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NMC Q2 profit surges 86%

NMC Q2 profit surges 86%
Revenues advanced by 9.5% yearly in Q2-20
CARE
4005
-1.14% 121.20 -1.40

Riyadh – Mubasher: The National Medical Care Company (NMC) saw an 86.59% hike in net profits during the second quarter (Q2) of 2020 to SAR 25.78 million, compared with SAR 13.82 million in the corresponding period in the previous year.

Revenues for Q2 of the year stood at SAR 186.04 million, a rise of 9.5% when compared to SAR 169.94 million in the prior-year period, according to a stock exchange statement on Wednesday.

The growth in the interim profits is helped by higher revenues, lower costs, and an improvement in profit margin, but was partially offset by higher provisions for old receivables from government entities other than General Organisation for Social Insurance (GOSI), coupled with a lower rental and investment income, and higher Zakat charge.