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Middle East Healthcare Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 689.21 | 637.99 | 8.028 | 719.81 | -4.251 |
| Gross Profit (Loss) | 259.86 | 225.5 | 15.237 | 293.96 | -11.6 |
| Operational Profit (Loss) | 117.64 | 76.51 | 53.757 | 87.15 | 34.985 |
| Net profit (Loss) | 51.94 | 50.12 | 3.631 | 36.5 | 42.301 |
| Total Comprehensive Income | 53.04 | 50.14 | 5.783 | 9.07 | 484.785 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,572.12 | 1,415.1 | 11.096 |
| Profit (Loss) per Share | 0.56 | 0.54 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason of the increase in the sales/ revenues during the current quarter compared to the same quarter of the last year is 1- Increase in number of inpatients and outpatients and utilization of outpatient clinics and ramping up of new facilities. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Increase in net profit for the current quarter compared to the same quarter of the last year is due to: 1- Increase in number of inpatients and outpatients 2- Increase in utilization of outpatient clinics and ramping up of new facilities. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | decrease in the sales/ revenues during the current quarter compared to the previous one is due to: 1- Decline in number of outpatient visits during the Holy month of Ramadan |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Increase in net profit for the current quarter compared to the previous quarter is due to: 1- Control over general and selling expenses. 2- Annual actuarial valuation was done at year ended 31-Dec-2023 and outcome of that valuation show decrease in Other Comprehensive Income (OCI) amount. |
| Statement of the type of external auditor's report | Conservation |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | As stated in note 4, during the prior years the Group received two assessments from the Zakat, Tax and Customs Authority (ZATCA), claiming additional Zakat and withholding tax liabilities of SR 111.5 million related to the years from 2015 to 2018 and SR 68 million related to the years from 2019 to 2020. The Group has filed appeals against ZATCA’s assessments with the Committee for Resolution of Tax Violation and Dispute (CRTVD) and with the Appellate Committee for Tax, and Customs Violations and Disputes (ACTVD) but were rejected. As of the date of this report, the Group filed pleas for reconsideration against the decisions taken by ACTVD in respect of both assessments, which are still under study. The management, based on their Zakat consultant opinion and lawyer opinion, is in the view that they have strong ground to contest against items included in the assessments raised by ZATCA and that they have a solid technical argument on the items under dispute. Accordingly, no provision has been made in these interim condensed consolidated financial statements for the two assessments above, further, we have not been provided details or solid basis for the reconsideration pleas on the assessments in respect of the years from 2015 to 2020 and any potential exposure relating to open year not yet assessed by ZATCA. We are, therefore, unable to determine whether any adjustments are necessary to the Group’s current or prior year’s zakat charges and corresponding liability. |
| Reclassification of Comparison Items | N/A |
| Additional Information | - |
The Capital Market Authority and Saudi 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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