National Medical Care Company (4005) Q4 2023 earnings summary

Executive summary

• FY2023 revenue was SAR 1,081.8m, profit was SAR 240.9m and basic/diluted EPS was SAR 5.37; all increased from FY2022.

• Auditor issued an unmodified opinion on the consolidated financial statements under IFRS as endorsed in Saudi Arabia and SOCPA standards.

Financial highlights

• Revenue rose to SAR 1,081.8m from SAR 917.9m; gross profit reached SAR 369.6m versus SAR 289.7m.

• Operating profit was SAR 246.7m versus SAR 197.3m; profit before zakat was SAR 264.6m versus SAR 198.5m.

• Net profit was SAR 240.9m versus SAR 170.1m; total comprehensive income was SAR 234.7m versus SAR 184.2m.

• Operating cash inflow was SAR 466.7m versus SAR 216.9m; cash and cash equivalents ended the year at SAR 308.7m versus SAR 329.2m.

• Total assets were SAR 2,214.4m and total equity SAR 1,453.4m at year-end, versus SAR 1,712.7m and SAR 1,263.6m in 2022.

Segment performance

• Services generated SAR 952.2m of revenue and pharmaceuticals SAR 129.6m; revenue from services was primarily recognized over time.

• Operations are managed as one hospital-services function, with the Board and executive management acting as the chief operating decision maker.