National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 59 million in the first half of 2020, an increase of 35% year-on-year (YoY), compared to SAR 43.8 million in the same period last year.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 349.37 | 381.05 | 9.1 % |
| Gross Income | 86.27 | 111.08 | 28.8 % |
| Operating Income | 45.86 | 66.05 | 44.0 % |
| Net Income | 43.80 | 58.94 | 34.6 % |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.98 | 1.31 | 34.6 % |
The company attributed the profit rise to a higher volume of business with the Ministry of Health (MoH), margin improvement on higher absorption of overheads, as well as a reduction in finance charges due to repayment of interest-bearing loan facilities.
However, the gains were impacted by higher provisions, which reduced the impact of increased revenue and lower costs, in addition to higher Zakat.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 169.94 | 186.04 | 9.5 % |
| Gross Income | 38.26 | 58.87 | 53.9 % |
| Operating Income | 15.56 | 29.77 | 91.4 % |
| Net Income | 13.81 | 25.78 | 86.6 % |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.31 | 0.57 | 86.6 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 195.02 | 186.04 | (4.6 %) |
| Gross Income | 52.22 | 58.87 | 12.7 % |
| Operating Income | 36.28 | 29.77 | (18.0 %) |
| Net Income | 33.17 | 25.78 | (22.3 %) |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.74 | 0.57 | (22.3 %) |
The company’s net profit after Zakat and tax rose to SAR 25.8 million in Q2 2020, surging 87% YoY, due to higher revenue from MoH, lower costs and improved margins.
On a quarterly basis, Q2 earnings decreased 22.3% on lower revenue due to reduced patient flow amid COVID-19 and higher provision against government clients other than GOSI for old receivables.
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