Financial Results : Care’s H1 2020 net profit rises 35% to SAR 59 mln

Care’s H1 2020 net profit rises 35% to SAR 59 mln

12/08/2020 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 59 million in the first half of 2020, an increase of 35% year-on-year (YoY), compared to SAR 43.8 million in the same period last year.



Financials (M)

Item 6m 2019 6m 2020 Change‬
Revenues 349.37 381.05 9.1 %
Gross Income 86.27 111.08 28.8 %
Operating Income 45.86 66.05 44.0 %
Net Income 43.80 58.94 34.6 %
Average Shares 44.85 44.85 -
EPS (Riyals) 0.98 1.31 34.6 %

The company attributed the profit rise to a higher volume of business with the Ministry of Health (MoH), margin improvement on higher absorption of overheads, as well as a reduction in finance charges due to repayment of interest-bearing loan facilities.

 

However, the gains were impacted by higher provisions, which reduced the impact of increased revenue and lower costs, in addition to higher Zakat.



Current Quarter Comparison (M)

Compared With The
Item Q2 2019 Q2 2020 Change‬
Revenues 169.94 186.04 9.5 %
Gross Income 38.26 58.87 53.9 %
Operating Income 15.56 29.77 91.4 %
Net Income 13.81 25.78 86.6 %
Average Shares 44.85 44.85 -
EPS (Riyals) 0.31 0.57 86.6 %

The company’s net profit after Zakat and tax rose to SAR 25.8 million in Q2 2020, surging 87% YoY, due to higher revenue from MoH, lower costs and improved margins.

 

On a quarterly basis, Q2 earnings decreased 22.3% on lower revenue due to reduced patient flow amid COVID-19 and higher provision against government clients other than GOSI for old receivables.

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