Care’s net profit drops 8% in 9M 2018

Care’s net profit drops 8% in 9M 2018

05/11/2018 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit of SAR 57.3 million in the first nine months of 2018, a 7.6 percent year-on-year (YoY) fall attributed to lower revenue and decreased number of visitors to the company’s hospitals.



Financials (M)

Item 9m 2017 9m 2018 Change‬
Revenues 627.32 582.11 (7.2 %)
Gross Income 138.41 134.49 (2.8 %)
Operating Income 60.37 64.97 7.6 %
Net Income 62.04 57.31 (7.6 %)
Average Shares 44.85 44.85 -
EPS (Riyals) 1.38 1.28 (7.6 %)

Profit for third quarter was SAR 11.44 million; 57.6 percent lower compared to the net profit of SAR 26.99 million in the year-ago quarter, driven by lower revenue and the claims’ settlement during the quarter.

 

On a sequential quarter basis, profit for the period dropped 43.52 percent. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2017 Q3 2018 Change‬
Revenues 208.34 176.40 (15.3 %)
Gross Income 46.97 33.17 (29.4 %)
Operating Income 26.33 13.16 (50.0 %)
Net Income 27.00 11.44 (57.6 %)
Average Shares 44.85 44.85 -
EPS (Riyals) 0.60 0.26 (57.6 %)


Financial results (Million)

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 -
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 %
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 %
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 %
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 %)
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 %)
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 %
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 %)
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 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
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
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
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
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
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
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
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)
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 - - -
Q4 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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2018 23.97 % 20.17 % 11.24 %
Q2 2018 24.39 % 20.91 % 11.57 %
Q3 2018 23.64 % 20.41 % 10.10 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted 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

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

Analysts Estimates (Million)

Item Q3 2018 (e) Q3 2018 (a) Change‬
Average 25.03 11.44 (54.3 %)

Estimates vs Actual (Million)

Item Q3 2018 (e) Q3 2018 (a) Change
Al Rajhi Capital 23.00 11.44 (50.2) %
Sico 24.00 11.44 (52.3) %
OSOOL AND BAKHEET 24.30 11.44 (52.9) %
AlJazira Capital 28.80 11.44 (60.3) %


Financial Ratios
Current
Market Cap (M Riyal) 7,274.67
Enterprise Value (EV) (M) 7,259.16
Shares Outstanding ((M)) 44.85
EPS ( Riyal) (TTM) 6.12
Book Value (BV) ( Riyal) 34.35
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 29.64
P/E (TTM) 26.51
Price/book 4.72
Return on Average Assets (%) (TTM) 13.3
Return on Average Equity (%) (TTM) 18.7
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Share Price

National Medical Care Co.
162.20
(2.00) (1.22 %)

National Medical Care Co. (CARE)

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