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National Medical Care Company announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 216,488202,4916.91211,4782.37
Gross Profit (Loss) 66,80157,76515.6461,4378.73
Operational Profit (Loss) 45,95437,59122.2535,16630.68
Net Profit (Loss) after Zakat and Tax 42,00630,73536.6729,99940.02
Total Comprehensive Income 42,00630,73536.6729,99940.02
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 427,966416,6822.71
Gross Profit (Loss) 128,238121,4035.63
Operational Profit (Loss) 81,12079,7741.69
Net Profit (Loss) after Zakat and Tax 72,00566,4698.33
Total Comprehensive Income 72,00566,4698.33
Total Share Holders Equity (after Deducting Minority Equity) 1,151,4301,058,5688.77
Profit (Loss) per Share 1.611.48
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
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 quarter improved by 37% to SR 42 million compared to SR 31 million for similar quarter of previous year. The increase in net profit is attributed to the following factors.

- Net revenue for the current quarter improved by 7% (SR 216 million) due to increased referrals from GOSI and improved business with insurance, cash and direct contracts segments, resulting in higher patient visits.

- Gross profit margin improved to 31% vs 29% for similar quarter of last year due to increased higher margin business from GOSI and lower cost of sale expenses due to controlled consumption of direct costs.

- Lower provisions for expected credit losses.

- Increased other income.

The increase in net profit due to the above factors was partially offset by the following.

- Higher sales and marketing expenses.

- Increased general and administrative costs.

Net profit margin for the quarter is at 19%.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Net profit improved by 40% during the current quarter compared to previous quarter. The reasons for the improvement are highlighted below.

- Higher revenue due to increased referrals from GOSI and improved business with insurance, cash and direct contracts, resulting in higher patient visits.

- Gross profit improved by 9% during the quarter due to lower cost of services as a percentage of revenue.

- Lower provisions for expected credit losses.

- Higher other income.

The increase in net profit due to the above factors was partially offset by the following.

- Higher sales and marketing expenses.

- Increased general and administrative costs.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Net profit for the current period improved by 8% when compared with similar period of the previous year mainly due to the following reasons.

- Revenue for the period improved by 3% due to higher volume of business and increased patient visits including admissions and surgeries.

- Gross profit improved by 6% due to lower cost of sale expenses as percentage of revenue.

- Higher other income.

- Reduced zakat charge for the period.

The above gains were impacted by the following.

- Higher sales and marketing expenses.

- Increased provisions for expected credit losses.

- Higher general and administrative costs.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None
Reclassification of Comparison Items Items, elements and notes of the comparatives Condensed Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period, which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please refer to note 3 in the condensed Interim Financial Statements for the period ended 30 June 2022.
Additional Information None

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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