Financial Results : Mouwasat’s profit jumps 19% in 9M 2016

Mouwasat’s profit jumps 19% in 9M 2016

19/10/2016 Argaam Exclusive

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Mouwasat Medical Services Co’s net profit for the first nine months of 2016 rose 19 percent year-on-year to SAR 183.7 million, driven by higher revenue from its Riyadh branch, expansions at its sub-specialty clinics, and high efficiency in available asset utilization.  



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 740.14 884.03 19.4 %
Gross Income 333.09 407.55 22.4 %
Operating Income 174.24 203.67 16.9 %
Net Income 155.00 181.54 17.1 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.78 0.91 17.1 %

The company’s Q3 net profit climbed 17 percent YoY to SAR 50.3 million, but dropped 19.3 percent, when compared to the previous quarter on lower revenue due to summer vacations and Eid holidays. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 231.63 280.24 21.0 %
Gross Income 98.68 124.29 26.0 %
Operating Income 49.14 56.32 14.6 %
Net Income 42.99 49.36 14.8 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.21 0.25 14.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 113.83 - 52.37 - 27.91 -
Q2 2008 118.48 - 53.79 - 29.33 -
Q3 2008 104.92 - 47.23 - 23.73 -
Q4 2008 117.32 - 47.51 - 29.27 -
Q1 2009 124.60 9.5 % 56.25 7.4 % 30.77 10.2 %
Q2 2009 140.62 18.7 % 67.77 26.0 % 41.29 40.8 %
Q3 2009 115.21 9.8 % 54.05 14.4 % 29.09 22.6 %
Q4 2009 137.16 16.9 % 49.94 5.1 % 20.05 (31.5 %)
Q1 2010 143.79 15.4 % 68.04 21.0 % 39.35 27.9 %
Q2 2010 148.78 5.8 % 71.36 5.3 % 41.41 0.3 %
Q3 2010 134.72 16.9 % 63.30 17.1 % 29.14 0.2 %
Q4 2010 160.20 16.8 % 74.36 48.9 % 32.98 64.5 %
Q1 2011 166.82 16.0 % 84.05 23.5 % 45.72 16.2 %
Q2 2011 164.93 10.9 % 76.76 7.6 % 41.80 0.9 %
Q3 2011 156.92 16.5 % 74.10 17.1 % 39.80 36.6 %
Q4 2011 189.77 18.5 % 89.09 19.8 % 41.95 27.2 %
Q1 2012 195.57 17.2 % 94.32 12.2 % 53.36 16.7 %
Q2 2012 200.62 21.6 % 93.28 21.5 % 51.87 24.1 %
Q3 2012 187.28 19.3 % 84.01 13.4 % 37.08 (6.8 %)
Q4 2012 213.04 12.3 % 101.10 13.5 % 43.73 4.3 %
Q1 2013 219.23 12.1 % 110.39 17.0 % 58.25 9.2 %
Q2 2013 228.74 14.0 % 116.90 25.3 % 59.96 15.6 %
Q3 2013 211.63 13.0 % 104.34 24.2 % 48.82 31.7 %
Q4 2013 242.64 13.9 % 124.17 22.8 % 55.21 26.3 %
Q1 2014 243.54 11.1 % 124.18 12.5 % 62.97 8.1 %
Q2 2014 244.25 6.8 % 124.14 6.2 % 63.22 5.4 %
Q3 2014 230.47 8.9 % 113.02 8.3 % 54.13 10.9 %
Q4 2014 247.18 1.9 % 117.49 (5.4 %) 52.86 (4.3 %)
Q1 2015 253.41 4.1 % 118.63 (4.5 %) 62.06 (1.4 %)
Q2 2015 255.10 4.4 % 115.78 (6.7 %) 63.05 (0.3 %)
Q3 2015 231.63 0.5 % 98.68 (12.7 %) 49.14 (9.2 %)
Q4 2015 259.94 5.2 % 113.72 (3.2 %) 60.66 14.8 %
Q1 2016 303.59 19.8 % 143.50 21.0 % 75.66 21.9 %
Q2 2016 300.21 17.7 % 139.76 20.7 % 71.70 13.7 %
Q3 2016 280.24 21.0 % 124.29 26.0 % 56.32 14.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 25.90 - 0.13 - 25.90 0.13
Q2 2008 26.63 - 0.13 - 26.63 0.13
Q3 2008 20.47 - 0.10 - 20.47 0.10
Q4 2008 24.07 - 0.12 - 24.07 0.12
Q1 2009 26.55 2.5 % 0.13 - 26.55 0.13
Q2 2009 34.03 27.8 % 0.17 - 34.03 0.17
Q3 2009 21.88 6.9 % 0.11 - 21.88 0.11
Q4 2009 24.58 2.1 % 0.12 - 24.58 0.12
Q1 2010 32.37 21.9 % 0.16 - 32.37 0.16
Q2 2010 34.77 2.2 % 0.17 - 34.77 0.17
Q3 2010 23.14 5.8 % 0.12 - 23.14 0.12
Q4 2010 28.28 15.1 % 0.14 - 28.28 0.14
Q1 2011 39.14 20.9 % 0.20 - 39.14 0.20
Q2 2011 40.49 16.4 % 0.20 - 40.49 0.20
Q3 2011 33.71 45.7 % 0.17 - 33.71 0.17
Q4 2011 34.72 22.8 % 0.17 - 34.72 0.17
Q1 2012 46.34 18.4 % 0.23 - 46.34 0.23
Q2 2012 47.26 16.7 % 0.24 - 47.26 0.24
Q3 2012 35.44 5.1 % 0.18 - 35.44 0.18
Q4 2012 42.56 22.6 % 0.21 - 42.56 0.21
Q1 2013 52.52 13.3 % 0.26 - 52.52 0.26
Q2 2013 54.16 14.6 % 0.27 - 54.16 0.27
Q3 2013 44.11 24.5 % 0.22 - 44.11 0.22
Q4 2013 50.42 18.4 % 0.25 - 50.42 0.25
Q1 2014 57.94 10.3 % 0.29 - 57.94 0.29
Q2 2014 59.44 9.8 % 0.30 - 59.44 0.30
Q3 2014 71.99 63.2 % 0.36 21.70 50.29 0.25
Q4 2014 50.75 0.7 % 0.25 2.20 48.55 0.24
Q1 2015 55.93 (3.5 %) 0.28 - 55.93 0.28
Q2 2015 56.09 (5.6 %) 0.28 - 56.09 0.28
Q3 2015 42.99 (40.3 %) 0.21 - 42.99 0.21
Q4 2015 53.80 6.0 % 0.27 - 53.80 0.27
Q1 2016 68.47 22.4 % 0.34 - 68.47 0.34
Q2 2016 63.70 13.6 % 0.32 - 63.70 0.32
Q3 2016 49.36 14.8 % 0.25 - 49.36 0.25

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 44.20 % 30.76 % 21.36 %
Q1 2009 44.01 % 30.89 % 21.00 %
Q2 2009 44.88 % 32.07 % 21.57 %
Q3 2009 45.32 % 32.67 % 21.40 %
Q4 2009 44.05 % 30.06 % 20.68 %
Q1 2010 44.67 % 30.72 % 21.03 %
Q2 2010 44.66 % 30.02 % 20.85 %
Q3 2010 44.76 % 28.94 % 20.35 %
Q4 2010 47.16 % 30.15 % 20.18 %
Q1 2011 48.00 % 29.97 % 20.53 %
Q2 2011 47.63 % 29.54 % 20.91 %
Q3 2011 47.66 % 30.31 % 21.83 %
Q4 2011 47.76 % 30.40 % 21.82 %
Q1 2012 47.27 % 30.32 % 21.95 %
Q2 2012 47.22 % 30.30 % 21.81 %
Q3 2012 46.65 % 28.88 % 21.18 %
Q4 2012 46.79 % 28.28 % 21.54 %
Q1 2013 47.40 % 28.13 % 21.68 %
Q2 2013 48.62 % 28.20 % 21.77 %
Q3 2013 49.59 % 28.72 % 22.16 %
Q4 2013 50.52 % 29.11 % 22.30 %
Q1 2014 50.68 % 28.86 % 22.30 %
Q2 2014 50.62 % 28.77 % 22.49 %
Q3 2014 50.53 % 28.82 % 22.70 %
Q4 2014 49.60 % 28.54 % 22.40 %
Q1 2015 48.53 % 28.38 % 21.96 %
Q2 2015 47.14 % 28.23 % 21.38 %
Q3 2015 45.64 % 28.05 % 20.62 %
Q4 2015 44.68 % 28.92 % 20.88 %
Q1 2016 44.91 % 29.32 % 21.08 %
Q2 2016 45.25 % 29.52 % 20.90 %
Q3 2016 45.57 % 29.40 % 20.57 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 200.00 - - 1.90
Q2 2008 200.00 - - 1.92
Q3 2008 200.00 - - 2.02
Q4 2008 200.00 0.49 0.49 2.05
Q1 2009 200.00 0.49 0.49 2.18
Q2 2009 200.00 0.53 0.53 2.27
Q3 2009 200.00 0.53 0.53 2.28
Q4 2009 200.00 0.54 0.54 2.40
Q1 2010 200.00 0.56 0.56 2.56
Q2 2010 200.00 0.57 0.57 2.61
Q3 2010 200.00 0.57 0.57 2.72
Q4 2010 200.00 0.59 0.59 2.86
Q1 2011 200.00 0.63 0.63 3.06
Q2 2011 200.00 0.66 0.66 3.01
Q3 2011 200.00 0.71 0.71 3.18
Q4 2011 200.00 0.74 0.74 3.34
Q1 2012 200.00 0.78 0.78 3.57
Q2 2012 200.00 0.81 0.81 3.44
Q3 2012 200.00 0.82 0.82 3.61
Q4 2012 200.00 0.86 0.86 3.82
Q1 2013 200.00 0.89 0.89 4.08
Q2 2013 200.00 0.92 0.92 3.98
Q3 2013 200.00 0.97 0.97 4.20
Q4 2013 200.00 1.01 1.01 4.44
Q1 2014 200.00 1.03 1.03 4.73
Q2 2014 200.00 1.06 1.06 4.53
Q3 2014 200.00 1.20 1.09 4.89
Q4 2014 200.00 1.20 1.08 5.14
Q1 2015 200.00 1.19 1.07 5.42
Q2 2015 200.00 1.17 1.05 5.20
Q3 2015 200.00 1.03 1.02 5.41
Q4 2015 200.00 1.04 1.04 5.67
Q1 2016 200.00 1.11 1.11 5.96
Q2 2016 200.00 1.14 1.14 5.84
Q3 2016 200.00 1.18 1.18 6.09

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 14.20 14.20 3.31
Q4 2009 14.31 14.31 3.19
Q1 2010 13.68 13.68 3.02
Q2 2010 14.64 14.64 3.19
Q3 2010 14.75 14.75 3.11
Q4 2010 15.18 15.18 3.15
Q1 2011 13.52 13.52 2.77
Q2 2011 16.08 16.08 3.50
Q3 2011 13.29 13.29 2.96
Q4 2011 15.92 15.92 3.53
Q1 2012 16.83 16.83 3.66
Q2 2012 13.89 13.89 3.27
Q3 2012 15.57 15.57 3.53
Q4 2012 15.66 15.66 3.52
Q1 2013 18.00 18.00 3.92
Q2 2013 18.62 18.62 4.32
Q3 2013 21.21 21.21 4.88
Q4 2013 22.86 22.86 5.18
Q1 2014 21.78 21.78 4.75
Q2 2014 24.19 24.19 5.66
Q3 2014 26.21 28.82 6.43
Q4 2014 25.71 28.55 6.01
Q1 2015 27.98 31.11 6.15
Q2 2015 30.38 33.83 6.86
Q3 2015 29.89 30.21 5.68
Q4 2015 29.17 29.17 5.37
Q1 2016 25.75 25.75 4.78
Q2 2016 28.12 28.12 5.51
Q3 2016 25.07 25.07 4.84

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Administration Fees
Q1 2008 86.60 26.81 0.43
Q2 2008 91.71 26.38 0.40
Q3 2008 84.21 20.23 0.47
Q4 2008 84.07 31.65 1.61
Q1 2009 94.61 29.63 0.36
Q2 2009 105.22 28.44 6.97
Q3 2009 92.73 26.15 (3.67)
Q4 2009 103.72 33.04 0.40
Q1 2010 109.41 32.47 1.92
Q2 2010 114.73 34.05 -
Q3 2010 102.85 31.87 -
Q4 2010 118.91 41.29 -
Q1 2011 129.63 37.19 -
Q2 2011 128.04 36.89 -
Q3 2011 123.09 33.84 -
Q4 2011 149.24 40.52 -
Q1 2012 155.38 40.19 -
Q2 2012 159.24 41.38 -
Q3 2012 149.51 37.77 -
Q4 2012 168.11 44.93 -
Q1 2013 177.18 42.05 -
Q2 2013 186.71 42.02 -
Q3 2013 172.61 39.02 -
Q4 2013 197.43 45.21 -
Q1 2014 196.67 46.87 -
Q2 2014 198.14 46.10 -
Q3 2014 186.70 43.78 -
Q4 2014 137.05 48.48 -
Q1 2015 201.34 52.07 -
Q2 2015 205.21 49.89 -
Q3 2015 189.98 41.65 -
Q4 2015 213.59 46.36 -
Q1 2016 251.45 52.14 -
Q2 2016 250.70 49.51 -
Q3 2016 235.92 44.32 -

Analysts Estimates (Million)

Item Q3 2016 (e) Q3 2016 (a) Change‬
Average 50.79 49.36 (2.8 %)

Estimates vs Actual (Million)

Item Q3 2016 (e) Q3 2016 (a) Change
SFC 49.00 49.36 0.7 %
Sico 50.00 49.36 (1.3) %
OSOOL AND BAKHEET 51.00 49.36 (3.2) %
Albilad Capital 51.00 49.36 (3.2) %
Al Rajhi Capital 51.00 49.36 (3.2) %
AlJazira Capital 51.10 49.36 (3.4) %
Alistithmar Capital 52.40 49.36 (5.8) %


Financial Ratios
Current
Market Cap (M Riyal) 17,700.00
Enterprise Value (EV) (M) 18,520.65
Shares Outstanding ((M)) 200.00
EPS ( Riyal) (TTM) 3.29
Book Value (BV) ( Riyal) 17.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.90
P/E (TTM) 26.90
Price/book 5.01
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 19.9
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Share Price

Mouwasat Medical Services Co.
88.50
(1.40) (1.56 %)

Mouwasat Medical Services Co. (MOUWASAT)

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