Care Q1 2023 profit leaps 88% to SAR 56.3 mln

Care Q1 2023 profit leaps 88% to SAR 56.3 mln

14/05/2023 Argaam Exclusive

View other reports

National Medical Care Co. (Care) reported a net profit jump of 88% to SAR 56.3 million for Q1 2023, compared to SAR 30 million in the prior-year period.

Shareholders’ equity, no minority interest, rose to SAR 1.31 billion as of March 31, 2023, from SAR 1.15 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 211.48 261.40 23.6 %
Gross Income 61.44 89.88 46.3 %
Operating Income 35.17 58.48 66.3 %
Net Income 30.00 56.27 87.6 %
Average Shares 44.85 44.85 -
EPS (Riyals) 0.67 1.25 87.6 %

The healthcare services provider reported a 23.6% rise year-on-year (YoY) in net revenue due to an increase in contracts with the Ministry of Health (MOH) and the General Organization for Social Insurance (GOSI), which buoyed admissions and surgeries. The MOH billing further increased due to Care facilities achieving the Healthcare Information and Management Systems Society (HIMSS) accreditation.

 

Further, Care reported a lower cost of sales to revenue ratio. Gross profit margin increased to 34.4% from 29.1% in Q1 2022 on improved absorption of costs and higher margin business from MOH and GOSI. Expenses also declined against expected credit loss provisions, along with higher other income.

 

Compared to Q4 2022, the first-quarter net profit grew 1.5% from SAR 55.45 million, as revenue grew by 4% due to an increase in contracts with MOH and GOSI. The cost of sales to total revenue also decreased.

 

Shareholders’ equity, no minority interest, rose to SAR 1.31 billion as of March 31, 2023, from SAR 1.15 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2021 215.59 0.5 % 61.98 0.4 % 36.65 44.5 %
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 %
Q1 2023 261.40 23.6 % 89.88 46.3 % 58.48 66.3 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q4 2021 36.71 66.9 % 0.82 - 36.71 0.82
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
Q1 2023 56.27 87.6 % 1.25 - 56.27 1.25

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 %
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 %
Q4 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 %
Q1 2023 32.87 % 26.57 % 20.29 %


Per Share Data (Riyal)

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

Multiple Ratios (End of Period Price)

Compared With The
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
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

Business Segments (Million)

Compared With The
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
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

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 45.74 56.27 23.01 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
OSOOL AND BAKHEET 48.83 56.27 15.2 %
AlJazira Capital 45.40 56.27 23.9 %
Al Rajhi Capital 43.00 56.27 30.9 %

Current
Market Cap (M Riyal) 7,364.37
Enterprise Value (EV) (M) 7,348.86
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) 30.00
P/E (TTM) 26.83
Price/book 4.78
Return on Average Assets (%) (TTM) 13.3
Return on Average Equity (%) (TTM) 18.7

Share Price

164.20
2.00 1.23 %

National Medical Care Co. (CARE)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.