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(The Group's Comments) MediCare’s Net Profit Rose 7.8%
to QAR 43.96 Million in Q3 2019
October 10, 2019
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Profits: increased by 7.90% to QAR 43.97 million in the third quarter of
2019, compared to QAR 40.75 million for the same period in 2018,
while earnings per share amounted to QAR 0.16 versus to QAR 0.14
for the corresponding period of 2018. As for the net profits of
the third quarter, they amounted to QAR 10.12 million, compared
to QAR 7.50 million for the same quarter of 2018.
This improvement in profits is due mainly to the decrease in the
deductible expenses during as provisions for receivables to
reach QAR 700,000 versus QAR 13 million for the same period of
2018.
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Comprehensive Income: The company recorded valuation profits of about QAR 8.3 million for
its financial investments at the end of the third quarter,
against a profit of about QAR 5.3 million for the same period in
2018.
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Gross Profit (Revenue - Revenue
Costs): amounted to about QAR 137.78
million, compared to QAR 140.39 million for the same period of
2018, a decrease of 1.9% due to the increase in costs by QAR 1.2
million against the decrease of revenue by QAR 1.3 million.
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Other Income: improved towards the end of the period recording QAR 7 million,
compared to QAR 6.3 million, due to improved rental income and
miscellaneous income.
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Expenses: amounted to about QAR 102.0 million, compared to about QAR 106.6
million. The period witnessed the application of the accounting
standard No. 16 relating to the operating lease, which
negatively affected the profits of the period by QAR 3.50
million, while financing costs rose to QAR 3 million, compared
to QAR 1.2 million for the same period of 2018. Expenses
decreased by 4.3%, because of the decrease in the provision for
the impairment of receivables.
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Loans: The balance of non-current loans increased during the period to QAR
27 million, compared to QAR 16 million. The company resorted to
obtain additional financing in order to carry out the expansion
of Al-Ahli hospital buildings.
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