Care’s Q4 misses estimates on extra provisioning: Al Rajhi Cap

26/03/2019 Argaam

 

National Medical Care’s (Care) Q4 2018 net profit of SAR 4.9 million missed Al Rajhi Capital and consensus estimates’ of SAR 21 million and SAR 24 million, respectively, the brokerage firm said in a report on Tuesday.

 

The bottom-line miss was mainly due to SAR 15 million extra provisions related to medical claims with King Abdulaziz Medical City.

 

Revenue came in at SAR182 million lower than the brokerage's estimate of SAR192 million, mainly due to lower than expected utilization rate.

 

The board of directors has recommended a 10 percent cash dividend for 2018 at SAR 1 per share, amounting to SAR 44.85 million.

 

"We forecast the total cash dividends for 2019 to reach at SAR 1.5 per share," the report said.

 

Al Rajhi Capital assigned an "underweight" rating on the stock, revising down the target price to SAR 40 a share.

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