Mouwasat 2024 profits down 2% at SAR 645.8M; Q4 at SAR 171.8M

Mouwasat Medical Services Co.’s net profit declined 2% to SAR 645.8 million by the end of 2024, from SAR 657.7 million a year earlier.

Last year’s annual profit drop was attributed to higher costs and expenses compared to 2023. This came given the elevated actual operation at Mouwasat Long-Term Care Center in Madinah.

As a result, the gross profit margin fell to 44.8% in 2024, from 48.5% a year earlier.

On the other hand, revenue grew by 6.4% in 2024 to SAR 2.87 billion, up from SAR 2.70 billion in 2023. Further, the number of inpatient and outpatient visits soared for the same year, in tandem with the improved performance of new specialized departments at the company's hospitals.

This is besides enhancements in some contractual terms with Mouwasat’s clients, amid the ongoing increase in operating efficiency of available resources.

In Q4 2024, Mouwasat’s net profit also fell 7% to SAR 171.8 million, compared with SAR 184.17 million a year ago.

On a sequential basis, however, net earnings rose 14.8% from SAR 149.64 million in Q3 2024.

Total shareholders’ equity (after minority interest) grew to SAR 3.56 billion by the end of Dec. 31, 2024, versus SAR 3.27 billion in the year before.

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