Al Hammadi Company for Development and Investment [4007.SE] 4Q16 earnings plunged 70% Y-o-Y to SAR11mn (-50% Q-o-Q), despite revenue  growing a solid  29% and gross profit mildly following 7% growth Y-o-Y, reaching SAR183mn. The company attributed the sharp drop to the booking provisions for receivables (EBIT fell 55% Y-o-Y). Revenue growth was most likely attributable to the re-opening of Al Olaya hospital (an electrical incident on 7 February led to the hospital’s closure until it re-opened in August 201), in addition to the ramp-up in the company’s newly-opened Al Suwaidi hospital. On a related note, it announced the use of SAR585mn out of the SAR605mn net IPO proceeds up until end of 4Q16, which included SAR158mn for the early redemption of one of the loans related to Al Nozha Hospital's establishment. The company announced that the completion of Al Nozha Hospital (600 beds) stood at 96% by end of 4Q16 and expects to commence trial operations in 1H17. (Company disclosure)