(The Group’s Comments) MediCare Net Profit Rises to QAR 33.84 Million for the First Half of 2019

July 25, 2019

Profits: rose slightly to QAR 33.84 million in this first half, compared to QAR 33.25 million for the same period in 2018, an increase of 1.77%, while earnings per share reached QAR 0.12 versus QAR 0.118 for the same period of 2018. The company posted a second quarter profit of QAR 13.4 million, compared to QAR 12.7 million for the same quarter of 2018.

Comprehensive Income: the company recorded an investment valuation profit of QAR 4.65 million in the first half of 2019, compared to QAR 1.13 million for the corresponding period of 2018.

Gross Profit (revenue - revenue costs): amounted to QAR 96.4 million in this first half, compared to QAR 99.7 million for the same period of 2018, a decrease of 3.3%, due to the increase in costs by QAR 4.4 million against the increase in revenues by QAR 1 million.

Other Revenues: improved by the end of this year’s first half to settle at QAR 5.8 million compared to QAR 4.8 million for the same period of 2018, due to improved rental income and miscellaneous income.

Expenses: amounted to QAR 69 million in the first half of 2019, compared to QAR 71.9 million for the same period of the previous year. This period saw the company's implementation of Accounting Standard No. 16, relating to operating leases, which has negatively impacted the profit by QAR 2.29 million. Administrative expenses increased as well by QAR 2.4 million due to the increase in staff costs and maintenance expenses. As for financing costs, they climbed to QAR 2 million compared to QAR 600,000 in the previous year’s first half. It should be noted that during the first half of 2018, the company deducted the allocation for impairment of receivables that amounted to QAR 8.8 million. This allocation amounted to about QAR 277,000 for the current period.

Loans: The balance of non-current loans increased to QAR 28 million in the first half of 2019, compared to QAR 16 million for last year’s first half, as the company resorted to additional funding for the expansion of Ahli Hospital buildings.