.52 57.97 -0.78 56.41 1.97
Operational profit (loss) 27.25 31.92 -14.63 26.2 4.01
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 63.95 105.58 -39.43
Gross profit (loss) 168.53 172.17 -2.11
Operational profit (loss) 79.92 112.97 -29.26
Earning or loss per share, Riyals 0.53 0.88
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year Although the net revenue grew by 3.3% for the current quarter compared to the same quarter last year. The gross profit, operating profit, and net income have declined mainly due to: (i) The increase in the deprecation expenses and financial charges due to the opening of Al Hammadi Hospital – Sweidi branch on 1 August 2016 (ii) The closure of Al Hammadi Hospital – Olaya Branch during the first and second quarters of the current year, as a result of the electrical incident on 7 Feb 2016, as the hospital reopened during the third quarter on 7 August 2016.
Reasons of increase (decrease) for period compared with same period last year Although the net revenue grew by 5% for the current period compared to the same period last year. The gross profit, operating profit, and net income have declined mainly due to: (i) The increase in the deprecation expenses and financial charges due to the opening of Al Hammadi Hospital – Sweidi branch on 1 August 2016 (ii) The closure of Al Hammadi Hospital – Olaya Branch during the first and second quarters of the current year, as a result of the electrical incident on 7 Feb 2016, the hospital reopened during the third quarter on 7 August 2016 (iii) The collection of SR 9.8 million written off receivables during the first quarter 2015 which contributed in decrease the general and administrative expenses for that period.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in the gross profit, operating profit, and net income during the current quarter compared to the previous quarter of the current year is attributable to the increase in the net revenue by 2.4% as a result of reopening Al Hammadi Hospital – Olaya branch on 7 August 2016 and an increase in patient visits towards the end of the third quarter reflecting a usual seasonal impact experienced by the company after the holy month of Ramadan, Eid holidays and the summer vacations.
Reclassifications in quarterly financial results Certain comparative figures for the third quarter of the last year were reclassified to conform to the overall presentation of the current year’s third quarter figures.
Other notes 1-The current quarter revenue is SR 141.35 million compared to SR 138.08 million in the previous quarter with increase of 2% and SR 136.80 million in the same quarter last year with increase of 3% 2-The current period revenue is SR 423.59 million compared to SR 403.64 million in the same period last year with increase of 5% 3-The owners equity balance (no minority interest) as at the end of the third quarter this year is SR 1,360 million compared to SR 1,350 million as at the end of the third quarter last year with increase of 1%