Care net profit up 40% to SAR 136.4 mln in 2021; Q4 rises 67% to SAR 36.7 mln

01/03/2022 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 136.4 million for 2021, a 40% increase from SAR 97.3 million in the previous year.

Financials (M)

Item	2020	2021	Change‬
Revenues	808.95	845.38	4.5 %
Gross Income	223.88	246.47	10.1 %
Operating Income	114.11	156.22	36.9 %
Net Income	97.27	136.36	40.2 %
Average Shares	44.85	44.85	-
EPS (Riyals)	2.17	3.04	40.2 %

The profit rise was attributed to increased volume of business with cash and insurance segments, lower cost of sales ratio relative to revenue and lower selling and marketing expenses.

In Q4 2021, Care posted a 67% profit rise to SAR 36.7 million, from SAR 22 million in the same period the previous year.

On a sequential basis, Q4 profit rose 10.7% from SAR 33.17 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	214.60	215.59	0.5 %
Gross Income	61.73	61.98	0.4 %
Operating Income	25.36	36.65	44.5 %
Net Income	22.00	36.71	66.9 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.49	0.82	66.9 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	213.11	215.59	1.2 %
Gross Income	63.08	61.98	(1.7 %)
Operating Income	39.80	36.65	(7.9 %)
Net Income	33.17	36.71	10.7 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.74	0.82	10.7 %

Shareholders’ equity, after minority interest, grew by 8.4% to SAR 1.124 billion as of Dec. 31, 2021, from SAR 1.036 billion a year earlier.

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