Financial Results : Care posts 5% profit rise in 9M 2019

Care posts 5% profit rise in 9M 2019

07/11/2019 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after zakat and tax of SAR 60.4 million for the first nine months of 2019, an increase of 5.5 percent year-on-year (YoY), on lower operating costs as part of the company’s cost rationalization strategy.

 

Meanwhile, a decline in revenue in the same period was partially offset by higher other income.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 582.11 522.88 (10.2 %)
Gross Income 134.49 126.38 (6.0 %)
Operating Income 64.97 65.50 0.8 %
Net Income 57.31 60.45 5.5 %
Average Shares 44.85 44.85 -
Earnings Per Share before unusual items (Riyals) 1.28 1.35 5.5 %
EPS (Riyal) 1.28 1.35 5.5 %

The third quarter net profit after zakat and tax jumped 45.4 percent YoY to SAR 16.6 million, thanks to lower operating costs and credit loss provisions, as well as higher gross profit.

 

When compared to Q2 2019, net profit climbed 20.5 percent, driven by higher revenue as a result of improved patient footfall during the third quarter.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 176.40 173.51 (1.6 %)
Gross Income 33.17 40.11 20.9 %
Operating Income 13.16 19.63 49.2 %
Net Income 11.44 16.64 45.4 %
Average Shares 44.85 44.85 -
Earnings Per Share before unusual items (Riyal) 0.26 0.37 45.4 %
EPS (Riyal) 0.26 0.37 45.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2010 110.53 20.9 % 29.63 48.1 % 25.92 40.8 %
Q2 2010 110.45 15.4 % 26.13 31.6 % 20.87 11.8 %
Q3 2010 95.98 5.0 % 23.35 70.2 % 18.86 46.8 %
Q4 2010 109.27 13.9 % 24.73 9.4 % 16.44 212.5 %
Q1 2011 114.09 3.2 % 34.44 16.2 % 28.80 11.1 %
Q2 2011 119.28 8.0 % 34.44 31.8 % 27.76 33.0 %
Q3 2011 106.50 11.0 % 24.26 3.9 % 18.42 (2.3 %)
Q4 2011 118.41 8.4 % 28.19 14.0 % 20.19 22.8 %
Q1 2012 128.87 13.0 % 35.53 3.2 % 28.74 (0.2 %)
Q2 2012 137.27 15.1 % 37.60 9.2 % 30.40 9.5 %
Q3 2012 121.00 13.6 % 30.07 23.9 % 21.63 17.4 %
Q4 2012 137.61 16.2 % 31.93 13.3 % 23.24 15.1 %
Q1 2013 145.36 12.8 % 38.75 9.0 % 31.05 8.0 %
Q2 2013 142.20 3.6 % 31.78 (15.5 %) 21.64 (28.8 %)
Q3 2013 134.56 11.2 % 24.08 (19.9 %) 17.45 (19.3 %)
Q4 2013 164.16 19.3 % 33.54 5.0 % 21.42 (7.8 %)
Q1 2014 181.82 25.1 % 42.99 10.9 % 31.12 0.2 %
Q2 2014 179.74 26.4 % 56.27 77.0 % 29.95 38.4 %
Q3 2014 177.44 31.9 % 40.16 66.8 % 18.41 5.5 %
Q4 2014 194.99 18.8 % 37.85 12.9 % 12.23 (42.9 %)
Q1 2015 219.43 20.7 % 54.12 25.9 % 29.12 (6.4 %)
Q2 2015 227.86 26.8 % 64.96 15.4 % 38.75 29.4 %
Q3 2015 210.78 18.8 % 50.78 26.5 % 27.13 47.3 %
Q4 2015 220.60 13.1 % 50.34 33.0 % 33.70 175.6 %
Q1 2016 253.94 15.7 % 67.29 24.3 % 35.04 20.3 %
Q2 2016 259.77 14.0 % 84.30 29.8 % 61.24 58.0 %
Q3 2016 197.01 (6.5 %) 50.54 (0.5 %) 27.99 3.2 %
Q4 2016 189.94 (13.9 %) 4.86 (90.3 %) (44.59) (232.3 %)
Q1 2017 202.44 (20.3 %) 41.19 (38.8 %) 14.04 (59.9 %)
Q2 2017 216.54 (16.6 %) 50.25 (40.4 %) 20.01 (67.3 %)
Q3 2017 208.34 5.8 % 46.97 (7.1 %) 26.33 (5.9 %)
Q4 2017 227.76 19.9 % 57.00 1072.0 % 29.59 166.4 %
Q1 2018 206.67 2.1 % 51.73 25.6 % 28.41 102.4 %
Q2 2018 199.05 (8.1 %) 49.59 (1.3 %) 23.40 17.0 %
Q3 2018 176.40 (15.3 %) 33.17 (29.4 %) 13.16 (50.0 %)
Q4 2018 181.69 (20.2 %) 32.02 (43.8 %) 14.93 (49.6 %)
Q1 2019 179.43 (13.2 %) 48.01 (7.2 %) 30.31 6.7 %
Q2 2019 169.94 (14.6 %) 38.26 (22.8 %) 15.56 (33.5 %)
Q3 2019 173.51 (1.6 %) 40.11 20.9 % 19.63 49.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2010 25.67 42.1 % 0.57 - 25.67 0.57
Q2 2010 20.70 21.5 % 0.46 - 20.70 0.46
Q3 2010 20.51 29.2 % 0.46 - 20.51 0.46
Q4 2010 17.87 212.4 % 0.40 - 17.87 0.40
Q1 2011 28.58 11.3 % 0.64 - 28.58 0.64
Q2 2011 28.64 38.4 % 0.64 - 28.64 0.64
Q3 2011 18.54 (9.6 %) 0.41 - 18.54 0.41
Q4 2011 18.96 6.1 % 0.42 - 18.96 0.42
Q1 2012 28.88 1.0 % 0.64 - 28.88 0.64
Q2 2012 29.59 3.3 % 0.66 - 29.59 0.66
Q3 2012 21.46 15.7 % 0.48 - 21.46 0.48
Q4 2012 25.03 32.0 % 0.56 - 25.03 0.56
Q1 2013 31.12 7.8 % 0.69 - 31.12 0.69
Q2 2013 22.19 (25.0 %) 0.49 - 22.19 0.49
Q3 2013 18.80 (12.4 %) 0.42 - 18.80 0.42
Q4 2013 20.39 (18.6 %) 0.45 - 20.39 0.45
Q1 2014 32.40 4.1 % 0.72 - 32.40 0.72
Q2 2014 31.06 40.0 % 0.69 - 31.06 0.69
Q3 2014 20.76 10.4 % 0.46 - 20.76 0.46
Q4 2014 10.28 (49.6 %) 0.23 - 10.28 0.23
Q1 2015 27.72 (14.4 %) 0.62 - 27.72 0.62
Q2 2015 42.29 36.1 % 0.94 - 42.29 0.94
Q3 2015 25.47 22.7 % 0.57 - 25.47 0.57
Q4 2015 35.24 242.7 % 0.79 - 35.24 0.79
Q1 2016 33.12 19.5 % 0.74 - 33.12 0.74
Q2 2016 59.29 40.2 % 1.32 - 59.29 1.32
Q3 2016 27.55 8.2 % 0.61 - 27.55 0.61
Q4 2016 (69.69) (297.8 %) (1.55) (33.75) (35.95) (0.80)
Q1 2017 15.54 (53.1 %) 0.35 - 15.54 0.35
Q2 2017 19.50 (67.1 %) 0.43 - 19.50 0.43
Q3 2017 27.00 (2.0 %) 0.60 - 27.00 0.60
Q4 2017 23.26 133.4 % 0.52 (1.24) 24.50 0.55
Q1 2018 25.60 64.8 % 0.57 - 25.60 0.57
Q2 2018 20.26 3.9 % 0.45 - 20.26 0.45
Q3 2018 11.44 (57.6 %) 0.26 - 11.44 0.26
Q4 2018 4.87 (79.1 %) 0.11 - 4.87 0.11
Q1 2019 29.99 17.1 % 0.67 - 29.99 0.67
Q2 2019 13.81 (31.8 %) 0.31 - 13.81 0.31
Q3 2019 16.64 45.4 % 0.37 - 16.64 0.37

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 21.80 % 22.04 % 16.34 %
Q2 2010 22.55 % 22.04 % 16.65 %
Q3 2010 24.63 % 23.32 % 17.58 %
Q4 2010 24.36 % 25.12 % 19.88 %
Q1 2011 25.28 % 25.61 % 20.40 %
Q2 2011 26.67 % 26.85 % 21.80 %
Q3 2011 26.24 % 26.11 % 20.85 %
Q4 2011 26.48 % 26.55 % 20.67 %
Q1 2012 25.88 % 25.84 % 20.09 %
Q2 2012 25.57 % 25.38 % 19.54 %
Q3 2012 25.99 % 25.46 % 19.56 %
Q4 2012 25.75 % 25.14 % 20.00 %
Q1 2013 25.56 % 24.89 % 19.81 %
Q2 2013 24.27 % 23.17 % 18.27 %
Q3 2013 22.61 % 21.99 % 17.36 %
Q4 2013 21.86 % 20.98 % 15.78 %
Q1 2014 21.26 % 20.31 % 15.06 %
Q2 2014 23.76 % 21.17 % 15.55 %
Q3 2014 24.60 % 20.97 % 14.88 %
Q4 2014 24.15 % 19.46 % 12.88 %
Q1 2015 24.42 % 18.66 % 11.64 %
Q2 2015 24.04 % 18.90 % 12.33 %
Q3 2015 24.35 % 19.23 % 12.40 %
Q4 2015 25.06 % 21.32 % 14.88 %
Q1 2016 25.56 % 21.44 % 14.91 %
Q2 2016 26.74 % 23.27 % 16.20 %
Q3 2016 27.11 % 23.91 % 16.67 %
Q4 2016 22.98 % 16.07 % 9.33 %
Q1 2017 21.30 % 14.58 % 7.82 %
Q2 2017 18.22 % 10.27 % 3.31 %
Q3 2017 17.53 % 9.96 % 3.19 %
Q4 2017 22.85 % 18.52 % 10.12 %
Q1 2018 23.97 % 20.17 % 11.24 %
Q2 2018 24.39 % 20.91 % 11.57 %
Q3 2018 23.64 % 20.41 % 10.10 %
Q4 2018 21.80 % 20.00 % 8.14 %
2018 21.80 % 20.00 % 8.14 %
Q1 2019 22.10 % 21.08 % 9.04 %
Q2 2019 21.41 % 21.09 % 8.50 %
Q3 2019 22.48 % 21.77 % 9.27 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2010 44.85 1.43 1.43 9.87
Q2 2010 44.85 1.52 1.52 9.99
Q3 2010 44.85 1.62 1.62 10.45
Q4 2010 44.85 1.89 1.89 10.85
Q1 2011 44.85 1.95 1.95 10.85
Q2 2011 44.85 2.13 2.13 11.49
Q3 2011 44.85 2.09 2.09 11.90
Q4 2011 44.85 2.11 2.11 12.32
Q1 2012 44.85 2.12 2.12 12.97
Q2 2012 44.85 2.14 2.14 12.57
Q3 2012 44.85 2.20 2.20 13.04
Q4 2012 44.85 2.34 2.34 13.60
Q1 2013 44.85 2.39 2.39 18.19
Q2 2013 44.85 2.23 2.23 17.24
Q3 2013 44.85 2.17 2.17 17.65
Q4 2013 44.85 2.06 2.06 18.11
Q1 2014 44.85 2.09 2.09 17.28
Q2 2014 44.85 2.29 2.29 17.97
Q3 2014 44.85 2.33 2.33 18.46
Q4 2014 44.85 2.11 2.11 18.69
Q1 2015 44.85 2.00 2.00 19.26
Q2 2015 44.85 2.25 2.25 18.66
Q3 2015 44.85 2.36 2.36 19.22
Q4 2015 44.85 2.91 2.91 20.01
Q1 2016 44.85 3.03 3.03 20.60
Q2 2016 44.85 3.41 3.41 21.16
Q3 2016 44.85 3.46 3.46 21.75
Q4 2016 44.85 1.12 1.87 20.18
Q1 2017 44.85 0.73 1.48 20.51
Q2 2017 44.85 (0.16) 0.59 20.93
Q3 2017 44.85 (0.17) 0.58 21.52
Q4 2017 44.85 1.90 1.93 21.98
Q1 2018 44.85 2.13 2.15 22.38
Q2 2018 44.85 2.14 2.17 21.83
Q3 2018 44.85 1.80 1.82 22.09
Q4 2018 44.85 1.39 1.39 22.23
Q1 2019 44.85 1.48 1.48 22.90
Q2 2019 44.85 1.34 1.34 22.20
Q3 2019 44.85 1.46 1.46 22.57

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 - - -
Q1 2012 - - -
Q2 2012 - - -
Q3 2012 - - -
Q4 2012 - - -
Q1 2013 30.02 30.02 3.94
Q2 2013 26.07 26.07 3.37
Q3 2013 25.16 25.16 3.09
Q4 2013 26.43 26.43 3.01
Q1 2014 29.41 29.41 3.56
Q2 2014 32.48 32.48 4.14
Q3 2014 32.55 32.55 4.11
Q4 2014 26.03 26.03 2.94
Q1 2015 30.88 30.88 3.21
Q2 2015 28.44 28.44 3.44
Q3 2015 22.37 22.37 2.74
Q4 2015 19.04 19.04 2.77
Q1 2016 16.69 16.69 2.46
Q2 2016 18.71 18.71 3.02
Q3 2016 15.98 15.98 2.54
Q4 2016 58.81 35.19 3.27
Q1 2017 73.26 36.05 2.60
Q2 2017 NEG 79.11 2.25
Q3 2017 NEG 69.35 1.87
Q4 2017 22.90 22.57 1.98
Q1 2018 26.45 26.11 2.51
Q2 2018 27.67 27.32 2.72
Q3 2018 25.44 25.05 2.07
Q4 2018 36.28 36.28 2.26
Q1 2019 31.56 31.56 2.05
Q2 2019 43.34 43.34 2.62
Q3 2019 37.22 37.22 2.40

Business Segments (Million)

Compared With The
Period Medical Services Pharmacies
Q1 2010 85.68 24.84
Q2 2010 84.16 26.29
Q3 2010 74.56 21.42
Q4 2010 84.07 25.20
Q1 2011 89.20 24.89
Q2 2011 94.51 24.77
Q3 2011 84.02 22.49
Q4 2011 93.61 24.79
Q1 2012 102.83 26.04
Q2 2012 109.44 27.83
Q3 2012 96.87 24.14
Q4 2012 109.84 27.76
Q1 2013 117.72 27.65
Q2 2013 115.21 26.98
Q3 2013 109.28 25.28
Q4 2013 134.04 30.12
Q1 2014 149.16 32.67
Q2 2014 149.31 30.43
Q3 2014 149.57 27.87
Q4 2014 161.93 33.06
Q1 2015 184.80 34.63
Q2 2015 196.41 31.45
Q3 2015 180.37 30.41
Q4 2015 191.80 28.80
Q1 2016 220.78 33.16
Q2 2016 230.14 29.62
Q3 2016 173.08 23.93
Q4 2016 162.66 27.28
Q1 2017 176.04 26.40
Q2 2017 190.13 26.41
Q3 2017 185.07 23.27
Q4 2017 202.08 25.76
Q1 2018 183.47 23.20
Q2 2018 175.85 23.20
Q3 2018 155.67 20.74
Q4 2018 154.94 26.74
Q1 2019 157.71 21.72
Q2 2019 149.87 20.07
Q3 2019 153.76 19.76

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 14.47 16.64

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
OSOOL AND BAKHEET 16.60 16.64
AlJazira Capital 15.80 16.64
Al Rajhi Capital 11.00 16.64


Financial Ratios
Current
Market Cap (M Riyal) 7,803.91
Enterprise Value (EV) (M Riyal) 7,604.96
Shares Outstanding ((M)) 44.85
EPS ( Riyal) (TTM) 6.97
Book Value (BV) ( Riyal) 38.03
Par Value ( Riyal) 10.00
Recurring P/E 28.87
P/E (TTM) 24.96
Price/book 4.58
Return on Average Assets (%) (TTM) 13.2
Return on Average Equity (%) (TTM) 19.5
EV/adj EBITDA 19.38
EV/Revenues 5.13
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Share Price

National Medical Care Co.
174.00
0.00 0.00 %

National Medical Care Co. (CARE)

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