Mouwasat posts 36% profit growth to SAR 147.2 mln in Q1 2021

Mouwasat Medical Services Co. reported net profit after Zakat and tax of SAR 147.2 million in Q1 2021, up 36.3% from SAR 108 million in the prior-year period.

This profit increase was driven by an 8% revenue growth year-on-year (YoY), due to the continuous effective utilization of newly specialized resources, enhancement of contractual terms with customers, and continuous enhancement of operating efficiency of the available resources.

The medical services provider also cited a decline in selling and distribution expenses and lower financing costs.

When compared to Q4 2020, the company’s net profit after Zakat and tax grew by 2.7% from SAR 143.3 million, on a marginal increase in revenue, along with lower operating costs, and selling and distribution expenses.

Shareholders’ equity, excluding minority interest, increased by 17.58% to SAR 2.426 billion by the end of Q1 2021, compared to SAR 2.063 billion in the year-ago period.