The authorised and paid-up capitals of the company has remained constant since 1999. Accumulated deficit has declined during the year under review at Rs 92.94 million from Rs 194.22 million in 1999. The decline is gradual and consistent. Resultantly, shareholders equity has made impressive movement along ascending trend starting from Rs 350.92 million in 1999 and reaching Rs 452.20 million on 30th June 2004.
On the other hand the solvency, liquidity and profitability ratios evidence robust financial backbone of the company. Its balance sheet footing has crossed a billion rupees mark reaching Rs 1.253 billion from 0.887 billion in the previous financial year.
Net revenue has been persistently trending upward and during the year under review it posted commendable amount at Rs 671.77 million as compared to Rs 267.44 million in 1999. Net Profit after taxation was recorded at Rs 88.32 million as compared to loss at Rs 19.54 million in 1999. The company has improved its dividend payout profile. Its shares are trading at Rs 17 per share.
Shifa International Hospitals Ltd was incorporated in the Federal Capital Islamabad on September 29, 1987 as a private limited company and converted into a public limited company on October 12, 1989. The company is quoted on the Karachi, Lahore and Islamabad Stock Exchanges.
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. The registered office of the company is located at Sector H-8/4 Islamabad.
The company was founded as a project of Pakistani physicians and para-medics, mainly from the USA, with mission to deliver quality healthcare at affordable price and improve the life of the people of Pakistan. For more than a decade, Shifa has been successfully heading towards its inception-day-goal.
With a work force of 1033 individuals, over 107 consultants representing 35 specialities, the hospital has 350 beds which include six beds for new born intensive care, 10 for coronary intensive care.
The reputation of the hospital attracts patients from as near as the capital city to as for as Karachi on one side and Northern Areas on the other side. Shifa's care standards are receiving national recognition from the healthcare industry.
In addition to Shifa, the health care industry includes renowned establishment like Aga Khan University Hospital Karachi, Sheikh Zaid bin Sultan Hospital, Shaukat Khanum Memorial Cancer Hospitals and Ittefaq Hospital Lahore.
During FY July 2003-June 2004, the year under review the out patient visits of Shifa reached 120 thousand. The total assets of the company crossed a billion rupees threshold recording Rs 1.253 billion whereas net revenue reached Rs 671.77 million as compared to Rs 529.75 million in previous year registering 26.8% growth.
The actual inpatients room occupancy comprised 40,570 bed days (2003: 33,622 bed days) out of available 63,055 bed days during the operational year which comes to 64% of total capacity (2003: 65%). The under utilisation reflects the pattern of patient turnover.
Shifa College of Medicine has been manned by mostly consultants who had their post graduate training and certification in Internal Medicine or Sub-speciality from USA, UK or Canada. Shifa is fast becoming a refusal tertiary centre for the treatment of complex and difficult diseases from all over Pakistan.
Department of Medicine of Shifa is recognised by PMDC for house job training. The hospital is also approved by the College of Physicians and Surgeons in Pakistan for FCPS training in General Medicine, Cardiology, Histopathology, Diagnostic Radiology, Neurology, Radiation Oncology, Nephrology.
Shifa acquired the ISO 9002 certification in 2001. In this regard surveillance audits are conducted periodically by external audits ie United Registrar of Systems UK. A high quality laboratory service is ascertained in collaboration with quality assessments through international organisations. Strict internal and external appraisals are carried out by Bio-Rad, UK and NRL, Australia.
The hospital is producing its own electricity by 2 gas generator 1.8 megawatt and has effective hospital waste management system.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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June 30
2004 2003
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Share Capital - Paid - Up: 505.14 505.14
Capital Reserve: 40.00 40.00
Accumulated (Loss): (92.94) (132.97)
Shareholders Equity: 452.20 412.17
Surplus on Revaluation
Of Fixed Assets: 234.41 172.75
L T Debts: 264.74 126.62
Payable to Related Party: 9.74 9.74
Deferred Liabilities: 41.54 22.24
Current Liabilities: 250.61 143.17
Fixed Assets - Tangible: 1,036.22 732.44
Advance For Acquisition of Land: 4.72 4.72
L T Deposits: 4.48 1.34
Current Assets: 207.82 148.19
Total Assets: 1,253.24 886.69
Revenue, Profit & Pay Out
Net Revenue: 671.77 529.95
Other Income: 2.31 1.75
Operating Profit: 120.86 93.71
Financial (charges): (13.66) (17.56)
(Depreciation & Amortisation): (52.44) -
Profit Before Taxation: 107.20 76.15
Profit After Taxation: 88.32 73.45
Earnings Per Share (Rs): 1.75 1.45
Dividend Cash @ Re 1
/Share (2003: Re 0.50/Share): 50.51 25.26
Share Price (Rs) Dated 12/01/05: 17.00 -
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Financial Ratios:
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Price/Earning Ratio: 9.71 -
Book Value Per Share: 8.95 8.16
Price/Book Value Ratio: 1.90 -
Debt/Equity Ratio: 28:72 18:82
Current Ratio: 0.83 1.04
Assets Turn Over Ratio: 0.54 0.60
Days Receivables: 42 42
Operating Profit Margin (%): 17.99 17.68
Net Profit Margin (%): 13.15 13.86
R O A (%): 7.05 13.86
R O C E (%): 8.81 9.75
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