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Care’s 2014 net profit slightly up to SAR 93.6 mln
National Medical Care company (Care) reported 2014’s net profit of SAR 93.6 million, a one percent increase compared to the last year.
A net profit of SAR 9.8 million was reported for Q4-2014 compared to SAR 20.4 million for Q3.
Financials (M)
| Item | 2013 | 2014 | Change |
|---|---|---|---|
| Revenues | 586.28 | 733.99 | 25.2 % |
| Gross Income | 130.06 | 177.27 | 36.3 % |
| Operating Income | 91.55 | 92.67 | 1.2 % |
| Net Income | 92.50 | 95.46 | 3.2 % |
| Average Shares | 44.85 | 44.85 | - |
| Earnings Per Share before unusual items | 2.06 | 2.13 | 3.2 % |
| EPS (Riyals) | 2.06 | 2.13 | 3.2 % |
The company attributed the increase of 2014’s net profit, compared to the last year, to revenue growth in all operating business units, particularly continuous increase of National Hospital’s revenue and the increase of other revenue, while the slight decline of operating income was due to the increase of G&A expenses.
The decline of Q4-2014’s net profit compared to the same period last year was attributed to:
1- The increase of the cost of sales specially salaries and wages for medical staff and depreciation expenses related to the National Hospital’s new expansion.
2- The increase G&A expenses specially salaries and wages for administrative staff.
3- The increase of Zakat provision as a result of adding the loan obtained for the Ministry of Finance to the Zakat base.
The decline of Q4-2014’s net profit compared to the Q3-2014’s net profit was attributed to:
1- The increase of the cost of sales specially salaries and wages for medical staff as a new policy has been implemented to match the market requirements.
2- The increase of Zakat provision as the management charges an estimated Zakat amount during the year with the settlement made to the actual amount at the end of the year.
Current Quarter Comparison (M)
| Item | Q4 2013 | Q4 2014 | Change |
|---|---|---|---|
| Revenues | 164.16 | 194.99 | 18.8 % |
| Gross Income | 33.54 | 37.85 | 12.9 % |
| Operating Income | 21.42 | 12.23 | (42.9 %) |
| Net Income | 20.39 | 10.28 | (49.6 %) |
| Average Shares | 44.85 | 44.85 | - |
| Earnings Per Share before unusual items | 0.45 | 0.23 | (49.6 %) |
| EPS (Riyals) | 0.45 | 0.23 | (49.6 %) |
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Share Price
National Medical Care Co. (CARE)
| Current | |
| Market Cap (M Riyal) | 7,005.57 |
| Enterprise Value (EV) (M) | 6,740.95 |
| Shares Outstanding ((M)) | 44.85 |
| EPS ( Riyal) (TTM) | 6.65 |
| Book Value (BV) ( Riyal) | 36.33 |
| Par Value ( Riyal) | 10.00 |
| Adjusted P/E (Last12) | 30.89 |
| P/E (TTM) | 23.50 |
| Price/book | 4.30 |
| Return on Average Assets (%) (TTM) | 12.6 |
| Return on Average Equity (%) (TTM) | 19.3 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2013 | 145.36 | 12.8 % | 38.75 | 9.0 % | 31.05 | 8.0 % |
| Q2 2013 | 142.20 | 3.6 % | 31.78 | (15.5 %) | 21.64 | (28.8 %) |
| Q3 2013 | 134.56 | 11.2 % | 24.08 | (19.9 %) | 17.45 | (19.3 %) |
| Q4 2013 | 164.16 | 19.3 % | 33.54 | 5.0 % | 21.42 | (7.8 %) |
| 2013 | 586.28 | 11.7 % | 130.06 | (3.8 %) | 91.55 | (12.0 %) |
| Q1 2014 | 181.82 | 25.1 % | 42.99 | 10.9 % | 31.12 | 0.2 % |
| Q2 2014 | 179.74 | 26.4 % | 56.27 | 77.0 % | 29.95 | 38.4 % |
| Q3 2014 | 177.44 | 31.9 % | 40.16 | 66.8 % | 18.41 | 5.5 % |
| Q4 2014 | 194.99 | 18.8 % | 37.85 | 12.9 % | 12.23 | (42.9 %) |
| 2014 | 733.99 | 25.2 % | 177.27 | 36.3 % | 92.67 | 1.2 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | Earnings Per Share before unusual items |
|---|---|---|---|---|---|---|
| Q1 2013 | 31.12 | 7.8 % | 0.69 | - | 31.12 | 0.69 |
| Q2 2013 | 22.19 | (25.0 %) | 0.49 | - | 22.19 | 0.49 |
| Q3 2013 | 18.80 | (12.4 %) | 0.42 | - | 18.80 | 0.42 |
| Q4 2013 | 20.39 | (18.6 %) | 0.45 | - | 20.39 | 0.45 |
| 2013 | 92.50 | (11.9 %) | 2.06 | - | 92.50 | 2.06 |
| Q1 2014 | 32.40 | 4.1 % | 0.72 | - | 32.40 | 0.72 |
| Q2 2014 | 31.06 | 40.0 % | 0.69 | - | 31.06 | 0.69 |
| Q3 2014 | 20.76 | 10.4 % | 0.46 | - | 20.76 | 0.46 |
| Q4 2014 | 10.28 | (49.6 %) | 0.23 | - | 10.28 | 0.23 |
| 2014 | 95.46 | 3.2 % | 2.13 | - | 95.46 | 2.13 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| 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 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Earnings Per Share before unusual items (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| 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 |
Business Segments (Million)
Q4 2014
| Period | Medical Services | Pharmacies |
|---|---|---|
| Q1 2014 | 149.16 | 32.67 |
| Q2 2014 | 149.31 | 30.43 |
| Q3 2014 | 149.57 | 27.87 |
| Q4 2014 | 161.93 | 33.06 |
Analysts Estimates (Million)
| Item | Q4 2014 (e) | Q4 2014 (a) | Change |
|---|---|---|---|
| Average | 24.70 | 10.28 | (58.4 %) |
Estimates vs Actual (Million)
| Item | Q4 2014 (e) | Q4 2014 (a) | Change |
|---|---|---|---|
| OSOOL AND BAKHEET | 24.70 | 10.28 | (58.4) % |
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