Future Care Trading Co. reported an 86% tumble in 2022 net profit to SAR 5.1 million, from SAR 36.7 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 72.03 | 34.13 | (52.6 %) |
| Gross Income | 42.32 | 12.24 | (71.1 %) |
| Operating Income | 38.27 | 5.77 | (84.9 %) |
| Net Income | 36.70 | 5.13 | (86.0 %) |
| Average Shares | 500.00 | 500.00 | - |
| EPS (Halala) | 7.34 | 1.03 | (86.0 %) |
The company reported a decrease in revenue due to lower number of home visits compared to 2021, due to the end of the COVID-19 precautionary measures. This was offset by a drop in costs, but by a slower pace than revenue.
Future Care incurred costs of opening branches in Riyadh and Eastern Region - in the cities of Dammam, Al Khobar, Dhahran, Qatif and Jubail. This came as part of its expansion plans, the impact of which is expected to start from 2024.
The company allocated a provision for receivables of SAR 1.93 million against expected credit losses on receivables.
Shareholders’ equity, no minority interest, rose to SAR 58.47 million as of Dec. 31, 2022, from SAR 53.70 million a year earlier.
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