Care net profit up 32% to SAR 99.6 mln in 9M 2021

National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 99.6 million for the first nine months of 2021, a 32% increase from SAR 75.3 million in the year-earlier period.

The profit rise was attributed to increased volume of business with the General Organization for Social Insurance (GOSI), cash patients and direct contracts.

The company also cited better profit margins due to rationalization of general expenses and a decline in the cost of sales-to-revenue ratio.

Lower operating expenses (OPEX) also boosted the nine-month profit.

In Q3 2021, net profit after Zakat and tax more than doubled to SAR 33.2 million from SAR 16.3 million a year earlier, driven by lower cost of sales, compared to the current quarter revenue, which in turn increased gross profit margins to 30% from 24% in Q3 2020. Care also cited a decline in OPEX.

When compared to the previous quarter, Q3 net profit grew by 8% from SAR 30.7 million on a 5% rise in revenue and higher gross profit margins.

Shareholders’ equity, after minority interest, grew by 7% to SAR 1.091 billion as of Sept. 30, 2021, from SAR 1.018 billion a year earlier.

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