Care CEO says revenue from health ministry skyrockets 105% in H1 2020

National Medical Care Co. (Care) posted higher revenues in H1 2020, backed by a surge of 105.5% year-on-year (YoY) in revenues from the Ministry of Health contracts, CEO Abdulaziz Saleh Alobaid told Argaam in an exclusive on Tuesday.

“This was driven by a rise in the number of accepted novel coronavirus cases and increased capacity through raising the medical staff number,” he said.

The Ministry of Health revenues accounted for 25% of the company’s total revenues in H1 2020.

Care has worked on raising the number of intensive care units’ (ICU) beds, Alobaid explained, adding that the company showed better performance, in line with the business plan approved by its board of directors.

The healthcare services provider has no approved expansion plans at the moment, but it is studying available opportunities. The company will reveal new expansion plans when approved by the board of directors.

Alobaid expects the company will continue to report strong results, noting that Care always strives to demonstrate better performance, in line with the board of directors and shareholders’ ambitions.

Care reported a net profit after Zakat and tax of SAR 59 million in the first half of 2020, an increase of 35%, compared to SAR 43.8 million a year earlier, Argaam reported.