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National Medical Care Company announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 298,561 | 261,395 | 14.218 | 299,838 | -0.425 |
| Gross Profit (Loss) | 110,195 | 89,876 | 22.607 | 106,640 | 3.333 |
| Operational Profit (Loss) | 72,340 | 59,940 | 20.687 | 56,850 | 27.247 |
| Net profit (Loss) | 81,287 | 56,269 | 44.461 | 63,482 | 28.047 |
| Total Comprehensive Income | 81,287 | 56,269 | 44.461 | 57,252 | 41.981 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,534,724 | 1,319,857 | 16.279 |
| Profit (Loss) per Share | 1.81 | 1.25 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Net revenue of SR 298.6 million (2023: SR 261.4 million) for the current quarter improved by 14.2% compared to the similar quarter of last year due to the following factors;
- Increased business with Ministry of Health and insurance companies. - Revenue growth was further enhanced due to new acquisitions made in 2023 after the first quarter. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit for the current quarter improved to SR 81.3 million compared to SR 56.3 million for the quarter ended 31 March 2023. The 44.5% increase in net profit is attributed to the following factors; - Lower cost of sale expenses as a percentage of revenue resulting in improved cost absorption. - Gross profit margin increased to 36.9% vs 34.4% similar quarter last year due to improved absorption of costs and higher margin business. - Favourable Zakat expense due to final assessments issued for 2021 and 2022 which resulted in reversal of excess provisions made in previous years. The above gains were partially offset by the following: - Higher general and administrative expenses. - Increased expenses against expected credit loss provisions. - Lower other income. Net profit margin increased from 21.5% in the previous quarter last year to 27.2% in 2024. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Net revenue for the current quarter reached SR 298.6 million and declined slightly by 0.4% compared to the previous quarter (SR 299.8), mainly due to lower volume of business from GOSI and Insurance segments, while Ministry of Health and Cash business witnessed improvements. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net profit for the current quarter increased to SR 81.3 million compared to SR 63.5 million for the quarter ended 31 December 2023. The 28% increase in net profit is attributed to the following reasons; - Improved GP margin in the current quarter 36.9% vs 35.6% in the previous quarter ended 31 December 2023, due to lower cost of services as a percentage of revenue. - Reduced sale and marketing expenses. - Lower general and administrative expenses driven by decreased professional fees from M&A activities. - Favourable Zakat expense due to reversal of provision resulted from ZATCA's final assessments issued for 2021 and 2022. The above gains were partially offset by the following: - Increased expenses against expected credit loss provisions. - Lower other income. - Higher finance cost. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | Certain prior year figures have been reclassified to conform with current year’s presentation. Please refer to the notes in the financial statements. |
| Additional Information | Link to the earnings release for Q1 2024: https://care.med.sa/upload/cvs/AR---2024.pdf |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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