Net income – SAR33 million, +19% Y-o-Y, -6% Q-o-Q, +6% versus EFGe Gross profit – SAR67 million, +24% Y-o-Y, +33% Q-o-Q, +26% versus EFGe Net operating profit – SAR35 million, +20% Y-o-Y, +4% Q-o-Q, +12% versus EFGe   National Medical Care Co. (CARE) reported a solid sets of results in 1Q2016, with earnings growing 19% Y-o-Y (broadly in line with our forecast). The company attributed the Y-o-Y growth in earnings to better operational performance, leading to solid revenue growth in all functions. The growth in earnings came in despite rise in costs and zakat provisions. Gross profit increased 24% Y-o-Y, ahead of our forecast by 26%, likely on higher-than-expected revenue/margins. EBIT Y-o-Y growth was lower at 20% on a hike in SG&A expenses and provisions for doubtful receivables (beat estimate, +12%). We forecast double-digit revenue growth of 13% Y-o-Y in 1Q2016 (revenue figure is not yet disclosed), driven mainly by the National hospital on solid ramp-up in occupancy of the new bed additions, which commenced trial operations in November 2013. (Earnings release, Tarek El Shawarby)