Care 2023 net profit up 42% to SAR 240.9M; Q4 at SAR 63.5M

National Medical Care Co. (Care) reported a net profit of SAR 240.9 million for 2023, an increase of 42% from SAR 170.1 million in the year-earlier period.

The profit increase was driven by higher revenue, gross profit and interest income, as well as lower cost of sales and Zakat charges.

The healthcare provider also noted higher volume of business with the General Organization for Social Insurance and the Ministry of Health, resulting in higher admissions and surgeries. Billings to the Ministry of Health increased after Care’s facilities achieved HIMSS accreditation in Q1 2023.

In addition, the company booked reversals of expected credit loss provisions due to settlements with insurance companies and receipt of receivables from the National Guard pertaining to previous years.

This came despite the increase in sales, marketing, general and administrative expenses and financing costs.

Q4 2023 net earnings rose 15% year-on-year (YoY) to SAR 63.5 million.

On a sequential basis, net profit fell 13.5% from SAR 73.38 million in Q3.

Total shareholders’ equity, no minority interest, stood at SAR 1.45 billion by Dec. 31, 2023, compared to SAR 1.26 billion in the prior-year period.

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