‎“Care” profits increased to SR170 mln during 2022, by 25%‎

National Medical Care Company revealed an increase in net profit after zakat and tax during the year ending on December 31, 2022 to 170 million riyals, compared to 136.3 million riyals in the previous year, at a rate of 24.7%. This came after today’s announcement of the annual financial results ending in 2022. -12-31.

The operational profit amounted to 198.5 million riyals during the year ending on December 31, 2022, compared to 164.4 million riyals in the previous year, with a growth of 21%.

The total shareholders’ equity “without minority rights” amounted to 1.26 billion riyals in the current year, compared to 1.12 billion riyals in the previous year, an increase of 12.3%.

Earnings per share in the current year reached 3.79 riyals, compared to 3.04 riyals in the previous year.

– The net profit for the current year amounted to 170.1 million Saudi riyals, compared to 136.4 million riyals for the previous year, an increase of 24.7%, and this is due to the following factors:

– An increase in net revenues by 8.6% during 2022 AD compared to the previous year due to the increase in business volume and the increase in the number of patient visits, including inpatients and surgeries.

– The decrease in the cost of selling expenses relative to revenues due to controlling costs, which led to an increase in gross profit and margin.

– Increasing the gross profit margin from 29.2% in the previous year to 31.6% in the current year.

– The decrease in selling and marketing expenses in the current year due to the decrease in provisions against expected credit losses.

– The decrease in zakat expenses due to the decrease in the zakat base for the year.

The above gains were partially affected by the following:

Increased general and administrative expenses

Other income decreased

Earnings before interest, tax and depreciation for this year amounted to 244.2 million Saudi riyals, compared to 214.6 million Saudi riyals during the year 2021 AD, with a margin improvement of 26.6%, an improvement of 1.2 points compared to the previous year.

The net profit margin for the year also increased from 16.1% in the previous year to 18.5% in 2022.