Mouwasat Medical Services Co. will continue to boost the operating capacity of its outpatient clinics in all branches, through adding new specialized departments and expanding the number of outpatient clinics, the company’s annual board report showed.
On the other hand, the medical services provider will continue construction works at Dammam and Madinah branches.
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Mouwasat’s Current Projects |
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Project |
Details |
Completion period |
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Construction works underway for the hospital expansion, which includes a 6-floor building with a total capacity of 204 beds, will be allocated for long-term care and patients. The project is 64.8% complete as of Feb. 24, 2020 |
Trial run will commence in Q2 2020 for 3 months. Actual operations to start after obtaining the Ministry of Health’s approval. |
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Construction works underway for the hospital, which will include 400 beds at an estimated cost of SAR 400 mln. It will replace the current hospital in Madinah. The project is 71% complete as of Feb. 24, 2020. The company has acquired a plot of land at SAR 12 mln cost to build residential units for employees |
Trial run will commence in Q4 2020 for 3 months. Actual operations to start after obtaining the Ministry of Health’s approval. |
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Proceeding with the requirements of the royal commission regarding the land allocated to build and operate a hospital in Yanbu at a cost of SAR 325 mln. The engineering office that will coordinate with the commission was appointed. |
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Mouwasat Hospital Khobar saw higher operating rates in 2019, the company said, expecting the project to reflect positively on its 2020 results.
On the other hand, the new hospital in Khobar contributed negative SAR 48 million in 2019. The result came in line with the prepared operational plan, which was previously approved for the new facility, the report added.
On segment level, the admission and outpatient clinics reported an over sevenfold rise in revenue, when compared to 2005. The admission and outpatient clinics segments reported revenue of SAR 824 million and SAR 773 million in 2019, respectively.
Revenue from the pharmaceutical products business increased by more than five times to SAR 260 million in 2019.
The Eastern Region contributed the largest share to total revenue, as the company operates 4 branches in Dammam, Jubail, Qatif and Khobar each. Meanwhile, Mouwasat operates one branch in Riyadh and Madinah each.
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Revenue by Region (SAR mln) |
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|
Region |
2015 |
2016 |
2017 |
2018 |
2019 |
|
Eastern region |
793 |
949 |
1127 |
1246 |
1407 |
|
Central region |
65 |
148 |
226 |
277 |
283 |
|
Western region |
142 |
146 |
154 |
154 |
167 |
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Total |
1,000 |
1,243 |
1,507 |
1,677 |
1,857 |
The following table illustrates changes in the board of directors’ ownership:
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Major Shareholders’ Stake Changes in 2019 |
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Shareholder |
2018 |
2019 |
Variation |
Current Stake % |
|
Abdul Aziz S. Al Mangour* |
354,151 |
371,864 |
17,713+ |
0.37 % |
|
Abdul Karim Al Abd Al Karim |
2,000 |
48,933 |
46,933+ |
0.05 % |
*Membership ended on Jan. 3, 2020. The shares of 2018 and 2019 included 154,150 shares and 171,860 shares, respectively held by his relatives.
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