Care net profit up 32% to SAR 99.6 mln in 9M 2021

02/11/2021 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 99.6 million for the first nine months of 2021, a 32% increase from SAR 75.3 million in the year-earlier period.

The profit rise was attributed to increased volume of business with the General Organization for Social Insurance (GOSI), cash patients and direct contracts.

The company also cited better profit margins due to rationalization of general expenses and a decline in the cost of sales-to-revenue ratio.

Lower operating expenses (OPEX) also boosted the nine-month profit.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	594.36	629.79	6.0 %
Gross Income	162.15	184.49	13.8 %
Operating Income	88.75	119.57	34.7 %
Net Income	75.27	99.64	32.4 %
Average Shares	44.85	44.85	-
EPS (Riyals)	1.68	2.22	32.4 %

In Q3 2021, net profit after Zakat and tax more than doubled to SAR 33.2 million from SAR 16.3 million a year earlier, driven by lower cost of sales, compared to the current quarter revenue, which in turn increased gross profit margins to 30% from 24% in Q3 2020. Care also cited a decline in OPEX.

When compared to the previous quarter, Q3 net profit grew by 8% from SAR 30.7 million on a 5% rise in revenue and higher gross profit margins.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	213.31	213.11	(0.1 %)
Gross Income	51.06	63.08	23.5 %
Operating Income	22.70	39.80	75.3 %
Net Income	16.32	33.17	103.2 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.36	0.74	103.2 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	202.49	213.11	5.2 %
Gross Income	57.77	63.08	9.2 %
Operating Income	37.59	39.80	5.9 %
Net Income	30.74	33.17	7.9 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.69	0.74	7.9 %

Shareholders’ equity, after minority interest, grew by 7% to SAR 1.091 billion as of Sept. 30, 2021, from SAR 1.018 billion a year earlier.

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