Care net profit up 32% to SAR 99.6 mln in 9M 2021

Care net profit up 32% to SAR 99.6 mln in 9M 2021

02/11/2021 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit after Zakat and tax of SAR 99.6 million for the first nine months of 2021, a 32% increase from SAR 75.3 million in the year-earlier period.

 

The profit rise was attributed to increased volume of business with the General Organization for Social Insurance (GOSI), cash patients and direct contracts.

 

The company also cited better profit margins due to rationalization of general expenses and a decline in the cost of sales-to-revenue ratio.

 

Lower operating expenses (OPEX) also boosted the nine-month profit.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 594.36 629.79 6.0 %
Gross Income 162.15 184.49 13.8 %
Operating Income 88.75 119.57 34.7 %
Net Income 75.27 99.64 32.4 %
Average Shares 44.85 44.85 -
EPS (Riyals) 1.68 2.22 32.4 %

In Q3 2021, net profit after Zakat and tax more than doubled to SAR 33.2 million from SAR 16.3 million a year earlier, driven by lower cost of sales, compared to the current quarter revenue, which in turn increased gross profit margins to 30% from 24% in Q3 2020. Care also cited a decline in OPEX.

 

When compared to the previous quarter, Q3 net profit grew by 8% from SAR 30.7 million on a 5% rise in revenue and higher gross profit margins.

 



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 213.31 213.11 (0.1 %)
Gross Income 51.06 63.08 23.5 %
Operating Income 22.70 39.80 75.3 %
Net Income 16.32 33.17 103.2 %
Average Shares 44.85 44.85 -
EPS (Riyals) 0.36 0.74 103.2 %

Shareholders’ equity, after minority interest, grew by 7% to SAR 1.091 billion as of Sept. 30, 2021, from SAR 1.018 billion a year earlier.

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2018 181.69 (20.2 %) 32.02 (43.8 %) 14.93 (49.6 %)
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 %
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 %
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2018 4.87 (79.1 %) 0.11 - 4.87 0.11
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
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
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 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 %
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 %
Q1 2021 28.41 % 20.86 % 12.06 %
Q2 2021 27.73 % 21.19 % 12.41 %
Q3 2021 29.16 % 23.15 % 14.41 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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

Business Segments (Million)

Compared With The
Period Medical Services Pharmacies
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

Analysts Estimates (Million)

Item Q3 2021 (e) Q3 2021 (a) Change‬
Average 30.85 33.17 7.53 %

Estimates vs Actual (Million)

Item Q3 2021 (e) Q3 2021 (a) Change
AlJazira Capital 31.70 33.17 4.6 %
Al Rajhi Capital 30.00 33.17 10.6 %

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

Share Price

162.20
(2.00) (1.22 %)

National Medical Care Co. (CARE)


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