Care net profit soars 45% to SAR 81.3M in Q1 2024

National Medical Care Co. (Care) reported a net profit of SAR 81.3 million for Q1 2024, an increase of 45% from SAR 56.3 million in the year-earlier period.

Net revenues rose 14.2% year-on-year (YoY) to SAR 298.6 million in Q1 2024, on rising business volume with the Ministry of Health and insurance companies, new acquisitions made in 2023 following Q1, reduced cost of selling expenses that led to cost rationalization.

The company’s gross profit margin (GPM) grew to 36.9% compared to 34.4% in the same quarter last year due to improved cost rationalization and focusing on higher margin businesses.

SAL received the final assessments issued by Zakat, Tax and Customs Authority (ZATCA) for 2021 and 2022, which led to reverse excess provision in previous years.

Net profit margin increased to 27.2% from 21.5%.

This came despite higher general and administrative expenses and those resulting from increased provisions for expected credit losses, and lower other revenues.

On a sequential basis, net profit rose 28% from SAR 63.48 million in Q4 2023.

Total shareholders’ equity, no minority interest, stood at SAR 1.53 billion by Q1 2024, compared to SAR 1.31 billion in the prior-year period.

Total comprehensive income amounted to SAR 81.28 million in Q1 2024 compared to SAR 56.26 million in Q1 2023 and SAR 57.25 million in Q4 2023.

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