Al Hammadi Company for Development and Investment [4007.SE] 3Q16 earnings dropped 23% Y-o-Y to SAR21mn (+3% Q-o-Q), despite revenues  growing a tamer 3%, as operational capacity did not see a significant change Y-o-Y because the impact of Al Suwaidi Hospital opening was offset by Al Olaya Hospital closure. The drop in earnings was due to: i) increased expenses and depreciation on the inauguration of Al Hammadi Al Suwaidi Hospital; ii) closure of Olaya hospital for almost half of 3Q16, on the electrical incident that occurred on 7 February and led to the hospital’s closure until 7 August 2016. Gross profit came in flattish, whereas EBIT fell a sharp15%. The re-opening of Olaya in August should turn around Y-o-Y performance starting 4Q16; the company estimated the negative financial impact from Olaya at SAR20mn. (Company disclosure)