Care 9M net profit up 55% to SAR 177.5 mln; Q3 at SAR 73.4 mln

National Medical Care Co. (Care) reported a net profit of SAR 177.5 million for the first nine months of 2023, an increase of 55% from SAR 114.6 million in the year-earlier period.

Financials (Million Riyal)

Item	9m 2022	9m 2023	Change‬
Revenues	666.25	781.95	17.4 %
Gross Income	210.94	262.99	24.7 %
Operating Income	130.18	186.48	43.2 %
Net Income	114.63	177.45	54.8 %
Average Shares	44.85	44.85	-
Earnings Per Share before unusual items (Riyals)	2.56	3.96	54.8 %
EPS (Riyal)	2.56	3.96	54.8 %

The nine-month revenue improved by 17% due to a higher volume of business from GOSI, MOH, and direct contracts, resulting in higher admissions, surgeries, and patient visits.

Further, MOH billing had a positive pricing impact due to Care facilities achieving HIMSS accreditation. Gross profit improved by 25% due to lower cost of sale expenses as a percentage of revenue.

Care also cited lower sales and marketing expenses, and higher finance income on deposits due to higher daily average deposits.

Current Quarter Comparison (Million Riyal)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	238.28	275.36	15.6 %
Gross Income	82.71	91.78	11.0 %
Operating Income	49.06	73.90	50.6 %
Net Income	42.62	73.38	72.2 %
Average Shares	44.85	44.85	-
Earnings Per Share before unusual items (Riyal)	0.95	1.64	72.2 %
EPS (Riyal)	0.95	1.64	72.2 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	245.19	275.36	12.3 %
Gross Income	81.34	91.78	12.8 %
Operating Income	54.10	73.90	36.6 %
Net Income	47.80	73.38	53.5 %
Average Shares	44.85	44.85	-
Earnings Per Share before unusual items (Riyal)	1.07	1.64	53.5 %
EPS (Riyal)	1.07	1.64	53.5 %

Q3 2023 net earnings rose 72% year-on-year (YoY) to SAR 73.4 million, due to a 16% increase YoY in net revenue during the current quarter on increased referrals from GOSI and improved business with MOH, resulting in higher admissions and surgeries.

The MOH billing further increased due to Care facilities achieving HIMSS accreditation.

Gross profit improved by 11% due to increased higher margin business from GOSI, MOH and lower cost of sale expenses as a percentage of revenue resulting in improved cost absorption.

The medical services provider also cited lower sales and marketing expenses, reversal of expected credit loss provisions due to settlements with insurance companies and receipt of receivables from National Guard, and increased finance income on deposits with banks due to higher daily average deposits and interest rates.

On a quarterly basis, net profit increased 53.5% from SAR 47.80 million.

Total shareholders’ equity, no minority interest, stood at SAR 1.39 billion by Sept. 30, 2023, compared to SAR 1.19 billion in the prior-year period.

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Share Price

	Current
Market Cap (M Riyal)	5,072.54
Enterprise Value (EV) (M Riyal)	5,196.07
Shares Outstanding ((M))	44.85
Recurring EPS ( Riyal) (TTM)	6.79
Book Value (BV) ( Riyal)	43.49
Par Value ( Riyal)	10.00
Recurring P/E (TTM)	16.66
P/E (TTM)	16.66
Price/book	2.60
Dividend Yield (%) (Last Year)	2.65
Return on Average Assets (%) (TTM)	10.5
Return on Average Equity (%) (TTM)	16.3
EV/adj EBITDA	10.98
EV/Revenues	3.02

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2009	91.40	-	20.01	-	18.41	-
Q2 2009	95.71	-	19.86	-	18.66	-
Q3 2009	91.41	-	13.72	-	12.85	-
Q4 2009	95.93	-	22.60	-	5.26	-
2009	374.46	-	76.19	-	55.19	-
Q1 2010	110.53	20.9 %	29.63	48.1 %	25.92	40.8 %
Q2 2010	110.45	15.4 %	26.13	31.6 %	20.87	11.8 %
Q3 2010	95.98	5.0 %	23.35	70.2 %	18.86	46.8 %
Q4 2010	109.27	13.9 %	24.73	9.4 %	16.44	212.5 %
2010	426.22	13.8 %	103.83	36.3 %	82.09	48.7 %
Q1 2011	114.09	3.2 %	34.44	16.2 %	28.80	11.1 %
Q2 2011	119.28	8.0 %	34.44	31.8 %	27.76	33.0 %
Q3 2011	106.50	11.0 %	24.26	3.9 %	18.42	(2.3 %)
Q4 2011	118.41	8.4 %	28.19	14.0 %	20.19	22.8 %
2011	458.28	7.5 %	121.33	16.9 %	95.18	15.9 %
Q1 2012	128.87	13.0 %	35.53	3.2 %	28.74	(0.2 %)
Q2 2012	137.27	15.1 %	37.60	9.2 %	30.40	9.5 %
Q3 2012	121.00	13.6 %	30.07	23.9 %	21.63	17.4 %
Q4 2012	137.61	16.2 %	31.93	13.3 %	23.24	15.1 %
2012	524.75	14.5 %	135.13	11.4 %	104.01	9.3 %
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 %
Q1 2015	219.43	20.7 %	54.12	25.9 %	29.12	(6.4 %)
Q2 2015	227.86	26.8 %	64.96	15.4 %	38.75	29.4 %
Q3 2015	210.78	18.8 %	50.78	26.5 %	27.13	47.3 %
Q4 2015	220.60	13.1 %	50.34	33.0 %	33.70	175.6 %
2015	878.67	19.7 %	220.20	24.2 %	128.69	38.9 %
Q1 2016	253.94	15.7 %	67.29	24.3 %	35.04	20.3 %
Q2 2016	259.77	14.0 %	84.30	29.8 %	61.24	58.0 %
Q3 2016	197.01	(6.5 %)	50.54	(0.5 %)	27.99	3.2 %
Q4 2016	189.94	(13.9 %)	4.86	(90.3 %)	(44.59)	(232.3 %)
2016	900.65	2.5 %	206.99	(6.0 %)	94.75	(26.4 %)
Q1 2017	202.44	(20.3 %)	41.19	(38.8 %)	14.04	(59.9 %)
Q2 2017	216.54	(16.6 %)	50.25	(40.4 %)	20.01	(67.3 %)
Q3 2017	208.34	5.8 %	46.97	(7.1 %)	26.33	(5.9 %)
Q4 2017	227.76	19.9 %	57.00	1072.0 %	29.59	166.4 %
2017	855.08	(5.1 %)	195.40	(5.6 %)	89.97	(5.1 %)
Q1 2018	206.67	2.1 %	51.73	25.6 %	28.41	102.4 %
Q2 2018	199.05	(8.1 %)	49.59	(1.3 %)	23.40	17.0 %
Q3 2018	176.40	(15.3 %)	33.17	(29.4 %)	13.16	(50.0 %)
Q4 2018	181.69	(20.2 %)	32.02	(43.8 %)	14.93	(49.6 %)
2018	763.80	(10.7 %)	166.51	(14.8 %)	79.90	(11.2 %)
Q1 2019	179.43	(13.2 %)	48.01	(7.2 %)	30.31	6.7 %
Q2 2019	169.94	(14.6 %)	38.26	(22.8 %)	15.56	(33.5 %)
Q3 2019	173.51	(1.6 %)	40.11	20.9 %	19.63	49.2 %
Q4 2019	185.52	2.1 %	39.27	22.6 %	22.88	53.3 %
2019	708.39	(7.3 %)	165.66	(0.5 %)	88.37	10.6 %
Q1 2020	195.02	8.7 %	52.22	8.8 %	36.28	19.7 %
Q2 2020	186.04	9.5 %	58.87	53.9 %	29.77	91.4 %
Q3 2020	213.31	22.9 %	51.06	27.3 %	22.70	15.6 %
Q4 2020	214.60	15.7 %	61.73	57.2 %	25.36	10.9 %
2020	808.95	14.2 %	223.88	35.1 %	114.11	29.1 %
Q1 2021	214.19	9.8 %	63.64	21.9 %	42.18	16.3 %
Q2 2021	202.49	8.8 %	57.77	(1.9 %)	37.59	26.3 %
Q3 2021	213.11	(0.1 %)	63.08	23.5 %	39.80	75.3 %
Q4 2021	215.59	0.5 %	61.98	0.4 %	36.65	44.5 %
2021	845.38	4.5 %	246.47	10.1 %	156.22	36.9 %
Q1 2022	211.48	(1.3 %)	61.44	(3.5 %)	35.17	(16.6 %)
Q2 2022	216.49	6.9 %	66.80	15.6 %	45.95	22.2 %
Q3 2022	238.28	11.8 %	82.71	31.1 %	49.06	23.3 %
Q4 2022	251.69	16.7 %	78.74	27.0 %	58.74	60.3 %
2022	917.94	8.6 %	289.68	17.5 %	188.92	20.9 %
Q1 2023	261.40	23.6 %	89.88	46.3 %	58.48	66.3 %
Q2 2023	245.19	13.3 %	81.34	21.8 %	54.10	17.7 %
Q3 2023	275.36	15.6 %	91.78	11.0 %	73.90	50.6 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2009	374.46	-	76.19	-	55.19	-
2010	426.22	13.8 %	103.83	36.3 %	82.09	48.7 %
2011	458.28	7.5 %	121.33	16.9 %	95.18	15.9 %
2012	524.75	14.5 %	135.13	11.4 %	104.01	9.3 %
2013	586.28	11.7 %	130.06	(3.8 %)	91.55	(12.0 %)
2014	733.99	25.2 %	177.27	36.3 %	92.67	1.2 %
2015	878.67	19.7 %	220.20	24.2 %	128.69	38.9 %
2016	900.65	2.5 %	206.99	(6.0 %)	94.75	(26.4 %)
2017	855.08	(5.1 %)	195.40	(5.6 %)	89.97	(5.1 %)
2018	763.80	(10.7 %)	166.51	(14.8 %)	79.90	(11.2 %)
2019	708.39	(7.3 %)	165.66	(0.5 %)	88.37	10.6 %
2020	808.95	14.2 %	223.88	35.1 %	114.11	29.1 %
2021	845.38	4.5 %	246.47	10.1 %	156.22	36.9 %
2022	917.94	8.6 %	289.68	17.5 %	188.92	20.9 %

Profit Performance (Million Riyal)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2009	18.07	-	0.40	-	18.07	0.40
Q2 2009	17.04	-	0.38	-	17.04	0.38
Q3 2009	15.88	-	0.35	-	15.88	0.35
Q4 2009	5.72	-	0.13	-	5.72	0.13
2009	56.71	-	1.26	-	56.71	1.26
Q1 2010	25.67	42.1 %	0.57	-	25.67	0.57
Q2 2010	20.70	21.5 %	0.46	-	20.70	0.46
Q3 2010	20.51	29.2 %	0.46	-	20.51	0.46
Q4 2010	17.87	212.4 %	0.40	-	17.87	0.40
2010	84.75	49.4 %	1.89	-	84.75	1.89
Q1 2011	28.58	11.3 %	0.64	-	28.58	0.64
Q2 2011	28.64	38.4 %	0.64	-	28.64	0.64
Q3 2011	18.54	(9.6 %)	0.41	-	18.54	0.41
Q4 2011	18.96	6.1 %	0.42	-	18.96	0.42
2011	94.72	11.8 %	2.11	-	94.72	2.11
Q1 2012	28.88	1.0 %	0.64	-	28.88	0.64
Q2 2012	29.59	3.3 %	0.66	-	29.59	0.66
Q3 2012	21.46	15.7 %	0.48	-	21.46	0.48
Q4 2012	25.03	32.0 %	0.56	-	25.03	0.56
2012	104.96	10.8 %	2.34	-	104.96	2.34
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
Q1 2015	27.72	(14.4 %)	0.62	-	27.72	0.62
Q2 2015	42.29	36.1 %	0.94	-	42.29	0.94
Q3 2015	25.47	22.7 %	0.57	-	25.47	0.57
Q4 2015	35.24	242.7 %	0.79	-	35.24	0.79
2015	130.72	36.9 %	2.91	-	130.72	2.91
Q1 2016	33.12	19.5 %	0.74	-	33.12	0.74
Q2 2016	59.29	40.2 %	1.32	-	59.29	1.32
Q3 2016	27.55	8.2 %	0.61	-	27.55	0.61
Q4 2016	(69.69)	(297.8 %)	(1.55)	(33.75)	(35.95)	(0.80)
2016	50.27	(61.5 %)	1.12	(33.75)	84.02	1.87
Q1 2017	15.54	(53.1 %)	0.35	-	15.54	0.35
Q2 2017	19.50	(67.1 %)	0.43	-	19.50	0.43
Q3 2017	27.00	(2.0 %)	0.60	-	27.00	0.60
Q4 2017	23.26	133.4 %	0.52	(1.24)	24.50	0.55
2017	85.30	69.7 %	1.90	(1.24)	86.54	1.93
Q1 2018	25.60	64.8 %	0.57	-	25.60	0.57
Q2 2018	20.26	3.9 %	0.45	-	20.26	0.45
Q3 2018	11.44	(57.6 %)	0.26	-	11.44	0.26
Q4 2018	4.87	(79.1 %)	0.11	-	4.87	0.11
2018	62.18	(27.1 %)	1.39	-	62.18	1.39
Q1 2019	29.99	17.1 %	0.67	-	29.99	0.67
Q2 2019	13.81	(31.8 %)	0.31	-	13.81	0.31
Q3 2019	16.64	45.4 %	0.37	-	16.64	0.37
Q4 2019	19.64	303.2 %	0.44	-	19.64	0.44
2019	80.09	28.8 %	1.79	-	80.09	1.79
Q1 2020	33.17	10.6 %	0.74	-	33.17	0.74
Q2 2020	25.78	86.6 %	0.57	-	25.78	0.57
Q3 2020	16.32	(1.9 %)	0.36	-	16.32	0.36
Q4 2020	22.00	12.0 %	0.49	-	22.00	0.49
2020	97.27	21.4 %	2.17	-	97.27	2.17
Q1 2021	35.73	7.7 %	0.80	-	35.73	0.80
Q2 2021	30.74	19.2 %	0.69	-	30.74	0.69
Q3 2021	33.17	103.2 %	0.74	-	33.17	0.74
Q4 2021	36.71	66.9 %	0.82	-	36.71	0.82
2021	136.36	40.2 %	3.04	-	136.36	3.04
Q1 2022	30.00	(16.0 %)	0.67	-	30.00	0.67
Q2 2022	42.01	36.7 %	0.94	-	42.01	0.94
Q3 2022	42.62	28.5 %	0.95	-	42.62	0.95
Q4 2022	55.45	51.0 %	1.24	-	55.45	1.24
2022	170.07	24.7 %	3.79	-	170.07	3.79
Q1 2023	56.27	87.6 %	1.25	-	56.27	1.25
Q2 2023	47.80	13.8 %	1.07	-	47.80	1.07
Q3 2023	73.38	72.2 %	1.64	-	73.38	1.64

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2009	56.71	-	1.26	-	56.71	1.26
2010	84.75	49.4 %	1.89	-	84.75	1.89
2011	94.72	11.8 %	2.11	-	94.72	2.11
2012	104.96	10.8 %	2.34	-	104.96	2.34
2013	92.50	(11.9 %)	2.06	-	92.50	2.06
2014	95.46	3.2 %	2.13	-	95.46	2.13
2015	130.72	36.9 %	2.91	-	130.72	2.91
2016	50.27	(61.5 %)	1.12	(33.75)	84.02	1.87
2017	85.30	69.7 %	1.90	(1.24)	86.54	1.93
2018	62.18	(27.1 %)	1.39	-	62.18	1.39
2019	80.09	28.8 %	1.79	-	80.09	1.79
2020	97.27	21.4 %	2.17	-	97.27	2.17
2021	136.36	40.2 %	3.04	-	136.36	3.04
2022	170.07	24.7 %	3.79	-	170.07	3.79

Profitability

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	20.35 %	20.91 %	15.14 %
2009	20.35 %	20.91 %	15.14 %
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 %
Q2 2019	21.41 %	21.09 %	8.50 %
Q3 2019	22.48 %	21.77 %	9.27 %
Q4 2019	23.38 %	22.17 %	11.31 %
2019	23.38 %	22.17 %	11.31 %
Q1 2020	23.46 %	22.32 %	11.50 %
Q2 2020	25.74 %	23.29 %	12.87 %
Q3 2020	25.83 %	22.00 %	12.17 %
Q4 2020	27.68 %	21.05 %	12.02 %
2020	27.68 %	21.05 %	12.02 %
Q1 2021	28.41 %	20.86 %	12.06 %
Q2 2021	27.73 %	21.19 %	12.41 %
Q3 2021	29.16 %	23.15 %	14.41 %
Q4 2021	29.15 %	24.41 %	16.13 %
2021	29.15 %	24.41 %	16.13 %
Q1 2022	28.99 %	23.58 %	15.50 %
Q2 2022	29.57 %	24.02 %	16.56 %
Q3 2022	30.95 %	24.24 %	17.16 %
Q4 2022	31.56 %	25.56 %	18.53 %
2022	31.56 %	25.56 %	18.53 %
Q1 2023	32.87 %	26.57 %	20.29 %
Q2 2023	33.38 %	26.76 %	20.28 %
Q3 2023	33.06 %	28.54 %	22.53 %

Period	Gross Margin	Adjusted EBITDA 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 %
2019	23.38 %	22.17 %	11.31 %
2020	27.68 %	21.05 %	12.02 %
2021	29.15 %	24.41 %	16.13 %
2022	31.56 %	25.56 %	18.53 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2009	21.89 %	25.72 %	19.77 %
Q2 2009	20.75 %	24.92 %	17.80 %
Q3 2009	15.01 %	20.39 %	17.37 %
Q4 2009	23.56 %	12.80 %	5.96 %
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 %
Q2 2019	22.51 %	19.46 %	8.13 %
Q3 2019	23.12 %	21.16 %	9.59 %
Q4 2019	21.17 %	21.29 %	10.59 %
Q1 2020	26.78 %	26.82 %	17.01 %
Q2 2020	31.64 %	23.57 %	13.86 %
Q3 2020	23.94 %	16.85 %	7.65 %
Q4 2020	28.77 %	17.82 %	10.25 %
Q1 2021	29.71 %	25.54 %	16.68 %
Q2 2021	28.53 %	24.72 %	15.18 %
Q3 2021	29.60 %	24.62 %	15.57 %
Q4 2021	28.75 %	22.79 %	17.03 %
Q1 2022	29.05 %	22.23 %	14.19 %
Q2 2022	30.86 %	26.41 %	19.40 %
Q3 2022	34.71 %	25.37 %	17.89 %
Q4 2022	31.28 %	27.80 %	22.03 %
Q1 2023	34.38 %	26.61 %	21.53 %
Q2 2023	33.17 %	27.22 %	19.49 %
Q3 2023	33.33 %	32.22 %	26.65 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2009	44.85	-	-	8.46
Q2 2009	44.85	-	-	8.84
Q3 2009	44.85	-	-	9.19
Q4 2009	44.85	1.26	1.26	9.29
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
Q2 2019	44.85	1.34	1.34	22.20
Q3 2019	44.85	1.46	1.46	22.57
Q4 2019	44.85	1.79	1.79	23.03
Q1 2020	44.85	1.86	1.86	23.77
Q2 2020	44.85	2.12	2.12	22.34
Q3 2020	44.85	2.12	2.12	22.71
Q4 2020	44.85	2.17	2.17	23.12
Q1 2021	44.85	2.23	2.23	23.92
Q2 2021	44.85	2.34	2.34	23.60
Q3 2021	44.85	2.71	2.71	24.34
Q4 2021	44.85	3.04	3.04	25.07
Q1 2022	44.85	2.91	2.91	25.74
Q2 2022	44.85	3.16	3.16	25.67
Q3 2022	44.85	3.37	3.37	26.62
Q4 2022	44.85	3.79	3.79	28.17
Q1 2023	44.85	4.38	4.38	29.43
Q2 2023	44.85	4.51	4.51	29.49
Q3 2023	44.85	5.19	5.19	31.13

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (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
2019	44.85	1.79	1.79	23.03
2020	44.85	2.17	2.17	23.12
2021	44.85	3.04	3.04	25.07
2022	44.85	3.79	3.79	28.17

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
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
Q2 2019	43.34	43.34	2.62
Q3 2019	37.22	37.22	2.40
Q4 2019	27.22	27.22	2.11
Q1 2020	19.53	19.53	1.53
Q2 2020	19.83	19.83	1.88
Q3 2020	26.08	26.08	2.43
Q4 2020	24.62	24.62	2.31
Q1 2021	24.08	24.08	2.24
Q2 2021	29.10	29.10	2.88
Q3 2021	23.12	23.12	2.58
Q4 2021	20.59	20.59	2.50
Q1 2022	28.53	28.53	3.23
Q2 2022	17.07	17.07	2.10
Q3 2022	21.46	21.46	2.72
Q4 2022	19.49	19.49	2.62
Q1 2023	20.60	20.60	3.07
Q2 2023	28.53	28.53	4.36
Q3 2023	23.69	23.69	3.95

Period	P/E	Recurring 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
2019	27.22	27.22	2.11
2020	24.62	24.62	2.31
2021	20.59	20.59	2.50
2022	19.49	19.49	2.62

Business Segments (Million Riyal)

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
Q2 2019	149.87	20.07
Q3 2019	153.76	19.76
Q4 2019	162.79	22.72
Q1 2020	170.81	24.20
Q2 2020	164.47	21.52
Q3 2020	187.44	25.56
Q4 2020	192.76	22.19
Q1 2021	188.50	25.70
Q2 2021	178.18	24.30
Q3 2021	187.54	25.57
Q4 2021	188.78	26.82
Q1 2022	169.18	42.30
Q2 2022	207.43	9.06
Q3 2022	209.69	28.59
Q4 2022	221.11	30.57
Q1 2023	230.03	31.37
Q2 2023	215.77	29.42
Q3 2023	241.54	33.83

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
2019	624.13	84.27
2020	715.48	93.47
2021	742.99	102.39
2022	807.41	110.52

Analysts Estimates (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change
Average	49.70	73.38

Estimates vs Actual (Million Riyal)

Item	Profit (Expected)	Profit (Actual)
OSOOL AND BAKHEET	54.02	73.38
EFG-Hermes	51.00	73.38
Al Rajhi Capital	50.00	73.38
AlJazira Capital	48.50	73.38
Arqaam Capital	45.00	73.38

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Care 9M net profit up 55% to SAR 177.5 mln; Q3 at SAR 73.4 mln

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Care 9M net profit up 55% to SAR 177.5 mln; Q3 at SAR 73.4 mln

Financials (Million Riyal)

Current Quarter Comparison (Million Riyal)

View other reports

Share Price

Financial Ratios

Financial results (Million Riyal)

Financial results

Profit Performance (Million Riyal)

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Per Share Data (Riyal)

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