Net income – SAR35 million, +243% Y-o-Y, +38% Q-o-Q, +43% versus EFGe Gross profit – SAR50 million, +33% Y-o-Y, 0% Q-o-Q, 0% versus EFGe Net operating profit – SAR34 million, +176% Y-o-Y, +24% Q-o-Q, +26% versus EFGe   National Medical Care Co. (CARE) announced its preliminary 4Q2015 headline figures, showing a strong set of results for the third quarter in a row. The company cited that the Y-o-Y growth in earnings (+243%) and Q-o-Q (38%) is attributed to better operational performance leading to solid revenue growth in all functions, as well as ease in operating cost. Earnings came in 43% above our forecast of SAR25 million, likely on better-than-expected revenues and margins. In our view, the significant Y-o-Y growth was also due to base effect as the company has reported weak earnings of SAR10 million in 4Q2014 due to a hike in operational cost associated with the expansions at that time. Gross profit was up 33% Y-o-Y, in line with estimate, likely on solid revenue growth, while EBIT surged 176% on lower SG&A expenses (beat estimate). We forecast double-digit revenue growth of 15% Y-o-Y in 4Q2015 (revenue figure is not yet disclosed), mainly from the National hospital on solid ramp-up in occupancy of the new beds additions, which commenced trial operations in November 2013. (Earnings release, Tarek El Shawarby)