National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 72 million for the first half of 2022, an 8% increase from SAR 66.5 million in the same period last year.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 416.68 | 427.97 | 2.7 % |
| Gross Income | 121.40 | 128.24 | 5.6 % |
| Operating Income | 79.77 | 81.12 | 1.7 % |
| Net Income | 66.47 | 72.01 | 8.3 % |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 1.48 | 1.61 | 8.3 % |
The profit growth was triggered by a 3% year-on-year (YoY) surge in revenue, a 6% YoY jump in gross profit, amplified other income and reduced Zakat charge for the period. This was despite higher sales and marketing expenses, increased provisions for expected credit losses, as well as higher general and administrative costs.
In Q2 2022, net profit after Zakat and tax rose 37% YoY to SAR 42 million.
The profit increase was due to a 7% quarter-on-quarter (QoQ) rise in revenue, a 31% YoY hike in gross profit margin, increased other income and reduced Zakat charge for the period.
On a sequential basis, Q2 net profit leapt 40% from SAR 30 million.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 202.49 | 216.49 | 6.9 % |
| Gross Income | 57.77 | 66.80 | 15.6 % |
| Operating Income | 37.59 | 45.95 | 22.2 % |
| Net Income | 30.74 | 42.01 | 36.7 % |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.69 | 0.94 | 36.7 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 211.48 | 216.49 | 2.4 % |
| Gross Income | 61.44 | 66.80 | 8.7 % |
| Operating Income | 35.17 | 45.95 | 30.7 % |
| Net Income | 30.00 | 42.01 | 40.0 % |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.67 | 0.94 | 40.0 % |
Total shareholders’ equity, after minority interest reached SAR 1.151 billion as on June 30, 2022, compared with SAR 1.058 billion a year earlier.
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