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.
| 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.
| 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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