Saudi German’s net profit drops 17% in 2017

Middle East Healthcare Co.’s (Saudi German Hospital) FY 2017 net profit fell 17 percent year-on-year (YoY) to SAR 300 million mainly due to the operation costs of newly-launched Hail hospital. There were also some increases in the salaries of caregivers, general and administrative expenses, and zakat, the company said in a statement to Tadawul.

Financials (M)

Item	2016	2017	Change‬
Revenues	1,615.64	1,462.39	(9.5 %)
Gross Income	828.39	597.87	(27.8 %)
Operating Income	358.37	294.77	(17.7 %)
Net Income	362.64	319.49	(11.9 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	3.94	3.47	(11.9 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2016	Q4 2017	Change‬
Revenues	404.96	364.60	(10.0 %)
Gross Income	199.88	145.47	(27.2 %)
Operating Income	87.04	73.06	(16.1 %)
Net Income	84.73	82.69	(2.4 %)
Average Shares	92.04	92.04	-
EPS (Riyals)	0.92	0.90	(2.4 %)

Item	Q3 2017	Q4 2017	Change‬
Revenues	352.98	364.60	3.3 %
Gross Income	133.30	145.47	9.1 %
Operating Income	55.70	73.06	31.2 %
Net Income	64.88	82.69	27.4 %
Average Shares	92.04	92.04	-
EPS (Riyals)	0.70	0.90	27.4 %

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Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

	Current
Market Cap (M Riyal)	6,452.00
Enterprise Value (EV) (M)	8,847.51
Shares Outstanding ((M))	92.04
EPS ( Riyal) (TTM)	2.30
Book Value (BV) ( Riyal)	18.46
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	33.60
P/E (TTM)	30.53
Price/book	3.80
Return on Average Assets (%) (TTM)	4.2
Return on Average Equity (%) (TTM)	13.2

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	436.84	-	159.99	-	40.98	-
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	542.22	24.1 %	248.36	55.2 %	72.56	77.0 %
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	828.36	52.8 %	430.49	73.3 %	136.85	88.6 %
Q1 2014	359.18	-	199.49	-	75.11	-
Q2 2014	347.08	-	185.78	-	88.17	-
Q3 2014	323.16	-	174.49	-	71.53	-
Q4 2014	369.34	-	190.01	-	78.37	-
2014	1,398.75	68.9 %	749.76	74.2 %	313.18	128.8 %
Q1 2015	391.64	9.0 %	208.99	4.8 %	102.89	37.0 %
Q2 2015	372.00	7.2 %	203.88	9.7 %	89.24	1.2 %
Q3 2015	352.20	9.0 %	183.23	5.0 %	88.21	23.3 %
Q4 2015	418.69	13.4 %	214.04	12.6 %	97.86	24.9 %
2015	1,534.53	9.7 %	810.13	8.1 %	378.20	20.8 %
Q1 2016	421.52	7.6 %	216.62	3.7 %	103.68	0.8 %
Q2 2016	410.07	10.2 %	212.49	4.2 %	76.56	(14.2 %)
Q3 2016	379.09	7.6 %	199.40	8.8 %	91.10	3.3 %
Q4 2016	404.96	(3.3 %)	199.88	(6.6 %)	87.04	(11.1 %)
2016	1,615.64	5.3 %	828.39	2.3 %	358.37	(5.2 %)
Q1 2017	393.53	(6.6 %)	180.47	(16.7 %)	107.04	3.2 %
Q2 2017	351.28	(14.3 %)	138.63	(34.8 %)	58.97	(23.0 %)
Q3 2017	352.98	(6.9 %)	133.30	(33.1 %)	55.70	(38.9 %)
Q4 2017	364.60	(10.0 %)	145.47	(27.2 %)	73.06	(16.1 %)
2017	1,462.39	(9.5 %)	597.87	(27.8 %)	294.77	(17.7 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	436.84	-	159.99	-	40.98	-
2012	542.22	24.1 %	248.36	55.2 %	72.56	77.0 %
2013	828.36	52.8 %	430.49	73.3 %	136.85	88.6 %
2014	1,398.75	68.9 %	749.76	74.2 %	313.18	128.8 %
2015	1,534.53	9.7 %	810.13	8.1 %	378.20	20.8 %
2016	1,615.64	5.3 %	828.39	2.3 %	358.37	(5.2 %)
2017	1,462.39	(9.5 %)	597.87	(27.8 %)	294.77	(17.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-
2009	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-
2010	-	-	-	-	-	-
Q1 2011	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-
2011	36.01	-	0.39	-	36.01	0.39
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	61.99	72.2 %	0.67	-	61.99	0.67
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	137.20	121.3 %	1.49	-	137.20	1.49
Q1 2014	80.16	-	0.87	-	80.16	0.87
Q2 2014	92.80	-	1.01	-	92.80	1.01
Q3 2014	74.36	-	0.81	-	74.36	0.81
Q4 2014	84.64	-	0.92	-	84.64	0.92
2014	331.97	142.0 %	3.61	-	331.97	3.61
Q1 2015	105.39	31.5 %	1.15	-	105.39	1.15
Q2 2015	91.79	(1.1 %)	1.00	-	91.79	1.00
Q3 2015	90.75	22.0 %	0.99	-	90.75	0.99
Q4 2015	102.32	20.9 %	1.11	-	102.32	1.11
2015	390.25	17.6 %	4.24	-	390.25	4.24
Q1 2016	104.20	(1.1 %)	1.13	-	104.20	1.13
Q2 2016	74.07	(19.3 %)	0.80	-	74.07	0.80
Q3 2016	99.64	9.8 %	1.08	-	99.64	1.08
Q4 2016	84.73	(17.2 %)	0.92	-	84.73	0.92
2016	362.64	(7.1 %)	3.94	-	362.64	3.94
Q1 2017	109.97	5.5 %	1.19	-	109.97	1.19
Q2 2017	61.95	(16.4 %)	0.67	-	61.95	0.67
Q3 2017	64.88	(34.9 %)	0.70	-	64.88	0.70
Q4 2017	82.69	(2.4 %)	0.90	-	82.69	0.90
2017	319.49	(11.9 %)	3.47	-	319.49	3.47

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2008	-	-	-	-	-	-
2009	-	-	-	-	-	-
2010	-	-	-	-	-	-
2011	36.01	-	0.39	-	36.01	0.39
2012	61.99	72.2 %	0.67	-	61.99	0.67
2013	137.20	121.3 %	1.49	-	137.20	1.49
2014	331.97	142.0 %	3.61	-	331.97	3.61
2015	390.25	17.6 %	4.24	-	390.25	4.24
2016	362.64	(7.1 %)	3.94	-	362.64	3.94
2017	319.49	(11.9 %)	3.47	-	319.49	3.47

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	36.62 %	20.91 %	8.24 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	45.80 %	20.53 %	11.43 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	51.97 %	21.68 %	16.56 %
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	53.60 %	25.57 %	23.73 %
2014	53.60 %	25.57 %	23.73 %
Q1 2015	53.05 %	27.10 %	24.96 %
Q2 2015	53.39 %	26.84 %	24.46 %
Q3 2015	52.93 %	27.56 %	25.09 %
Q4 2015	52.79 %	28.05 %	25.43 %
2015	52.79 %	28.05 %	25.43 %
Q1 2016	52.27 %	27.77 %	24.87 %
Q2 2016	51.57 %	26.50 %	23.17 %
Q3 2016	51.71 %	26.41 %	23.34 %
Q4 2016	51.27 %	26.12 %	22.45 %
2016	51.27 %	26.12 %	22.45 %
Q1 2017	49.90 %	26.91 %	23.20 %
Q2 2017	46.99 %	27.02 %	23.30 %
Q3 2017	43.41 %	25.39 %	21.40 %
Q4 2017	40.88 %	25.40 %	21.85 %
2017	40.88 %	25.40 %	21.85 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	36.62 %	20.91 %	8.24 %
2012	45.80 %	20.53 %	11.43 %
2013	51.97 %	21.68 %	16.56 %
2014	53.60 %	25.57 %	23.73 %
2015	52.79 %	28.05 %	25.43 %
2016	51.27 %	26.12 %	22.45 %
2017	40.88 %	25.40 %	21.85 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	55.54 %	23.76 %	22.32 %
Q2 2014	53.53 %	28.54 %	26.74 %
Q3 2014	54.00 %	25.72 %	23.01 %
Q4 2014	51.45 %	24.43 %	22.92 %
Q1 2015	53.36 %	29.47 %	26.91 %
Q2 2015	54.81 %	27.44 %	24.67 %
Q3 2015	52.02 %	28.83 %	25.77 %
Q4 2015	51.12 %	26.62 %	24.44 %
Q1 2016	51.39 %	28.30 %	24.72 %
Q2 2016	51.82 %	22.50 %	18.06 %
Q3 2016	52.60 %	28.28 %	26.29 %
Q4 2016	49.36 %	25.48 %	20.92 %
Q1 2017	45.86 %	31.64 %	27.94 %
Q2 2017	39.46 %	22.25 %	17.64 %
Q3 2017	37.76 %	21.46 %	18.38 %
Q4 2017	39.90 %	25.53 %	22.68 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	-	-	-	-
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	92.04	-	-	10.70
Q2 2014	92.04	-	-	11.69
Q3 2014	92.04	-	-	12.48
Q4 2014	92.04	3.61	3.61	12.38
Q1 2015	92.04	3.88	3.88	13.50
Q2 2015	92.04	3.87	3.87	12.67
Q3 2015	92.04	4.05	4.05	13.63
Q4 2015	92.04	4.24	4.24	14.70
Q1 2016	92.04	4.23	4.23	16.39
Q2 2016	92.04	4.03	4.03	15.20
Q3 2016	92.04	4.13	4.13	16.43
Q4 2016	92.04	3.94	3.94	17.32
Q1 2017	92.04	4.00	4.00	18.46
Q2 2017	92.04	3.87	3.87	17.09
Q3 2017	92.04	3.49	3.49	17.74
Q4 2017	92.04	3.47	3.47	15.75

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2008	-	-	-	-
2009	-	-	-	-
2010	-	-	-	-
2011	92.04	0.39	0.39	6.03
2012	92.04	0.67	0.67	6.65
2013	92.04	1.49	1.49	9.84
2014	92.04	3.61	3.61	12.38
2015	92.04	4.24	4.24	14.70
2016	92.04	3.94	3.94	17.32
2017	92.04	3.47	3.47	15.75

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	17.17	17.17	4.43
Q2 2016	17.16	17.16	4.56
Q3 2016	12.41	12.41	3.12
Q4 2016	18.62	18.62	4.23
Q1 2017	18.48	18.48	4.01
Q2 2017	19.45	19.45	4.41
Q3 2017	17.98	17.98	3.54
Q4 2017	15.52	15.52	3.42

Period	P/E	Adjusted P/E	Price/book
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	18.62	18.62	4.23
2017	15.52	15.52	3.42

Business Segments (Million)

Compared With The

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
Q1 2014	207.07	85.01	64.94	2.16
Q2 2014	200.50	77.40	66.66	2.51
Q1 2015	224.99	91.95	70.24	4.46
Q2 2015	211.41	86.64	70.30	3.65
Q3 2015	200.38	85.53	63.54	2.76
Q4 2015	220.47	119.55	72.94	5.72
Q1 2016	241.22	100.20	73.04	7.06
Q2 2016	229.99	99.85	72.93	7.31
Q3 2016	224.32	89.88	62.16	2.72
Q4 2016	220.91	107.73	72.64	3.69
Q1 2017	242.80	104.89	71.94	4.27
Q2 2017	224.48	92.89	70.77	3.54
Q3 2017	133.39	85.39	60.16	3.27
Q4 2017	172.44	114.51	71.35	6.30

Period	Inpatient clinics	Outpatient clinics	Pharmacy Sales	Others
2013	-	-	159.08	1.19
2014	807.92	323.31	257.32	10.20
2015	857.25	383.67	277.02	16.59
2016	916.44	397.66	280.76	20.77
2017	773.12	397.68	274.21	17.38

Analysts Estimates (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change‬
Average	66.24	82.69	24.83 %

Estimates vs Actual (Million)

Item	Q4 2017 (e)	Q4 2017 (a)	Change
Arbah Capital	74.40	82.69	11.1 %
AlJazira Capital	70.50	82.69	17.3 %
Sico	64.00	82.69	29.2 %
SNB Capital	64.00	82.69	29.2 %
OSOOL AND BAKHEET	58.30	82.69	41.8 %

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Saudi German’s net profit drops 17% in 2017

Financials (M)

Current Quarter Comparison (M)

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Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

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Analysts Estimates (Million)

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Saudi German’s net profit drops 17% in 2017

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Middle East Healthcare Co. (SAUDI GERMAN HEALTH)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2017

Revenue by Business Segment (Latest) 2017 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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