MEAHCO 2Q17 earnings drop 23% Y-o-Y on softer revenue and higher expenses
Middle East Healthcare Company (4009.SE) reported its preliminary 2Q17 results, with earnings -23% Y-o-Y (-46% Q-o-Q, partly on seasonality) to reach SAR57mn, while revenue softened 5% Y-o-Y to SAR392mn. The earnings decline came on the back of i) re-pricing by a key government client, ii) Ramadan and Eid falling in 2Q17, iii) increase in salaries for medical service providers and iv) expenses related to recently opened Hail hospital. MEAHCO’s gross profit and EBIT dropped 16% Y-o-Y, and 29% Y-o-Y.
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