Care net profit rises 15% to SAR 114.6 mln in 9M 2022; Q3 at SAR 42.6

01/11/2022 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 114.6 million for the first nine months of 2022, a 15% increase from SAR 99.6 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	629.79	666.25	5.8 %
Gross Income	184.49	210.94	14.3 %
Operating Income	119.57	130.18	8.9 %
Net Income	99.64	114.63	15.0 %
Average Shares	44.85	44.85	-
EPS (Riyals)	2.22	2.56	15.0 %

The profit-rise came as revenue went up 6% year-on-year (YoY) due to higher business volumes and increased patient visits under all categories. Gross profit improved by 14% YoY, while other income rose and Zakat charges decreased.

Meanwhile, Care noted higher selling and marketing expenses, and, general and administrative costs.

In Q3 2022, net profit after Zakat and tax rose 29% YoY to SAR 42.6 million, driven by higher revenue and improved gross profit margins.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	213.11	238.28	11.8 %
Gross Income	63.08	82.71	31.1 %
Operating Income	39.80	49.06	23.3 %
Net Income	33.17	42.62	28.5 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.74	0.95	28.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	216.49	238.28	10.1 %
Gross Income	66.80	82.71	23.8 %
Operating Income	45.95	49.06	6.8 %
Net Income	42.01	42.62	1.5 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.94	0.95	1.5 %

When compared to the previous quarter, Q3 net profit grew by 1.5% from SAR 42.01 million.

Shareholders’ equity, after minority interest, grew by 7% to SAR 1.194 billion as of Sept. 30, 2022, from SAR 1.091 billion a year earlier.

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