Qatar-German Medical Devices Net Profit Drops to QR 12.83 Million in 2018

Losses: The company's losses continued rolling down to hit QR 12.83 million in 2018, compared to QR 21.69 million in 2017. The loss amounted to QR 1.11 per share, compared to QR1.88 in 2017. As to the fourth quarter results, losses amounted to QR 7.34 million, compared to QR 15.40 million in the corresponding period of 2017.

Cumulative losses amounted to QR 116.81 million, exceeding the company' share capital of QR 115.0 million.

Revenues: Total revenues amounted to QR 11.4 million in 2018, compared to QR 11.8 million at the end of 2017, down by 3.4%. Although sales of products increased by QR 4.5 million, syringe sales decreased by QR 4.74 million, thus pushing revenues down.

Operating losses: The company recorded an operating loss of QR 8.81 million in 2018, compared to 17.8 million. Losses declined by QR 9 million or 50.0%. Administrative and general expenses dropped by QR 4.63 million. The results of 2017 included non-recurring losses ( assets impairment) worth QR6.60 million, which was not listed in the results of 2018. The company moved into using the straight-line of depreciation, increasing its depreciation expenses from QR 2.76 million at the end of 2017 to QR 5.71 million at the end of 2018.

Shareholders' Equity: With the ongoing losses, shareholders' equity has continued to erode, and the total accumulated losses entirely surpassed the share capital; it amounted to QR 41.03 million at the end of 2018, compared to QR 53.87 million at the end of 2017. Finally, the book value of the share amounts to QR 3.35.