Care net profit soars 45% to SAR 81.3M in Q1 2024

Care net profit soars 45% to SAR 81.3M in Q1 2024

12/05/2024 Argaam Exclusive

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National Medical Care Co. (Care) reported a net profit of SAR 81.3 million for Q1 2024, an increase of 45% from SAR 56.3 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 261.40 298.56 14.2 %
Gross Income 89.88 110.20 22.6 %
Operating Income 58.48 71.05 21.5 %
Net Income 56.27 81.29 44.5 %
Average Shares 44.85 44.85 -
EPS (Riyals) 1.25 1.81 44.5 %

Net revenues rose 14.2% year-on-year (YoY) to SAR 298.6 million in Q1 2024, on rising business volume with the Ministry of Health and insurance companies, new acquisitions made in 2023 following Q1, reduced cost of selling expenses that led to cost rationalization.

 

The company’s gross profit margin (GPM) grew to 36.9% compared to 34.4% in the same quarter last year due to improved cost rationalization and focusing on higher margin businesses.

 

SAL received the final assessments issued by Zakat, Tax and Customs Authority (ZATCA) for 2021 and 2022, which led to reverse excess provision in previous years.

 

Net profit margin increased to 27.2% from 21.5%.

 

This came despite higher general and administrative expenses and those resulting from increased provisions for expected credit losses, and lower other revenues.

 

On a sequential basis, net profit rose 28% from SAR 63.48 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 1.53 billion by Q1 2024, compared to SAR 1.31 billion in the prior-year period.

 

Total comprehensive income amounted to SAR 81.28 million in Q1 2024 compared to SAR 56.26 million in Q1 2023 and SAR 57.25 million in Q4 2023.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
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 %
Q4 2023 299.84 19.1 % 106.64 35.4 % 56.21 (4.3 %)
Q1 2024 298.56 14.2 % 110.20 22.6 % 71.05 21.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2023 47.80 13.8 % 1.07 - 47.80 1.07
Q3 2023 73.38 72.2 % 1.64 - 73.38 1.64
Q4 2023 63.48 14.5 % 1.42 - 63.48 1.42
Q1 2024 81.29 44.5 % 1.81 15.84 65.45 1.46

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 33.38 % 26.76 % 20.28 %
Q3 2023 33.06 % 28.54 % 22.53 %
Q4 2023 34.17 % 27.51 % 22.27 %
Q1 2024 34.85 % 28.22 % 22.35 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 44.85 5.37 5.37 32.41
Q1 2024 44.85 5.93 5.58 34.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 32.47 32.47 5.38
Q1 2024 31.33 33.32 5.43

Business Segments (Million)

Compared With The
Period Medical Services Pharmacies
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
Q4 2023 264.88 34.95
Q1 2024 262.73 35.83

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 65.83 81.29 23.48 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
AlJazira Capital 70.00 81.29 16.1 %
OSOOL AND BAKHEET 68.32 81.29 19.0 %
Hermes 66.00 81.29 23.2 %
Al Rajhi Capital 59.00 81.29 37.8 %

Current
Market Cap (M Riyal) 7,400.25
Enterprise Value (EV) (M) 7,384.74
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) 30.15
P/E (TTM) 26.96
Price/book 4.80
Return on Average Assets (%) (TTM) 13.3
Return on Average Equity (%) (TTM) 18.7

Share Price

165.00
(3.00) (1.79 %)

National Medical Care Co. (CARE)


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