Home »Brief Recordings » Miscellaneous: SHIFA INTERNATIONAL HOSPITALS LIMITED – Year Ended 30-06-2003

  • News Desk
  • Jan 10th, 2004
  • Comments Off on Miscellaneous: SHIFA INTERNATIONAL HOSPITALS LIMITED – Year Ended 30-06-2003
The year under review saw tremendous boost in its profitability and dramatic rise in revenue. The chairman attributed the performance to high quality combined with client oriented approach. He said that throughout the year the goal has been to achieve total consumer satisfaction.

Higher earning has enabled the company to make funds available for necessary capital investment.

The solid financial results associated with excellent service's delivery, have earned Shifa a national repute and enviable recognition among its contemporary health care provider organisations.

Simultaneously its leadership put great emphasis on the corporate social responsibilities. It shouldered the social responsibility by putting it share towards improving community health services and uprooting illiteracy.

In this direction, its effective social arms are, 'Shifa Foundation' and "Tameer-Millat Foundation." MIS supports and facilitates the needs of all information users at Shifa network and helps them to play their part in the provision of high quality and cost effective health care to patients.

The hospital is fully equipped with modern state of the art medical equipment, purchased from world renowned hospital equipment manufacturers like Philips, Toshiba, Siemens.

Its founding sponsors of Pakistani doctors and other healthcare professionals working in USA envisioned "Shifa."

Shifa International Hospitals Limited (SIHL) was incorporated in the Federal Capital Islamabad as a private limited company on September 29, 1987.

After two years it was converted into a public limited company.

The company is quoted on the Karachi, Lahore and Islamabad Stock Exchanges. Its registered office as well as shares department are located in Sector H-8/4, Islamabad.

According to the pattern of shareholding, Muwaffaq Limited, Saudi Arabia holds, 17.005 million shares of SIHL out of total 50.514 million shares of Rs 10 each. This works out to 33.66% of the company's stock.

At the 10-member Board of Directors of the company, sits at the apex, the illustrious Pakistani sponsor of the company, Dr Zaheer Ahmad who is holding dual positions of Chairman and Chief Executive.

He also owns 1.311 million shares of the company providing him the financial stake in SIHL equity to the extent of 2.59%. Another one hundred thousand shares, he owns jointly with his son.

SIHL has 3461 individual shareholders whose aggregate shareholding works out to 61.45%. The company's Board of Directors has three nominee directors of Muwaffaq Limited.

The share in the company is being quoted at Rs 13.50 per share which carries 35% premium over the par value of Rs 10. During the last 52 weeks the price of the share appreciated from Rs 5 to Rs 15 per share placing the price of the share from half of the par value to one and a half of the par value. This reflects growing confidence of its investors in the enterprise.

The main object of the company is to establish and run medical centres and hospitals in Pakistan.

The company established its first hospital in Islamabad. During the year under review company registered net revenue of Rs 531.70 million as compared to Rs 348.82 million booked in the corresponding period last year.

The increase is 52.43% over the preceding year and the amount is the highest ever figure.

The highest component of revenue is revenue from inpatients which dramatically soared to Rs 241.56 million from Rs 158.95 million registering 51.97% growth.

The inpatient admission trend shows its rise at accelerated pace since Financial Year 1994-95 to 1999-2000.

The following two years show flattening of the trend. In 2002-03 the inpatient admissions peaked to 120,000.

The second largest revenue centre is revenue from out patients at Rs 144.85 million which shows 38.26% rise of the preceding year's Rs 104.76 million.

Revenue from pharmacy shot up Rs 84.65% to Rs 112.79 million from Rs 61.08 million in the preceding year.

Shifa International Hospital Islamabad, started its operation on June 26, 1993 and the year 1999-2000 witnessed first net profit year.

Since then, the hospital is continually improving except in the year 2001-02 in which the hospital's activities/operations suffered heavily due to a severe natural calamity in the form of a flash flood on July 21, 2001.

The chairman emphasised that the hospital's services continued to increase and remain positive throughout the year under review in spite of escalation in operating expenses by 35 percent.

Shifa's profit for the fiscal year ending June 30, 2003 was Rs 73.45 million versus a profit of Rs 2.71 million in the last year, showing increase by a margin of 2606 percent.





======================================================

Performance Statistics (Million Rupees)

======================================================

30 June 2003 2002

======================================================

Share Capital-Paid-up: 505.14 505.14

Capital Reserve-Share Premium: 40.00 40.00

Accumulated (Loss): (132.97) (189.29)

Shareholders Equity: 412.17 355.85

Surplus on Revaluation

on Fixed Assets: 172.75 180.87

L.T Debts: 126.62 134.88

Deferred Liability-Gratuity: 22.24 19.95

Payable to Related Party: 9.74 8.32

Current Liabilities: 143.15 100.01

Fixed Assets-Tangible

at Book Value: 737.16 693.25

L.T Deposits-Considered Goods: 1.34 1.55

Current Assets: 148.17 100.08

Total Assets: 886.67 794.88

------------------------------------------------------

Revenue, Profit & Payout

------------------------------------------------------

Revenue Inpatients: 241.56 158.95

Out Patients: 144.85 104.76

Pharmacy: 112.79 61.08

Cafeteria: 26.96 19.11

Rent for Building from

Related Parties: 9.69 7.78

Other Services: 2.85 1.07

Discounts: (8.75) (5.91)

Other Income: 1.75 1.98

Net Revenue: 531.70 348.82

Operating (Expenses): (437.99) (323.35)

Operating Profit: 93.71 25.47

Financial (Charges): (17.56) (19.88)

Profit Before Taxation

And Extraordinary Item: 76.15 5.59

Profit After Taxation &

Extraordinary Item: 73.45 2.71

Proposed Dividend @ 0.5

Share (2002: Nil): (25.26) -

Earnings Per Share (Rs): 1.45 0.06

Share Price (Rs) Dated 7-1-2004: 13.50 -

------------------------------------------------------

Financial Ratios

------------------------------------------------------

Price/Earning Ratio: 9.31 -

Book Value Per Share: 8.16 7.04

Price/Book Value Ratio: 1.65 -

Debt/Equity Ratio: 18:82 20:80

Current Ratio: 1.03 1.00

Net Profit Margin (%): 13.81 0.78

R.O.A (%): 8.28 0.27

R.O.C.E (%): 9.88 0.39

======================================================



COMPANY INFORMATION: Chairman & CEO: Dr. Zaheer Ahmad; Director: Dr Manzoor H. Qazi; Company Secretary: Imran Farooqi; Registered Office & Share Department: Sector H-8/4 Islamabad.

Copyright Business Recorder, 2004


the author

Top
Close
Close