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Middle East Healthcare Co. announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 436.31350.1824.595406.517.33
Gross Profit (Loss) 146.86101.6344.504148.59-1.164
Operational Profit (Loss) 24.3618.3133.04244.06-44.711
Net Profit (Loss) after Zakat and Tax 21.1814.5945.16737.47-43.474
Total Comprehensive Income 21.1814.5945.16737.47-43.474
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 1,543.91,522.761.388
Profit (Loss) per Share 0.230.16
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to 1- There is increase in revenue due to the increase of patient traffic in all the segments of business and increase in other income

2- Decrease in cost of revenue in percentage compared to same quarter last year.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to 1- Increase in cost of revenue for the current quarter compared to the previous quarter.

2- Increase in general and administrative expenses compared to previous quarter.

3- Dammam hospital just started its operation and contribute losses to the extent of 19MSR in first quarter.

4- Increase in credit loss provision compared to the previous quarter under the Covid-19 pandemic.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Certain figures of the previous year have been reclassified and regrouped to conform to the presentation for the current year presentation as per International Financial Reporting Standard 16 as endorsed in the Kingdom of Saudi Arabia applicable from 1 January 2019.
Additional Information During the current quarter, we see drop in outpatient visits in the last month of the quarter. Since the extent and duration of such impacts remain uncertain and dependent on future developments that cannot be accurately predicted at this time. For more info, please refer to Note 16 (Impact of COVID-19) on the condensed Consolidated Interim Financial Statements) in the notes accompanying the financial statements for the period ended 31 March 2020.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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