Riyadh – Mubasher: Middle East Healthcare Co (MEAHCO) on Monday stated that net profits levelled down 39.8% year-on-year in the third quarter of 2017.
Net profits fell to SAR 60.03 million in Q3-17, compared to SAR 99.64 million in Q3-16, according to a bourse filing.
Quarter-on-quarter, profits rose 5.1%.
Saudi Arabia-based healthcare provider attributed the decrease in its year-on-year net profits to the impact of the increase in caregivers' salary, the growth in provision for rejections, and the increase in bad and doubtful debts due to delay in collections from a major customer.
Net profits tumbled 20% to SAR 222.25 million in the first nine months of 2017, from SAR 277.92 million in the same period in the year earlier.
MEAHCO’s stock shed 0.18%, closing at SAR 61.03 on Monday.
