Mouwasat ready to tap available investment opportunities, says MD

Mouwasat Medical Services Co. will continue to implement its strategic plans aimed to maintain revenue growth, Managing Director Mohammed bin Sulaiman Al-Saleem told Argaam on Monday.

“This will be attained through the integration of vertical and horizontal expansions,’ Al-Saleem said, adding that his company is ready to tap various investment opportunities and maximize shareholders’ returns.

The company’s Q3 2017 net profit increased by 55 percent year-on-year (YoY) to SAR 76.7 million.

The health services provider agreed on better contractual terms with some clients and also obtained some international accreditations.

Mouwasat added 31 new clinics until the end of September, and is targeting to increase the number of clinics to 66 this year. 

Al-Saleem added that construction of Mouwasat Hospital Khobar is progressing as scheduled at a total cost of SAR 440 million. It is expected to boost the company’s capacity by 25 percent upon operation.

Meanwhile, a SAR 150 million construction contract was signed for the expansion project of the Dammam hospital. Total cost of the project, which is likely to boost the company’s operating capacity by 7 percent, amounts to SAR 231 million.

Mouwasat plans to build a SAR 400 million new hospital to replace its old hospital in Madinah, which operated in a rented facility. The new hospital will increase Madinah branch’s capacity by 51 percent, while the company’s total capacity will rise by 7 percent, upon operation, he added.