Future Care reports 76% slump in H1 2022 profit to SAR 4.8 mln

13/09/2022 Argaam Exclusive

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Future Care Trading Co. posted a plunge of 76% in H1 2022 net profit after Zakat and tax to SAR 4.8 million, compared to SAR 20.1 million in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	41.07	15.04	(63.4 %)
Gross Income	26.31	8.25	(68.6 %)
Operating Income	20.12	4.83	(76.0 %)
Net Income	20.06	4.77	(76.2 %)
Average Shares	500.00	500.00	-
EPS (Halala)	4.01	0.95	(76.2 %)

The company said that revenue dropped 63.39% year-on-year (YoY), due to a sharp decline in the number of patients. This decline was mainly attributed to the easing of COVID-19 restrictions imposed during 2021 as patients were allowed to visit hospitals instead of using home care services. Insurance companies also reduced credit limits for some categories of patients.

On the other hand, costs fell by 54% YoY on lower operating expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2021	H1 2022	Change‬
Revenues	41.07	15.04	(63.4 %)
Gross Income	26.31	8.25	(68.6 %)
Operating Income	20.12	4.83	(76.0 %)
Net Income	20.06	4.77	(76.2 %)
Average Shares	500.00	500.00	-
EPS (Halala)	4.01	0.95	(76.2 %)

Item	H2 2021	H1 2022	Change‬
Revenues	30.95	15.04	(51.4 %)
Gross Income	16.01	8.25	(48.4 %)
Operating Income	18.15	4.83	(73.4 %)
Net Income	16.65	4.77	(71.3 %)
Average Shares	500.00	500.00	-
EPS (Halala)	3.33	0.95	(71.3 %)

Shareholders equity, after minority interest, reached SAR 58.476 million as of June 30, 2022, up from SAR 37.483 million a year earlier.

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