Riyadh – Mubasher: Middle East Healthcare Company (Saudi German Hospital) on Tuesday posted a 20.8% year-on-year decline in its profits for the first quarter of 2018.
Net profits recorded SAR 87.13 million in Q1-18, compared to SAR 109.97 million in Q1-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The company attributed the drop in profits to an increase in some of the caregivers' salaries, a jump in depreciation cost, and the initial cost of the Beverly Clinics.
The Tadawul-listed firm's revenues inched up 0.4% to SAR 395.11 million for the first three months of 2018, versus SAR 393.53 million for the same period of the prior year.
For the full-year 2017, Saudi German Hospital’s profits declined 17.25% to SAR 300.08 million, compared to SAR 362.64 million in the year before.
By the end of Monday’s session, Saudi German Hospital’s stock decreased 0.7% at SAR 56.50.
