Care’s 2014 net profit slightly up to SAR 93.6 mln

National Medical Care company (Care) reported 2014’s net profit of SAR 93.6 million, a one percent increase compared to the last year.

A net profit of SAR 9.8 million was reported for Q4-2014 compared to SAR 20.4 million for Q3.

Financials (M)

Item	2013	2014	Change‬
Revenues	586.28	733.99	25.2 %
Gross Income	130.06	177.27	36.3 %
Operating Income	91.55	92.67	1.2 %
Net Income	92.50	95.46	3.2 %
Average Shares	44.85	44.85	-
EPS (Riyals)	2.06	2.13	3.2 %

The company attributed the increase of 2014’s net profit, compared to the last year, to revenue growth in all operating business units, particularly continuous increase of National Hospital’s revenue and the increase of other revenue, while the slight decline of operating income was due to the increase of G&A expenses.

The decline of Q4-2014’s net profit compared to the same period last year was attributed to:

1- The increase of the cost of sales specially salaries and wages for medical staff and depreciation expenses related to the National Hospital’s new expansion.

2- The increase G&A expenses specially salaries and wages for administrative staff.

3- The increase of Zakat provision as a result of adding the loan obtained for the Ministry of Finance to the Zakat base.

The decline of Q4-2014’s net profit compared to the Q3-2014’s net profit was attributed to:

1- The increase of the cost of sales specially salaries and wages for medical staff as a new policy has been implemented to match the market requirements.

2- The increase of Zakat provision as the management charges an estimated Zakat amount during the year with the settlement made to the actual amount at the end of the year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2013	Q4 2014	Change‬
Revenues	164.16	194.99	18.8 %
Gross Income	33.54	37.85	12.9 %
Operating Income	21.42	12.23	(42.9 %)
Net Income	20.39	10.28	(49.6 %)
Average Shares	44.85	44.85	-
EPS (Riyals)	0.45	0.23	(49.6 %)

Item	Q3 2014	Q4 2014	Change‬
Revenues	177.44	194.99	9.9 %
Gross Income	40.16	37.85	(5.7 %)
Operating Income	18.41	12.23	(33.6 %)
Net Income	20.76	10.28	(50.5 %)
Average Shares	44.85	44.85	-
EPS (Riyals)	0.46	0.23	(50.5 %)

View other reports

Share Price

National Medical Care Co. (CARE)

	Current
Market Cap (M Riyal)	7,669.35
Enterprise Value (EV) (M)	7,653.84
Shares Outstanding ((M))	44.85
EPS ( Riyal) (TTM)	6.12
Book Value (BV) ( Riyal)	34.35
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.25
P/E (TTM)	27.94
Price/book	4.98
Return on Average Assets (%) (TTM)	13.3
Return on Average Equity (%) (TTM)	18.7

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	91.40	-	20.01	-	18.41	-
Q2 2009	95.71	-	19.86	-	18.66	-
Q3 2009	91.41	-	13.72	-	12.85	-
Q4 2009	95.93	-	22.60	-	5.26	-
2009	374.46	-	76.19	-	55.19	-
Q1 2010	110.53	20.9 %	29.63	48.1 %	25.92	40.8 %
Q2 2010	110.45	15.4 %	26.13	31.6 %	20.87	11.8 %
Q3 2010	95.98	5.0 %	23.35	70.2 %	18.86	46.8 %
Q4 2010	109.27	13.9 %	24.73	9.4 %	16.44	212.5 %
2010	426.22	13.8 %	103.83	36.3 %	82.09	48.7 %
Q1 2011	114.09	3.2 %	34.44	16.2 %	28.80	11.1 %
Q2 2011	119.28	8.0 %	34.44	31.8 %	27.76	33.0 %
Q3 2011	106.50	11.0 %	24.26	3.9 %	18.42	(2.3 %)
Q4 2011	118.41	8.4 %	28.19	14.0 %	20.19	22.8 %
2011	458.28	7.5 %	121.33	16.9 %	95.18	15.9 %
Q1 2012	128.87	13.0 %	35.53	3.2 %	28.74	(0.2 %)
Q2 2012	137.27	15.1 %	37.60	9.2 %	30.40	9.5 %
Q3 2012	121.00	13.6 %	30.07	23.9 %	21.63	17.4 %
Q4 2012	137.61	16.2 %	31.93	13.3 %	23.24	15.1 %
2012	524.75	14.5 %	135.13	11.4 %	104.01	9.3 %
Q1 2013	145.36	12.8 %	38.75	9.0 %	31.05	8.0 %
Q2 2013	142.20	3.6 %	31.78	(15.5 %)	21.64	(28.8 %)
Q3 2013	134.56	11.2 %	24.08	(19.9 %)	17.45	(19.3 %)
Q4 2013	164.16	19.3 %	33.54	5.0 %	21.42	(7.8 %)
2013	586.28	11.7 %	130.06	(3.8 %)	91.55	(12.0 %)
Q1 2014	181.82	25.1 %	42.99	10.9 %	31.12	0.2 %
Q2 2014	179.74	26.4 %	56.27	77.0 %	29.95	38.4 %
Q3 2014	177.44	31.9 %	40.16	66.8 %	18.41	5.5 %
Q4 2014	194.99	18.8 %	37.85	12.9 %	12.23	(42.9 %)
2014	733.99	25.2 %	177.27	36.3 %	92.67	1.2 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	374.46	-	76.19	-	55.19	-
2010	426.22	13.8 %	103.83	36.3 %	82.09	48.7 %
2011	458.28	7.5 %	121.33	16.9 %	95.18	15.9 %
2012	524.75	14.5 %	135.13	11.4 %	104.01	9.3 %
2013	586.28	11.7 %	130.06	(3.8 %)	91.55	(12.0 %)
2014	733.99	25.2 %	177.27	36.3 %	92.67	1.2 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	-	-	-	-	-	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	-	-	-	-	-	-
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	-	-	-	-	-	-
Q1 2009	18.07	-	0.40	-	18.07	0.40
Q2 2009	17.04	-	0.38	-	17.04	0.38
Q3 2009	15.88	-	0.35	-	15.88	0.35
Q4 2009	5.72	-	0.13	-	5.72	0.13
2009	56.71	-	1.26	-	56.71	1.26
Q1 2010	25.67	42.1 %	0.57	-	25.67	0.57
Q2 2010	20.70	21.5 %	0.46	-	20.70	0.46
Q3 2010	20.51	29.2 %	0.46	-	20.51	0.46
Q4 2010	17.87	212.4 %	0.40	-	17.87	0.40
2010	84.75	49.4 %	1.89	-	84.75	1.89
Q1 2011	28.58	11.3 %	0.64	-	28.58	0.64
Q2 2011	28.64	38.4 %	0.64	-	28.64	0.64
Q3 2011	18.54	(9.6 %)	0.41	-	18.54	0.41
Q4 2011	18.96	6.1 %	0.42	-	18.96	0.42
2011	94.72	11.8 %	2.11	-	94.72	2.11
Q1 2012	28.88	1.0 %	0.64	-	28.88	0.64
Q2 2012	29.59	3.3 %	0.66	-	29.59	0.66
Q3 2012	21.46	15.7 %	0.48	-	21.46	0.48
Q4 2012	25.03	32.0 %	0.56	-	25.03	0.56
2012	104.96	10.8 %	2.34	-	104.96	2.34
Q1 2013	31.12	7.8 %	0.69	-	31.12	0.69
Q2 2013	22.19	(25.0 %)	0.49	-	22.19	0.49
Q3 2013	18.80	(12.4 %)	0.42	-	18.80	0.42
Q4 2013	20.39	(18.6 %)	0.45	-	20.39	0.45
2013	92.50	(11.9 %)	2.06	-	92.50	2.06
Q1 2014	32.40	4.1 %	0.72	-	32.40	0.72
Q2 2014	31.06	40.0 %	0.69	-	31.06	0.69
Q3 2014	20.76	10.4 %	0.46	-	20.76	0.46
Q4 2014	10.28	(49.6 %)	0.23	-	10.28	0.23
2014	95.46	3.2 %	2.13	-	95.46	2.13

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2005	-	-	-	-	-	-
2006	-	-	-	-	-	-
2007	-	-	-	-	-	-
2008	-	-	-	-	-	-
2009	56.71	-	1.26	-	56.71	1.26
2010	84.75	49.4 %	1.89	-	84.75	1.89
2011	94.72	11.8 %	2.11	-	94.72	2.11
2012	104.96	10.8 %	2.34	-	104.96	2.34
2013	92.50	(11.9 %)	2.06	-	92.50	2.06
2014	95.46	3.2 %	2.13	-	95.46	2.13

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	20.35 %	20.91 %	15.14 %
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 %
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 %
2011	26.48 %	26.56 %	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 %
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 %
2013	22.18 %	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 %
2014	24.15 %	19.59 %	13.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	20.35 %	20.91 %	15.14 %
2010	24.36 %	25.12 %	19.88 %
2011	26.48 %	26.56 %	20.67 %
2012	25.75 %	25.14 %	20.00 %
2013	22.18 %	20.98 %	15.78 %
2014	24.15 %	19.59 %	13.01 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	21.89 %	25.72 %	19.77 %
Q2 2009	20.75 %	24.92 %	17.80 %
Q3 2009	15.01 %	20.39 %	17.37 %
Q4 2009	23.56 %	12.80 %	5.96 %
Q1 2010	26.81 %	28.92 %	23.22 %
Q2 2010	23.66 %	24.55 %	18.74 %
Q3 2010	24.33 %	25.97 %	21.37 %
Q4 2010	22.63 %	21.09 %	16.35 %
Q1 2011	30.19 %	30.66 %	25.05 %
Q2 2011	28.87 %	29.19 %	24.01 %
Q3 2011	22.78 %	22.91 %	17.41 %
Q4 2011	23.81 %	23.21 %	16.01 %
Q1 2012	27.57 %	27.57 %	22.41 %
Q2 2012	27.39 %	27.12 %	21.56 %
Q3 2012	24.85 %	23.55 %	17.74 %
Q4 2012	23.20 %	22.29 %	18.19 %
Q1 2013	26.65 %	26.37 %	21.41 %
Q2 2013	22.35 %	20.42 %	15.60 %
Q3 2013	17.89 %	18.61 %	13.97 %
Q4 2013	20.43 %	18.63 %	12.42 %
Q1 2014	23.64 %	22.99 %	17.82 %
Q2 2014	31.31 %	23.55 %	17.28 %
Q3 2014	22.63 %	18.45 %	11.70 %
Q4 2014	19.41 %	13.33 %	5.27 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	-	-	-	-
2006	-	-	-	-
2007	-	-	-	-
2008	-	-	-	-
2009	44.85	1.26	1.26	9.29
2010	44.85	1.89	1.89	10.85
2011	44.85	2.11	2.11	12.32
2012	44.85	2.34	2.34	13.60
2013	44.85	2.06	2.06	18.11
2014	44.85	2.13	2.13	18.69

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
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

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	26.43	26.43	3.01
2014	25.77	25.77	2.94

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

Period	Medical Services	Pharmacies
2010	328.47	97.75
2011	361.34	96.95
2012	418.98	105.76
2013	476.25	110.02
2014	609.97	124.03

Analysts Estimates (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change‬
Average	24.70	10.28	(58.4 %)

Estimates vs Actual (Million)

Item	Q4 2014 (e)	Q4 2014 (a)	Change
OSOOL AND BAKHEET	24.70	10.28	(58.4) %

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Care’s 2014 net profit slightly up to SAR 93.6 mln

Financials (M)

Current Quarter Comparison (M)

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National Medical Care Co. (CARE)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

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Business Segments (Million)

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Care’s 2014 net profit slightly up to SAR 93.6 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

National Medical Care Co. (CARE)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2014

Revenue by Business Segment (Latest) 2014 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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