Future Care profit slumps 86% to SAR 5.1 mln in 2022

29/03/2023 Argaam Exclusive

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Future Care Trading Co. reported an 86% tumble in 2022 net profit to SAR 5.1 million, from SAR 36.7 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	72.03	34.13	(52.6 %)
Gross Income	42.32	12.24	(71.1 %)
Operating Income	38.27	5.77	(84.9 %)
Net Income	36.70	5.13	(86.0 %)
Average Shares	500.00	500.00	-
EPS (Halala)	7.34	1.03	(86.0 %)

The company reported a decrease in revenue due to lower number of home visits compared to 2021, due to the end of the COVID-19 precautionary measures. This was offset by a drop in costs, but by a slower pace than revenue.

Future Care incurred costs of opening branches in Riyadh and Eastern Region - in the cities of Dammam, Al Khobar, Dhahran, Qatif and Jubail. This came as part of its expansion plans, the impact of which is expected to start from 2024.

The company allocated a provision for receivables of SAR 1.93 million against expected credit losses on receivables.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬
Revenues	30.95	19.09	(38.3 %)
Gross Income	16.01	3.98	(75.1 %)
Operating Income	18.15	0.94	(94.8 %)
Net Income	16.65	0.36	(97.9 %)
Average Shares	500.00	500.00	-
EPS (Halala)	3.33	0.07	(97.9 %)

Item	H1 2022	H2 2022	Change‬
Revenues	15.04	19.09	27.0 %
Gross Income	8.25	3.98	(51.7 %)
Operating Income	4.83	0.94	(80.5 %)
Net Income	4.77	0.36	(92.5 %)
Average Shares	500.00	500.00	-
EPS (Halala)	0.95	0.07	(92.5 %)

Shareholders’ equity, no minority interest, rose to SAR 58.47 million as of Dec. 31, 2022, from SAR 53.70 million a year earlier.

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