Shares in Saudi’s Middle East Healthcare plunge 9% on lower earnings | ZAWYA MENA Edition:
Saudi Arabia’s Middle East Healthcare company (MEAHCO), the owner and operator of Saudi German Hospitals, reported a drop in first quarter earnings for 2019, triggering a sharp drop in the company’s shares on Thursday.
The company reported a net profit after zakat and tax of 14.59 million Saudi riyals ($3.89 million) in Q1 2019, compared to 87.13 million riyals in Q1 2018, an 83.25 percent drop.
“Middle East healthcare 1Q19 results disappointed despite lowered expectations,” Asim Bukhtiar, head of research, capital markets at Saudi Fransi Capital told Zawya by email.
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