Riyadh – Mubasher: Saudi Arabi-based Dallah Healthcare Company (DHC) on Tuesday reported a 31.65% slump in its net profits for the first quarter of 2018, compared to the year-ago period.
The Saudi healthcare firm’s net profits retreated to SAR 58.1 million in Q1-18, down from SAR 85 million in the same quarter a year earlier, according to a bourse statement.
Dallah Healthcare Company attributed the negative turn in its financials to the pre-operating and startup expenses for Dallah-Namar hospital, creating provisions for credit losses, the implementation of the value added tax (VAT), and an increase in administrative expenses.
“Provision for Zakat expense in Q4-17 was less that the estimated in Q1-18 the as a result of estimating the annual Zakat differences that takes place usually in the fourth quarter,” the statement added.
Revenues increased 1.9% to SAR 308.6 million during the three-month period ended 31 March 2018, from SAR 302.8 million in Q1-17, the Saudi-listed firm noted.
By 11:21 am Saudi time, the stock fell 3.47% to SAR 100.
