Care net profit rises 17% in Q1 2019

06/05/2019 Argaam Exclusive

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Share Price

National Medical Care Co. (CARE)

National Medical Care Co. reported a net profit after zakat and tax of around SAR 30 million for the first quarter of 2019, a 17.13 percent year-on-year (YoY) increase, the company said in a bourse statement.

The increase can be attributed to higher gross profit margins driven by cost saving initiatives, lower general and administration expenses and higher other income.

When compared to the previous quarter, Q1 net profit increased over six fold due to higher rejection provision recognized in the previous quarter, and lower general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	206.67	179.43	(13.2 %)
Gross Income	51.73	48.01	(7.2 %)
Operating Income	28.41	30.31	6.7 %
Net Income	25.60	29.99	17.1 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.57	0.67	17.1 %

Item	Q4 2018	Q1 2019	Change‬
Revenues	181.69	179.43	(1.2 %)
Gross Income	32.02	48.01	49.9 %
Operating Income	14.93	30.31	103.1 %
Net Income	4.87	29.99	515.5 %
Average Shares	44.85	44.85	-
EPS (Riyals)	0.11	0.67	515.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	110.53	20.9 %	29.63	48.1 %	25.67	42.1 %	0.57
Q2 2010	110.45	15.4 %	26.13	31.6 %	20.70	21.5 %	0.46
Q3 2010	95.98	5.0 %	23.35	70.2 %	20.51	29.2 %	0.46
Q4 2010	109.27	13.9 %	24.73	9.4 %	17.87	212.4 %	0.40
2010	426.22	13.8 %	103.83	36.3 %	84.75	49.4 %	1.89
Q1 2011	114.09	3.2 %	34.44	16.2 %	28.58	11.3 %	0.64
Q2 2011	119.28	8.0 %	34.44	31.8 %	28.64	38.4 %	0.64
Q3 2011	106.50	11.0 %	24.26	3.9 %	18.54	(9.6 %)	0.41
Q4 2011	118.41	8.4 %	28.19	14.0 %	18.96	6.1 %	0.42
2011	458.28	7.5 %	121.33	16.9 %	94.72	11.8 %	2.11
Q1 2012	128.87	13.0 %	35.53	3.2 %	28.88	1.0 %	0.64
Q2 2012	137.27	15.1 %	37.60	9.2 %	29.59	3.3 %	0.66
Q3 2012	121.00	13.6 %	30.07	23.9 %	21.46	15.7 %	0.48
Q4 2012	137.61	16.2 %	31.93	13.3 %	25.03	32.0 %	0.56
2012	524.75	14.5 %	135.13	11.4 %	104.96	10.8 %	2.34
Q1 2013	145.36	12.8 %	38.75	9.0 %	31.12	7.8 %	0.69
Q2 2013	142.20	3.6 %	31.78	(15.5 %)	22.19	(25.0 %)	0.49
Q3 2013	134.56	11.2 %	24.08	(19.9 %)	18.80	(12.4 %)	0.42
Q4 2013	164.16	19.3 %	33.54	5.0 %	20.39	(18.6 %)	0.45
2013	586.28	11.7 %	130.06	(3.8 %)	92.50	(11.9 %)	2.06
Q1 2014	181.82	25.1 %	42.99	10.9 %	32.40	4.1 %	0.72
Q2 2014	179.74	26.4 %	56.27	77.0 %	31.06	40.0 %	0.69
Q3 2014	177.44	31.9 %	40.16	66.8 %	20.76	10.4 %	0.46
Q4 2014	194.99	18.8 %	37.85	12.9 %	10.28	(49.6 %)	0.23
2014	733.99	25.2 %	177.27	36.3 %	95.46	3.2 %	2.13
Q1 2015	219.43	20.7 %	54.12	25.9 %	27.72	(14.4 %)	0.62
Q2 2015	227.86	26.8 %	64.96	15.4 %	42.29	36.1 %	0.94
Q3 2015	210.78	18.8 %	50.78	26.5 %	25.47	22.7 %	0.57
Q4 2015	220.60	13.1 %	50.34	33.0 %	35.24	242.7 %	0.79
2015	878.67	19.7 %	220.20	24.2 %	130.72	36.9 %	2.91
Q1 2016	253.94	15.7 %	67.29	24.3 %	33.12	19.5 %	0.74
Q2 2016	259.77	14.0 %	84.30	29.8 %	59.29	40.2 %	1.32
Q3 2016	197.01	(6.5 %)	50.54	(0.5 %)	27.55	8.2 %	0.61
Q4 2016	189.94	(13.9 %)	4.86	(90.3 %)	(69.69)	(297.8 %)	(1.55)
2016	900.65	2.5 %	206.99	(6.0 %)	50.27	(61.5 %)	1.12
Q1 2017	202.44	(20.3 %)	41.19	(38.8 %)	15.54	(53.1 %)	0.35
Q2 2017	216.54	(16.6 %)	50.25	(40.4 %)	19.50	(67.1 %)	0.43
Q3 2017	208.34	5.8 %	46.97	(7.1 %)	27.00	(2.0 %)	0.60
Q4 2017	227.76	19.9 %	57.00	1072.0 %	23.26	133.4 %	0.52
2017	855.08	(5.1 %)	195.40	(5.6 %)	85.30	69.7 %	1.90
Q1 2018	206.67	2.1 %	51.73	25.6 %	25.60	64.8 %	0.57
Q2 2018	199.05	(8.1 %)	49.59	(1.3 %)	20.26	3.9 %	0.45
Q3 2018	176.40	(15.3 %)	33.17	(29.4 %)	11.44	(57.6 %)	0.26
Q4 2018	181.69	(20.2 %)	32.02	(43.8 %)	4.87	(79.1 %)	0.11
2018	763.80	(10.7 %)	166.51	(14.8 %)	62.18	(27.1 %)	1.39
Q1 2019	179.43	(13.2 %)	48.01	(7.2 %)	29.99	17.1 %	0.67

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	374.46	-	76.19	-	56.71	-	1.26
2010	426.22	13.8 %	103.83	36.3 %	84.75	49.4 %	1.89
2011	458.28	7.5 %	121.33	16.9 %	94.72	11.8 %	2.11
2012	524.75	14.5 %	135.13	11.4 %	104.96	10.8 %	2.34
2013	586.28	11.7 %	130.06	(3.8 %)	92.50	(11.9 %)	2.06
2014	733.99	25.2 %	177.27	36.3 %	95.46	3.2 %	2.13
2015	878.67	19.7 %	220.20	24.2 %	130.72	36.9 %	2.91
2016	900.65	2.5 %	206.99	(6.0 %)	50.27	(61.5 %)	1.12
2017	855.08	(5.1 %)	195.40	(5.6 %)	85.30	69.7 %	1.90
2018	763.80	(10.7 %)	166.51	(14.8 %)	62.18	(27.1 %)	1.39

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 %
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 %
2011	26.48 %	26.56 %	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 %
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 %
2013	22.18 %	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 %
2014	24.15 %	19.59 %	13.01 %
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 %
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 %
2016	22.98 %	17.75 %	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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	20.35 %	20.91 %	15.14 %
2010	24.36 %	25.12 %	19.88 %
2011	26.48 %	26.56 %	20.67 %
2012	25.75 %	25.14 %	20.00 %
2013	22.18 %	20.98 %	15.78 %
2014	24.15 %	19.59 %	13.01 %
2015	25.06 %	21.32 %	14.88 %
2016	22.98 %	17.75 %	9.33 %
2017	22.85 %	18.52 %	10.12 %
2018	21.80 %	20.00 %	8.14 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	26.81 %	28.92 %	23.22 %
Q2 2010	23.66 %	24.55 %	18.74 %
Q3 2010	24.33 %	25.97 %	21.37 %
Q4 2010	22.63 %	21.09 %	16.35 %
Q1 2011	30.19 %	30.66 %	25.05 %
Q2 2011	28.87 %	29.19 %	24.01 %
Q3 2011	22.78 %	22.91 %	17.41 %
Q4 2011	23.81 %	23.21 %	16.01 %
Q1 2012	27.57 %	27.57 %	22.41 %
Q2 2012	27.39 %	27.12 %	21.56 %
Q3 2012	24.85 %	23.55 %	17.74 %
Q4 2012	23.20 %	22.29 %	18.19 %
Q1 2013	26.65 %	26.37 %	21.41 %
Q2 2013	22.35 %	20.42 %	15.60 %
Q3 2013	17.89 %	18.61 %	13.97 %
Q4 2013	20.43 %	18.63 %	12.42 %
Q1 2014	23.64 %	22.99 %	17.82 %
Q2 2014	31.31 %	23.55 %	17.28 %
Q3 2014	22.63 %	18.45 %	11.70 %
Q4 2014	19.41 %	13.33 %	5.27 %
Q1 2015	24.67 %	19.55 %	12.63 %
Q2 2015	28.51 %	23.38 %	18.56 %
Q3 2015	24.09 %	19.85 %	12.09 %
Q4 2015	22.82 %	22.37 %	15.97 %
Q1 2016	26.50 %	20.19 %	13.04 %
Q2 2016	32.45 %	29.83 %	22.83 %
Q3 2016	25.65 %	22.64 %	13.99 %
Q4 2016	2.56 %	(15.05 %)	(18.93 %)
Q1 2017	20.35 %	15.00 %	7.68 %
Q2 2017	23.20 %	16.81 %	9.01 %
Q3 2017	22.54 %	20.74 %	12.96 %
Q4 2017	25.02 %	21.25 %	10.76 %
Q1 2018	25.03 %	21.90 %	12.39 %
Q2 2018	24.91 %	19.67 %	10.18 %
Q3 2018	18.81 %	18.43 %	6.49 %
Q4 2018	17.62 %	19.73 %	2.68 %
Q1 2019	26.76 %	26.61 %	16.71 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	44.85	1.26	1.26	9.29
2010	44.85	1.89	1.89	10.85
2011	44.85	2.11	2.11	12.32
2012	44.85	2.34	2.34	13.60
2013	44.85	2.06	2.06	18.11
2014	44.85	2.13	2.13	18.69
2015	44.85	2.91	2.91	20.01
2016	44.85	1.12	1.87	20.18
2017	44.85	1.90	1.93	21.98
2018	44.85	1.39	1.39	22.23

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted 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

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	26.43	26.43	3.01
2014	25.77	25.77	2.94
2015	19.04	19.04	2.77
2016	58.81	35.19	3.27
2017	22.90	22.57	1.98
2018	36.28	36.28	2.26

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

Period	Medical Services	Pharmacies
2010	328.47	97.75
2011	361.34	96.95
2012	418.98	105.76
2013	476.25	110.02
2014	609.97	124.03
2015	753.38	125.28
2016	786.66	113.99
2017	753.32	101.85
2018	669.93	93.87

Analysts Estimates (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change‬
Average	21.85	29.99	37.25 %

Estimates vs Actual (Million)

Item	Q1 2019 (e)	Q1 2019 (a)	Change
OSOOL AND BAKHEET	28.70	29.99	4.5 %
Sico	28.00	29.99	7.1 %
Al Rajhi Capital	22.00	29.99	36.3 %
AlJazira Capital	8.70	29.99	244.7 %

Financial Ratios

	Current
Market Cap (M Riyal)	7,848.75
Enterprise Value (EV) (M)	7,545.76
Shares Outstanding ((M))	44.85
EPS ( Riyal) (TTM)	5.93
Book Value (BV) ( Riyal)	34.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	31.38
P/E (TTM)	29.51
Price/book	5.11
Return on Average Assets (%) (TTM)	13.2
Return on Average Equity (%) (TTM)	18.6

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Care net profit rises 17% in Q1 2019

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Share Price

National Medical Care Co. (CARE)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Care net profit rises 17% in Q1 2019

View other reports

Share Price

National Medical Care Co. (CARE)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)