January 19, 2017

Al Hammadi Company for Development and Investment announces the interim financial results for the period ending on 31-12-2016 (Twelve Months)

Interim financial results for the period ending on 31-12-2016 (Twelve Months):

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 10.73 35.75 -69.99 21.47 -50.02
Gross profit (loss) 73.02 68.02 7.35 57.52 26.95
Operational profit (loss) 18.17 40.39 -55.01 27.25 -33.32
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 74.68 141.33 -47.16
Gross profit (loss) 241.55 240.24 0.55
Operational profit (loss) 98.09 153.37 -36.04
Earning or loss per share, Riyals 0.62 1.18
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The increase in the gross profit during the current quarter compared to the same quarter last year is attributable to the increase in the net revenue by 15.8% as a result of the increase in the number of patients. While the decrease in the operating and net income is attributable to the increase in the doubtful debt provisions.
Reasons of increase (decrease) for period compared with same period last year Although the net revenue grew by 8% for the current period compared to the same period last year. The slight increase in the gross profit and the decrease in the operating profit, and net income is mainly attributable 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 year 2016, 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 to a decrease in the general and administrative expenses for that period (iii) the increase in the doubtful debt provisions.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in the gross profit during the current quarter compared to the previous quarter is attributable to the increase in the net revenue by 29% as a result of the increase in the number of patients due to the re-opening of Al Hammadi Hospital, Olaya Branch. While the decrease in the operating and net income is attributable to the increase in the doubtful debt provision.
Reclassifications in quarterly financial results Certain comparative figures for the fourth quarter of the last year were reclassified to conform to the overall presentation of the current year’s fourth quarter figures.
Other notes The current quarter revenue is SR 182.6 million compared to SR 141.4 million in the previous quarter with increase of 29% and SR 157.7 million in the same quarter last year with increase of 15.8%. The current period revenue is SR 606.2 million compared to SR 561.3 million in the same period last year with increase of 8%. Total shareholders equity as at the end of the current quarter is SR 1,370 million compared to SR 1,360 million as at the end of the last quarter with increase of 1% and compared to SR 1,386 million as at the end of the same quarter last year with decrease of 1%. Please note that there is no minority interest.