Mouwasat 9M 2024 profit slightly up at SAR 473.9M; Q3 at SAR 149.6M

Mouwasat Medical Services Co.’s net profit rose marginally to SAR 473.9 million in the first nine months of 2024, from SAR 473.5 million a year earlier.

This was supported by an increase in the number of outpatient and inpatient visits. This is in addition the improvement in some contractual terms with the company's customers.

The company also cited the ongoing strong performance of the specialized departments at its hospitals, along with continued enhancement of operating efficiency of the available resources.

Moreover, the nine-month period witnessed a year-on-year (YoY) revenue growth, amid lower financing costs as the company narrowed its loan balance by settling some installments during this period.

In Q3 2024, net profit fell 4% to SAR 149.6 million, compared with SAR 156.38 million a year ago, mainly due to the continued increase in debt provisions related to customer balances, which put pressure on the profit margins for the current quarter and for the first nine months of this year.

Net earnings also dropped 2% from SAR 152.70 million in Q2 2024, although revenues climbed by 3% on a quarterly basis.

Shareholders’ equity, after minority interest, rose to SAR 3.40 billion as of Sept. 30, 2024, from SAR 3.09 billion in the year-ago period.

View More Financial Results