Financial Results : Care net profit rises 11% to SAR 33.2 mln in Q1 2020

Care net profit rises 11% to SAR 33.2 mln in Q1 2020

05/05/2020 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 33.2 million for the first quarter of 2020, a 11% year-on-year (YoY) increase, compared to SAR 30 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 179.43 195.02 8.7 %
Gross Income 48.01 52.22 8.8 %
Operating Income 30.31 36.28 19.7 %
Net Income 29.99 33.17 10.6 %
Average Shares 44.85 44.85 -
EPS (Riyals) 0.67 0.74 10.6 %

The increase can be attributed to increase in revenue by 9%, reduction in provision for expected credit losses, and a net profit margin of 17%.

 

When compared to the previous quarter, Q1 net profit increased 68.8% due to increase in revenue by 5%, higher gross profit margin, and lower general and administrative expenses.

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