Al Hammadi Company for Development and Investment [4007.SE] reported its preliminary 1Q2016 results, showing a net income drop of 47% Y-o-Y to SAR22 million (-40% Q-o-Q). The significant drop in earnings was due  to: i) increased expenses and depreciation on the inauguration of Al Hammadi Al Suwaidi Hospital; ii) closure of Olaya hospital on the electrical contact incident on 7 February of this quarter; and iii) collection of SAR 10 million of written-off debt in 1Q2015; however, Gross profit grew at 8% Y-o-Y on the back of an 11% increase in revenues from higher inpatient admissions. (Company disclosure)