Al Hammadi Company for Development & Investment [4007.SE] announced that it is set to re-open Al Olaya Hospital on 8 August 2016 after it had acquired all necessary licences and approvals. Earlier in February 2016, Al Olaya hospital had an electrical contact, leading to the hospital’s closure to-date. The company added that the negative financial impact of the closure on the company’s net income stood at c.SAR20mn, which came as a result of the company allocating Al Olaya Hospital’s physicians to Al Suwaidi Hospital; however, this allowed for a higher utilisation rate at Al Suwaidi hospital than planned. On a related note, the company’s 2Q16 earnings dropped 47% Y-o-Y, where the company attributed the drop to Olaya Hospital closure, along with higher SG&A and depreciation for Al Suwaidi hospital. (Tadawul)