May 10, 2017

Al Hammadi Company for Development and Investment announces the interim financial results for the period ending on 31-03-2017 (Three Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 27.97 21.14 32.31 10.73 160.67
Gross profit (loss) 62.02 54.75 13.28 73.02 -15.06
Operational profit (loss) 34.66 27.74 24.95 18.17 90.75
Earning or loss per share, Riyals 0.23 0.18
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 net income, gross profit and operating profit in the current quarter compared to the same quarter last year is attributable to the increase in net revenue by 25% as a result of the increase in the number of patients and inpatient nights in addition to the optimization of the contractual terms with some customers. It is worth mentioning that Al Hammadi Hospital Olaya branch was closed during the period 7 Feb to 7 Aug last year because of the fire incident.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in the net income in the current quarter compared to the last quarter is attributable to the decrease in the doubtful debt provision as the company provisioned around SR 20 million last quarter against one of the major customers accounts receivable.
Reclassifications in quarterly financial results Certain figures of the previous year have been restated and reclassified to conform to the presentation for the current year presentation as per IFRS. For more information, refer to note (4) First-time adoption of IFRS of Condensed Interim Consolidated Financial Statements for the period ended 31-03-2017.
Other notes The current quarter revenue is SR 180.2 million compared to SR 144.2 million in the same quarter last year with increase of 25% and SR 182.6 million in the last quarter with decrease of 1%. Total shareholders equity as at the end of the current quarter is SR 1,399 million compared to SR 1,409 million as at the end of the same quarter last year with decrease of 1%and compared to SR 1,370 million as at the end of the last year with increase of 2%. Please note that there is no minority interest. The other comprehensive income for the current years is SR 29.8 million compared to SR 20.8 million for the same quarter last year with increase of 43% and compared to SR 9.5 million for the last quarter with increase of 213.7%.