National Medical Care Co. announces its interim Financial results for the period ending on 2019-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 169,937 | 199,048 | -14.625 | 179,429 | -5.29 |
| Total Profit (Loss) | 38,260 | 49,588 | -22.844 | 48,008 | -20.304 |
| Profit (Loss) Operational | 20,216 | 25,906 | -21.964 | 36,105 | -44.007 |
| Net Profit (Loss) after Zakat and Tax | 13,815 | 20,264 | -31.824 | 29,989 | -53.933 |
| Total Comprehensive Income | 13,815 | 20,264 | -31.824 | 29,989 | -53.933 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 349,366 | 405,719 | -13.889 |
| Total Profit (Loss) | 86,269 | 101,315 | -14.85 |
| Profit (Loss) Operational | 56,320 | 57,978 | -2.859 |
| Net Profit (Loss) after Zakat and Tax | 43,804 | 45,867 | -4.497 |
| Total Comprehensive Income | 43,804 | 45,867 | -4.497 |
| Total Share Holders Equity (after deducting minority equity) | 995,819 | 996,865 | -0.104 |
| Profit (Loss) per Share | 0.98 | 1.02 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Reason for increase (decrease) in net profit for current quarter compared to the same quarter of the previous year | Net profit for the quarter declined when compared with similar quarter for the previous year mainly due to;
1. Declining revenue due to lower volumes of patients visiting our facilities, especially from the Occupational Hazard contract with GOSI and Ministry of Health cases.
2. Decreased gross profit margin on account of lower absorption of fixed costs on account of revenue decline.
3. Increase in other income and lower provision for expected credit losses partially offset the decrease in operating profit.
4. Higher zakat charge for the quarter due to increase in zakat base of the Company. |
| Reason for increase (decrease) in net profit for current quarter compared to the previous quarter | Net profit declined during the current quarter compared to last quarter is due to decrease in Company’s revenue as a result of seasonality of patient flow. Patient footfall declines during the second quarter compared to the first quarter due to advent of summer vacations. |
| Reason for increase (decrease) in net profit for current period compared to the similar period of the previous year | Net profit for the current period declined when compared with similar period of the previous year mainly due to;
1. Lower volumes of patients visiting our facilities especially patients relating to our Occupational Hazard Contract with GOSI and decline in Ministry of Health cases accepted.
2. Gross profit margin had a slight decline due to lower volumes, which was largely offset by savings in manpower costs and medical consumables.
3. Effect of lower revenue was partially offset by increase in other income mainly due to increase in investment income and reduction of provision for expected credit losses.
4. Higher Zakat charge for the period due to increase in zakat base of the Company. |
| Type of the external auditor's opinion | Unmodified opinion |
| External auditor's report containing reservation | None |
| Reclassifications in quarter financial result | Elements and notes of the comparatives Interim Condensed Financial Statements have been reclassified and regrouped to meet the requirement of International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia that includes the effect of the applicable standards from January 1st, 2019 specifically the application of IFRS 16 as presented in the notes to the financial statements for the current period. For more information, please refer to note 3 (Standards, amendments, issued explanations and changes in accounting policies and estimations) in the notes to the Interim Condensed Financial Statements for the period ended 30 June 2019. |
| Additional Information | Net profit margin for the period increased to 12.5% from 11.3% for similar period of previous year and EBITDA margin also increased to 26.1% for the current period from 22.3% for similar period of previous year. |
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