Future Care profits decline to SR4.8 mln during H1 by 76%

The Future Care Trading Company revealed a decrease in net profit after zakat and tax during the first half to SR4.77 million, compared to SR20 million in the same period last year, at a rate of 76.2%.
This came after announcing on Tuesday the preliminary financial results for the period ending on 30.06.2022 (six months).
The operational profit amounted toSR4.8 million in the first half, compared to SR20.1 million in the same period of the previous year, a decrease of 76%.
The gross shareholders’ equity “without minority rights” amounted to SR58.4 million in the 6-month period, compared to SR37.4 million in the same period last year, a growth of 56%.
Profits per share in the current period reached SR0.95, compared to SR46.32 in the same period last year.
The decrease in revenues by 63.39 % compared to the first half of 2021 is due to a significant decrease in the number of patients served by the company. This decrease is mainly due to the fact that the restrictions of the Corona epidemic imposed during 2021 have been reduced and patients are allowed to visit hospitals instead of using home care services, also The insurance company reduced the credit limit for some categories of patients, this decrease in revenues leads to a decrease in costs compared to the first 2021 year by 54% due to the reduction in operating expenses.
As for the earnings per share for the first half of this year, the number of shares was 5 million shares, while in the previous year the number of shares was 50 thousand, this increase in shares leads to this high decrease in the earnings per share.