National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 30 million in Q1 2022, a 16% decline from SAR 35.7 million in the previous year.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 214.19 | 211.48 | (1.3 %) |
| Gross Income | 63.64 | 61.44 | (3.5 %) |
| Operating Income | 42.18 | 35.17 | (16.6 %) |
| Net Income | 35.73 | 30.00 | (16.0 %) |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.80 | 0.67 | (16.0 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 215.59 | 211.48 | (1.9 %) |
| Gross Income | 61.98 | 61.44 | (0.9 %) |
| Operating Income | 36.65 | 35.17 | (4.0 %) |
| Net Income | 36.71 | 30.00 | (18.3 %) |
| Average Shares | 44.85 | 44.85 | - |
| EPS (Riyals) | 0.82 | 0.67 | (18.3 %) |
The lower earnings were attributed to a 1.3 fall year-on-year (YoY) in net revenue due to reduced referrals from the Ministry of Health (MoH) and General Organization for Social Insurance (GOSI). Gross profit margin declined to 29.1% YoY on a reduction in higher-margin business from MoH and GOSI.
Additionally, selling and marketing expenses, and general and administrative expenses surged.
Sequentially, net profit after Zakat and tax declined 18.3% from SAR 36.71 million in Q4 2021.
Total shareholders’ equity, excluding minority interest, rose 7.6% to SAR 1.154 billion in Q1 2022, compared to SAR 1.072 billion in the year-ago period.
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