The Board of Directors of Medicare Group met on the evening of Monday, October 23, 2023, after the Qatar Stock Exchange trading session, headed by His Excellency Sheikh Abdullah bin Thani bin Abdullah Al-Thani; The Board discussed and approved the company’s financial statements for the nine-month period ended September 30, 2023.
His Excellency Sheikh Abdullah bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors, announced that the company’s net profits from the beginning of the year until September 30, 2023 amounted to 50,389,091 Qatari riyals, compared to 56,040,385 Qatari riyals for the same period last year 2022, and this was reflected in the earning per share, which amounted to 0.18 Qatari riyals per share, compared to 0.20 Qatari riyals for the same period in 2022.
Mr. Khalid Al-Emadi, CEO of Medicare Group and Al-Ahli Hospital, said that the decrease in net profit for the period was the result of several factors whose impact was expected for this period; Among them, the population varied significantly during the period preceding the World Cup, especially during the third quarter of last year compared to the period of the third quarter of the current year. On the other hand, the increase in operating costs resulting, in particular, from increasing the salaries of medical and nursing staff in light of the severe global shortage, this affected the past three-quarters of this year while it had no effect during the same period last year. Finally, the third quarter of the fiscal year usually witnesses a habitual decline compared to the first half of the year and the last quarter at the end of the year.
Mr. Al-Emadi expected that this decrease would be compensated for in the remaining quarter of the year, God willing, by moving forward in implementing the five-year strategy by attracting private sector doctors working in the field of complementary and corrective plastic surgeries and signing many agreements with them to use the operating rooms and facilities of Al-Ahli Hospital after passing the interview of the medical and technician competent committee and obtain official licenses from the Ministry of Public Health in this regards.
As for the expansion plan of Al-Ahli Hospital, Mr. Jamal Hammad, Deputy CEO of Al-Ahli Hospital, said that the work on the project to modernize and renovate patient rooms has reached 80% completion. Regarding the project to expand the operating and maternity rooms and modernize the support rooms, approximately 90% of the project work for the first phase has been completed. Thus, the management is continuing to implement the strategic expansion plans for Al-Ahli Hospital and its facilities according to the timetable previously determined by the Board of Directors.