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NMC posts SAR 14m profits in Q2

NMC posts SAR 14m profits in Q2
Net profits plunged due to the decline in revenues
CARE
4005
-1.14% 121.20 -1.40

Riyadh – Mubasher: National Medical Care Company (NMC) announced its interim financial results for the second quarter of 2019.

Net profits after zakat and tax plunged by 31.8% to SAR 13.8 million in Q2-19, compared to SAR 20.26 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

Net profits plunged due to the decline in revenues on the back of lower volumes of patients visiting NMC’s facilities.

Revenues of the Saudi healthcare provider retreated by 14.6% to SAR 169.9 million by the end of June, from SAR 199.04 million in the same period of the previous year.

For the first six months of 2019, NMC’s net profits inched down by 4.4% to SAR 43.8 million, versus SAR 45.86 million in H1-18.

The company generated SAR 349.3 million in revenues in H1-19, down 13.8% from SAR 405.7 million in the same period a year ago.

As for profit per share, it stood at SAR 0.98 during the six-month period ended in June.