Canadian Medical Center reports profit decline in 2021

Canadian Medical Center Co. said that its profit after zakat and tax declines 13% to SR 14 million in 2021 from SR 16 million in 2020.

The company’s operational profit last year also dropped 5% to SR 16 million compared with SR 17 million the year before.

Gross profits of Canadian Medical Center rose 5% to SR 25 million last year from SR 24 million in 2020, while profit per share (EPS) declined extremely to SR 1.83 in 2021 from SR 42.51 in 2020.

The company lower profits were due to:

1- The start-up costs of the new project to Johns Hopkins Aramco Healthcare (JHAH) project in the first half of 2021, which are paid only once, and which started operating on July 1^st 2021 reached SR 2.70 million.

2- The listing costs in the parallel market that paid only once, which consisted of the costs of financial and legal advisors and amounted to SR 1.82 million.

3- An increase in the Zakat provision to SR 2.47 million on 2021, compared to SR 0.56 million on 2020, due to the increase in the company’s capital from SR 2 million to SR 77 million at the end of 2020.