Future Care profit slumps 86% to SAR 5.1 mln in 2022

29/03/2023 Argaam Exclusive

Future Care Trading Co. reported an 86% tumble in 2022 net profit to SAR 5.1 million, from SAR 36.7 million in 2021.



Financials (M)

Item 2021 2022 Change‬
Revenues 72.03 34.13 (52.6 %)
Gross Income 42.32 12.24 (71.1 %)
Operating Income 38.27 5.77 (84.9 %)
Net Income 36.70 5.13 (86.0 %)
Average Shares 500.00 500.00 -
EPS (Halala) 7.34 1.03 (86.0 %)

The company reported a decrease in revenue due to lower number of home visits compared to 2021, due to the end of the COVID-19 precautionary measures. This was offset by a drop in costs, but by a slower pace than revenue.

 

Future Care incurred costs of opening branches in Riyadh and Eastern Region - in the cities of Dammam, Al Khobar, Dhahran, Qatif and Jubail. This came as part of its expansion plans, the impact of which is expected to start from 2024.

 

The company allocated a provision for receivables of SAR 1.93 million against expected credit losses on receivables.



Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Revenues 30.95 19.09 (38.3 %)
Gross Income 16.01 3.98 (75.1 %)
Operating Income 18.15 0.94 (94.8 %)
Net Income 16.65 0.36 (97.9 %)
Average Shares 500.00 500.00 -
EPS (Halala) 3.33 0.07 (97.9 %)

Shareholders’ equity, no minority interest, rose to SAR 58.47 million as of Dec. 31, 2022, from SAR 53.70 million a year earlier.

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Share Price

Future Care Trading Co.
10.60
(0.20) (1.85 %)

Future Care Trading Co. (FUTURE CARE)

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Financial Ratios
Current
Market Cap (M Riyal) 5,300.00
Enterprise Value (EV) (M) 5,249.01
Shares Outstanding ((M)) 500.00
Book Value (BV) ( Riyal) 0.15
Par Value ( Halala) 10.00
Adjusted P/E (Last12) More than 100
Price/book 71.97
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