Financial Results : Care’s H1 2022 net profit rises 8% to SAR 72 mln, Q2 leaps 37% to SAR 42 mln

Care’s H1 2022 net profit rises 8% to SAR 72 mln, Q2 leaps 37% to SAR 42 mln

11/08/2022 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 72 million for the first half of 2022, an 8% increase from SAR 66.5 million in the same period last year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 416.68 427.97 2.7 %
Gross Income 121.40 128.24 5.6 %
Operating Income 79.77 81.12 1.7 %
Net Income 66.47 72.01 8.3 %
Average Shares 44.85 44.85 -
EPS (Riyals) 1.48 1.61 8.3 %

The profit growth was triggered by a 3% year-on-year (YoY) surge in revenue, a 6% YoY jump in gross profit, amplified other income and reduced Zakat charge for the period. This was despite higher sales and marketing expenses, increased provisions for expected credit losses, as well as higher general and administrative costs.

 

In Q2 2022, net profit after Zakat and tax rose 37% YoY to SAR 42 million.

 

The profit increase was due to a 7% quarter-on-quarter (QoQ) rise in revenue, a 31% YoY hike in gross profit margin, increased other income and reduced Zakat charge for the period.

 

On a sequential basis, Q2 net profit leapt 40% from SAR 30 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 202.49 216.49 6.9 %
Gross Income 57.77 66.80 15.6 %
Operating Income 37.59 45.95 22.2 %
Net Income 30.74 42.01 36.7 %
Average Shares 44.85 44.85 -
EPS (Riyals) 0.69 0.94 36.7 %

Total shareholders’ equity, after minority interest reached SAR 1.151 billion as on June 30, 2022, compared with SAR 1.058 billion a year earlier.

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