(The Group's Comments) MediCare Net Profit Drops to QR 20.4 Million in Q1 2019

April 25, 2019

Profits: MediCare’s profit for the first quarter of 2019 stayed relatively stable at QR 20.4 million, compared to QR 20.5 million for the same period last year, and the company’s earnings per share amounted to QR 0.72 in the first quarter of 2019, versus QR 0.73 for the corresponding period of 2018. Therefore, all performance indicators are fairly similar to the comparative period in regards to profits, revenues and expenses.

Revenues: amounted to about QR128.16 million in the first quarter of 2019, compared to QR127.38 million in the same period of 2018, and the gross profit (revenues - costs) reached QR52.92 million, slightly below QR53.14 million from last year’s first quarter.

Expenditures: stood at QR 36.28 million, compared to QR 35.96 million in the first quarter of the previous year, of which QR 4.41 million, that represents a decrease in customer balances. The cumulative balance of this allocation is QR 79.8 million, and accounts for approximately 55% of total customer balances, a high percentage that reflects the difficulty of managing and collecting these receivables.

Comprehensive Income: Medicare recorded a profit of QR1.94 million from financial investment valuation in the first quarter of 2019, compared to a loss of QR 2.07 million for the same period last year.