National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 75.3 million for the first nine months of 2020, an increase of 25%, compared to SAR 60.4 million in the year-earlier period.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 522.88 | 594.36 | 13.7 % |
| Gross Income | 126.38 | 162.15 | 28.3 % |
| Operating Income | 65.50 | 88.75 | 35.5 % |
| Net Income | 60.45 | 75.27 | 24.5 % |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 1.35 | 1.68 | 24.5 % |
The profit increase was attributed to a higher volume of business with the Ministry of Health, cash patients and direct contracts.
In addition, the company reported margin improvements due to higher absorption of overheads and savings in consumables and other costs, as well as a reduction in finance charges due to repayment of interest-bearing loan facilities.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 173.51 | 213.31 | 22.9 % |
| Gross Income | 40.11 | 51.06 | 27.3 % |
| Operating Income | 19.63 | 22.70 | 15.6 % |
| Net Income | 16.64 | 16.32 | (1.9 %) |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.37 | 0.36 | (1.9 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 186.04 | 213.31 | 14.7 % |
| Gross Income | 58.87 | 51.06 | (13.3 %) |
| Operating Income | 29.77 | 22.70 | (23.8 %) |
| Net Income | 25.78 | 16.32 | (36.7 %) |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.57 | 0.36 | (36.7 %) |
The Q3 2020 net profit after Zakat and tax fell 2% year-on-year (YoY) to SAR 16.3 million, as the company recorded provisions for old receivables from government entities other than GOSI and lower rental and investment income.
On a sequential basis, Q3 2020 net profit declined 36% on lower gross profit margin due to higher cost of sale and increased Zakat charge.
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