Care 9M 2020 net profit rises 25% to SAR 75.3 mln

04/11/2020 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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Share Price

National Medical Care Co.
171.00
4.00 2.40 %

National Medical Care Co. (CARE)

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Financial Ratios
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
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