August 16, 2017

Al Hammadi Company for Development and Investment announces the interim financial results for the period ending on 30-06-2017 (Six Months)

ELEMENT CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR % CHANGE CURRENT PREVIOUS QUARTER % CHANGE PREVIOUS
Net profit (loss) 25.66 20.63 24.38 27.97 -8.26
Gross profit (loss) 58.15 57.56 1.03 62.02 -6.24
Operational profit (loss) 33.85 29.14 16.16 34.66 -2.34
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR % CHANGE
Net profit (loss) 53.62 41.77 28.37
Gross profit (loss) 120.17 112.3 7.01
Operational profit (loss) 68.5 56.88 20.43
Earning or loss per share, Riyals 0.45 0.35
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 28% 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 period compared with same period last year The increase in the net income, gross profit and operating profit in the current period compared to the same period last year is attributable to the increase in net revenue by 26% 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 decrease in the net income, gross profit and operating income in the current quarter compared to the previous quarter this year is attributable to the decrease in the revenues by 2% as a result of the seasonal impact represented by Ramadan, Eid and summer vacations for citizens and foreigners in addition to the increase in direct costs as a result of commencing the arrival of Al Hammadi Hospital Al Nuzha branch medical staff.
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 30-06-2017.
Other notes The current quarter revenue is SR 176.6 million compared to SR 138.1 million in the same quarter last year with increase of 28% and SR 180.2 million in the previous quarter this year with decrease of 2%. The current period revenue is SR 356.9 million compared to SR 282.2 million in the same period last year with increase of 26%. The other comprehensive income for the current quarter is SR 23.5 million compared to SR 20.3 million for the same quarter last year with increase of 16% and compared to SR 29.8 million for the previous quarter this year with decrease of 22%. The other comprehensice income of the current period is SR 53.3 million compared to SR 41.2 million in the same period last year with increase of 29%. Total shareholders equity as at the end of the current period is SR 1,423 million compared to SR 1,339 million as at the end of the same period last year with increase of 6%. Please note that there is no minority interest.