Riyadh – Mubasher: The net profits after Zakat and tax of the National Medical Care Company (NMC) jumped by 21.45% to SAR 97.269 million in 2020 from SAR 80.09 million in 2019.
Higher profits are attributed to lower cost of sale expenses relative to revenues due to cost control, government support amid coronavirus (COVID-19), and better absorption of costs, according to the company's financial results for 2020.
In addition, the gross profit margin improved to 27.7% for the year, and general and administrative expenses decreased due to various cost control measures amid the COVID-19 pandemic.
The company generated revenues of SAR 808.95 million in 2020, up 14.195% from SAR 708.394 million in the earlier year.
The earnings per share (EPS) settled at SAR 2.17 last year, compared to SAR 1.79 in 2019.
It is noteworthy to mention that during the third quarter (Q3) of 2020, NMC's net profits went down by 1.9% year-on-year (YoY) to SAR 16.32 million.
