Riyadh – Mubasher: National Medical Care Company (NMC) logged a net profit after Zakat and tax of SAR 33.16 million over the first quarter (Q1) ended on 31 March 2020, 10.5% more than the SAR 29.9 million profits of the same period a year ago.
Revenues grew by 8.7% to reach SAR 195 million in Q1-20 when compared to SAR 179.4 million in Q1-19, according to a stock exchange statement on Tuesday.
The 10.5% profit increase was driven by higher revenues for the quarter by 5%, lower provision for expected credit losses, and a drop in general and admin expenses, including maintenance and depreciation expenses that were partially offset by higher personnel cost.
The net profit margin for the first quarter of the year stood at 17%.
Last year, NMC saw an annual surge of 28.79% in net profit to SAR 80 million when compared to SAR 62.18 million.
