Care records 40% increase in 2021 profits

National Medical Care Co. (Care) has recorded a net profit surge of 40% to SR 136.4 million in 2021 from SR 97.3 million a year earlier, according to its financial result statement published on Tadawul.

The Saudi company’s operational profit soared by 36% to SR 155 million last year against SR 114 million in 2020, while gross profit surged by 10% to SR 246 million from SR 224 million.

The profit per share (EPS) rose to SR 3.04 in 2021 from SR 2.17 in 2020.

The Higher profits were spurred by:

Surge by 4.5% of net revenues due to a higher volume of business with Cash and Insurance segments

Lower cost of sale expenses ratio relative to revenue due to improved absorption of costs.

Increase of gross profit margin from 27.7% to 29.2% in 2021.

Decrease of sales and marketing expenses due to provisions recognized during 2020 against old receivables from government entities.

The company reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of SR 214.6 million in 2021 from SR 179.5 million in 2020.