Mouwasat net profit jumps 13% to SAR 223.8 mln in H1 2020

18/08/2020 Argaam Exclusive

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Mouwasat Medical Services Co. reported a 13% rise year-on-year (YoY) in H1 2020 net profit after Zakat and tax to SAR 223.8 million, driven by higher revenue from adding new specialized departments in the network during the first quarter and better inpatient sector revenues amid higher occupancy rates and increased transfers of the Ministry of Health during the second quarter of the year.

Lower financing costs and a decline in the composition of the zakat provision to match the calculation of the Zakat base for the year 2020 also fueled the profit rise.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	908.88	962.37	5.9 %
Gross Income	405.52	439.57	8.4 %
Operating Income	226.08	254.17	12.4 %
Net Income	197.53	223.76	13.3 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.99	1.12	13.3 %

The second quarter net profit after Zakat and tax jumped 28% YoY to SAR 115.7 million, thanks to higher revenue amid enhanced performance of new specialized departments in the network and continued improvement in the utilization of operating resources.

The medical services provider reported higher inpatient revenue, lower finance costs and Zakat provision.

When compared to the previous quarter, net profit grew by 7%, backed by lower expenses, especially those related to labor costs, and a decrease in finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	446.26	468.43	5.0 %
Gross Income	194.20	219.01	12.8 %
Operating Income	104.04	131.19	26.1 %
Net Income	90.31	115.73	28.2 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.45	0.58	28.2 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	493.94	468.43	(5.2 %)
Gross Income	220.55	219.01	(0.7 %)
Operating Income	122.98	131.19	6.7 %
Net Income	108.03	115.73	7.1 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.54	0.58	7.1 %

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