Care’s net profit falls 62% in H1

26/07/2017 Argaam Exclusive

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Share Price

National Medical Care Co.
193.80
(3.60) (1.82 %)

National Medical Care Co. (CARE)

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National Medical Care Co.’s H1 2017 net profit plunged by 62 percent year-on-year (YoY) to SAR 35 million, due to lower revenues following the implementation of new service prices upon instructions of the health ministry. Restructuring of the pharmaceuticals distribution unit also weighed on profit. 



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 513.71 418.98 (18.4 %)
Gross Income 151.59 91.44 (39.7 %)
Operating Income 96.28 34.05 (64.6 %)
Net Income 92.42 35.04 (62.1 %)
Average Shares 44.85 44.85 -
EPS (Riyals) 2.06 0.78 (62.1 %)

The company, which operates hospitals and medical centers across the Kingdom, posted a 67 percent decline YoY in Q2 net profit to SAR 19.5 million, hurt by restructuring of the pharmaceuticals distribution unit and lower revenue.

 

When compared to Q1 2017, net profit climbed 26 percent due to higher revenue and operating rates. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 259.77 216.54 (16.6 %)
Gross Income 84.30 50.25 (40.4 %)
Operating Income 61.24 20.01 (67.3 %)
Net Income 59.29 19.50 (67.1 %)
Average Shares 44.85 44.85 -
EPS (Riyals) 1.32 0.43 (67.1 %)


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2008 - - - - - - -
Q2 2008 - - - - - - -
Q3 2008 - - - - - - -
Q4 2008 - - - - - - -
Q1 2009 91.40 - 20.01 - 18.07 - 0.40
Q2 2009 95.71 - 19.86 - 17.04 - 0.38
Q3 2009 91.41 - 13.72 - 15.88 - 0.35
Q4 2009 95.93 - 22.60 - 5.72 - 0.13
Q1 2010 110.53 20.9 % 29.63 48.1 % 25.67 42.1 % 0.57
Q2 2010 110.45 15.4 % 26.13 31.6 % 20.70 21.5 % 0.46
Q3 2010 95.98 5.0 % 23.35 70.2 % 20.51 29.2 % 0.46
Q4 2010 109.27 13.9 % 24.73 9.4 % 17.87 212.4 % 0.40
Q1 2011 114.09 3.2 % 34.44 16.2 % 28.58 11.3 % 0.64
Q2 2011 119.28 8.0 % 34.44 31.8 % 28.64 38.4 % 0.64
Q3 2011 106.50 11.0 % 24.26 3.9 % 18.54 (9.6 %) 0.41
Q4 2011 118.41 8.4 % 28.19 14.0 % 18.96 6.1 % 0.42
Q1 2012 128.87 13.0 % 35.53 3.2 % 28.88 1.0 % 0.64
Q2 2012 137.27 15.1 % 37.60 9.2 % 29.59 3.3 % 0.66
Q3 2012 121.00 13.6 % 30.07 23.9 % 21.46 15.7 % 0.48
Q4 2012 137.61 16.2 % 31.93 13.3 % 25.03 32.0 % 0.56
Q1 2013 145.36 12.8 % 38.75 9.0 % 31.12 7.8 % 0.69
Q2 2013 142.20 3.6 % 31.78 (15.5 %) 22.19 (25.0 %) 0.49
Q3 2013 134.56 11.2 % 24.08 (19.9 %) 18.80 (12.4 %) 0.42
Q4 2013 164.16 19.3 % 33.54 5.0 % 20.39 (18.6 %) 0.45
Q1 2014 181.82 25.1 % 42.99 10.9 % 32.40 4.1 % 0.72
Q2 2014 179.74 26.4 % 56.27 77.0 % 31.06 40.0 % 0.69
Q3 2014 177.44 31.9 % 40.16 66.8 % 20.76 10.4 % 0.46
Q4 2014 194.99 18.8 % 37.85 12.9 % 10.28 (49.6 %) 0.23
Q1 2015 219.43 20.7 % 54.12 25.9 % 27.72 (14.4 %) 0.62
Q2 2015 227.86 26.8 % 64.96 15.4 % 42.29 36.1 % 0.94
Q3 2015 210.78 18.8 % 50.78 26.5 % 25.47 22.7 % 0.57
Q4 2015 220.60 13.1 % 50.34 33.0 % 35.24 242.7 % 0.79
Q1 2016 253.94 15.7 % 67.29 24.3 % 33.12 19.5 % 0.74
Q2 2016 259.77 14.0 % 84.30 29.8 % 59.29 40.2 % 1.32
Q3 2016 197.01 (6.5 %) 50.54 (0.5 %) 27.55 8.2 % 0.61
Q4 2016 189.94 (13.9 %) 4.86 (90.3 %) (69.69) (297.8 %) (1.55)
Q1 2017 202.44 (20.3 %) 41.19 (38.8 %) 15.54 (53.1 %) 0.35
Q2 2017 216.54 (16.6 %) 50.25 (40.4 %) 19.50 (67.1 %) 0.43

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 20.35 % 20.91 % 15.14 %
Q1 2010 21.80 % 22.04 % 16.34 %
Q2 2010 22.55 % 22.04 % 16.65 %
Q3 2010 24.63 % 23.32 % 17.58 %
Q4 2010 24.36 % 25.12 % 19.88 %
Q1 2011 25.28 % 25.61 % 20.40 %
Q2 2011 26.67 % 26.85 % 21.80 %
Q3 2011 26.24 % 26.11 % 20.85 %
Q4 2011 26.48 % 26.55 % 20.67 %
Q1 2012 25.88 % 25.84 % 20.09 %
Q2 2012 25.57 % 25.38 % 19.54 %
Q3 2012 25.99 % 25.46 % 19.56 %
Q4 2012 25.75 % 25.14 % 20.00 %
Q1 2013 25.56 % 24.89 % 19.81 %
Q2 2013 24.27 % 23.17 % 18.27 %
Q3 2013 22.61 % 21.99 % 17.36 %
Q4 2013 21.86 % 20.98 % 15.78 %
Q1 2014 21.26 % 20.31 % 15.06 %
Q2 2014 23.76 % 21.17 % 15.55 %
Q3 2014 24.60 % 20.97 % 14.88 %
Q4 2014 24.15 % 19.46 % 12.88 %
Q1 2015 24.42 % 18.66 % 11.64 %
Q2 2015 24.04 % 18.90 % 12.33 %
Q3 2015 24.35 % 19.23 % 12.40 %
Q4 2015 25.06 % 21.32 % 14.88 %
Q1 2016 25.56 % 21.44 % 14.91 %
Q2 2016 26.74 % 23.27 % 16.20 %
Q3 2016 27.11 % 23.91 % 16.67 %
Q4 2016 22.98 % 16.07 % 9.33 %
Q1 2017 21.30 % 14.58 % 7.82 %
Q2 2017 18.22 % 10.27 % 3.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2008 - - - -
Q2 2008 - - - -
Q3 2008 - - - -
Q4 2008 - - - -
Q1 2009 44.85 - - 8.46
Q2 2009 44.85 - - 8.84
Q3 2009 44.85 - - 9.19
Q4 2009 44.85 1.26 1.26 9.29
Q1 2010 44.85 1.43 1.43 9.87
Q2 2010 44.85 1.52 1.52 9.99
Q3 2010 44.85 1.62 1.62 10.45
Q4 2010 44.85 1.89 1.89 10.85
Q1 2011 44.85 1.95 1.95 10.85
Q2 2011 44.85 2.13 2.13 11.49
Q3 2011 44.85 2.09 2.09 11.90
Q4 2011 44.85 2.11 2.11 12.32
Q1 2012 44.85 2.12 2.12 12.97
Q2 2012 44.85 2.14 2.14 12.57
Q3 2012 44.85 2.20 2.20 13.04
Q4 2012 44.85 2.34 2.34 13.60
Q1 2013 44.85 2.39 2.39 18.19
Q2 2013 44.85 2.23 2.23 17.24
Q3 2013 44.85 2.17 2.17 17.65
Q4 2013 44.85 2.06 2.06 18.11
Q1 2014 44.85 2.09 2.09 17.28
Q2 2014 44.85 2.29 2.29 17.97
Q3 2014 44.85 2.33 2.33 18.46
Q4 2014 44.85 2.11 2.11 18.69
Q1 2015 44.85 2.00 2.00 19.26
Q2 2015 44.85 2.25 2.25 18.66
Q3 2015 44.85 2.36 2.36 19.22
Q4 2015 44.85 2.91 2.91 20.01
Q1 2016 44.85 3.03 3.03 20.60
Q2 2016 44.85 3.41 3.41 21.16
Q3 2016 44.85 3.46 3.46 21.75
Q4 2016 44.85 1.12 1.87 20.18
Q1 2017 44.85 0.73 1.48 20.51
Q2 2017 44.85 (0.16) 0.59 20.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 2009 - - -
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 30.02 30.02 3.94
Q2 2013 26.07 26.07 3.37
Q3 2013 25.16 25.16 3.09
Q4 2013 26.43 26.43 3.01
Q1 2014 29.41 29.41 3.56
Q2 2014 32.48 32.48 4.14
Q3 2014 32.55 32.55 4.11
Q4 2014 26.03 26.03 2.94
Q1 2015 30.88 30.88 3.21
Q2 2015 28.44 28.44 3.44
Q3 2015 22.37 22.37 2.74
Q4 2015 19.04 19.04 2.77
Q1 2016 16.69 16.69 2.46
Q2 2016 18.71 18.71 3.02
Q3 2016 15.98 15.98 2.54
Q4 2016 58.81 35.19 3.27
Q1 2017 73.26 36.05 2.60
Q2 2017 NEG 79.11 2.25

Business Segments (Million)

Compared With The
Period Medical Services Pharmacies
Q1 2010 85.68 24.84
Q2 2010 84.16 26.29
Q3 2010 74.56 21.42
Q4 2010 84.07 25.20
Q1 2011 89.20 24.89
Q2 2011 94.51 24.77
Q3 2011 84.02 22.49
Q4 2011 93.61 24.79
Q1 2012 102.83 26.04
Q2 2012 109.44 27.83
Q3 2012 96.87 24.14
Q4 2012 109.84 27.76
Q1 2013 117.72 27.65
Q2 2013 115.21 26.98
Q3 2013 109.28 25.28
Q4 2013 134.04 30.12
Q1 2014 149.16 32.67
Q2 2014 149.31 30.43
Q3 2014 149.57 27.87
Q4 2014 161.93 33.06
Q1 2015 184.80 34.63
Q2 2015 196.41 31.45
Q3 2015 180.37 30.41
Q4 2015 191.80 28.80
Q1 2016 220.78 33.16
Q2 2016 230.14 29.62
Q3 2016 173.08 23.93
Q4 2016 162.66 27.28
Q1 2017 176.04 26.40
Q2 2017 190.13 26.41

Analysts Estimates (Million)

Item Q2 2017 (e) Q2 2017 (a) Change‬
Average 24.54 19.50 (20.5 %)

Estimates vs Actual (Million)

Item Q2 2017 (e) Q2 2017 (a) Change
Al Rajhi Capital 19.70 19.50 (1.0) %
Albilad Capital 19.00 19.50 2.6 %
Sico 18.00 19.50 8.3 %
Hermes 22.00 19.50 (11.4) %
Arbah Capital 22.80 19.50 (14.5) %
AlJazira Capital 23.70 19.50 (17.7) %
HSBC 29.00 19.50 (32.8) %
OSOOL AND BAKHEET 42.10 19.50 (53.7) %


Financial Ratios
Current
Market Cap (M Riyal) 8,691.93
Enterprise Value (EV) (M) 8,388.94
Shares Outstanding ((M)) 44.85
EPS ( Riyal) (TTM) 5.93
Book Value (BV) ( Riyal) 34.22
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.75
P/E (TTM) 32.68
Price/book 5.66
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 18.6
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