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Al Hammadi Company for Development and Investment announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

ELEMENT LIST CURRENT QUARTER SIMILAR QUARTER FOR PREVIOUS YEAR %CHANGE PREVIOUS QUARTER % CHANGE
Sales/Revenue 219.71 207.85 5.706 223.72 -1.792
Gross Profit (Loss) 94.98 77.59 22.412 85.42 11.191
Operational Profit (Loss) 52.24 46.36 12.683 37.08 40.884
Net Profit (Loss) after Zakat and Tax 3.58 36.57 -90.21 40.3 -91.116
Total Comprehensive Income 3.37 34.86 -90.332 41.15 -91.81
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST CURRENT PERIOD SIMILAR PERIOD FOR PREVIOUS YEAR %CHANGE
Sales/Revenue 669.46 533.59 25.463
Gross Profit (Loss) 272.97 184.35 48.071
Operational Profit (Loss) 114.26 88.27 29.443
Net Profit (Loss) after Zakat and Tax 79.42 100.61 -21.061
Total Comprehensive Income 81.77 101.69 -19.588
Total Share Holders Equity (after Deducting Minority Equity) 1,720.43 1,667.82 3.154
Profit (Loss) per Share 0.66 0.84
All figures are in (Millions) Saudi Arabia, Riyals
ELEMENT LIST EXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The net profit of the current quarter has decreased compared with the net profit of the same quarter last year due to the following:

 

1. The loss from discontinued operations from Al Hammadi Olaya Hospital for the current quarter amounted to (36.7) million Saudi riyals, including losses of disposal of property and equipment of Al Hammadi Olaya Hospital amounting to (39.2) million Saudi riyals.

2. Decreased sales of the subsidiaries for the current quarter compared to the same quarter of the previous year.

3. Increase in provisions for expected credit losses added during the current quarter.

4. The increase in the zakat expense for the current quarter as a result of the increase in the zakat base. "

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The net profit for the current quarter has decreased compared to the previous quarter of the current year due to the following: 1. The loss from discontinued operations from Al Hammadi Olaya Hospital for the current quarter amounted to (36.7) million Saudi riyals, including losses of disposal of property and equipment of Al Hammadi Olaya Hospital amounting to (39.2) million Saudi riyals.

 

2. Decreased sales of the subsidiaries for the current quarter compared to the previous quarter of the current year.

3. The increase in the zakat expense for the current quarter as a result of the increase in the zakat base.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The net profit of the current period has decreased compared with the net profit of the same period last year due to the following: 1. The loss from discontinued operations from Al Hammadi Olaya Hospital for the current period amounted to (8,8) million Saudi riyals, including losses of disposal of property and equipment of Al Hammadi Olaya Hospital amounting to (39.2) million Saudi riyals.

 

2. Decreased sales of the subsidiaries for the current period compared to the same period of the previous year.

3. Increase in provisions for expected credit losses added during the current period.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Certain figures of the previous period have been reclassified to conform to the presentation for the current period as clarified in note no. (17) of the condensed consolidated interim financial statements for the period ended 30 September 2021.
Additional Information "With reference to Note No. (15) of the notes accompanying the condensed consolidated interim financial statements:

 

 

Based on the decision of the Board of Directors of Al Hammadi Company for Development and Investment on September 16, 2021 to stop the operational activities of Al Hammadi Olaya Hospital and to establish a new hospital to replace it, the reception of patients at Al-Hammadi Olaya Hospital was suspended by the end of September 2021 and the results of Al-Hammadi Olaya Hospital is presented under discontinued operations in the condensed consolidated interim statement of profit or loss. The disposal losses of property and equipment resulting from the suspension of the operational activities of Al Hammadi Olaya Hospital amounted to (39.2) million Saudi riyals, which resulted in the reduction of the net profit for the current quarter and the current period by the same amount. By excluding the impact of the disposal losses of property and equipment referred above, the net profit for the current qaurter will be 42.8 million Saudi riyals, and the net profit for the current period will be 118.6 million Saudi riyals."