Mouwasat net profit rises 29% to SAR 288.5 mln in H1 2021

12/08/2021 Argaam Exclusive

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Mouwasat Medical Services Co. reported net profit after Zakat and tax of SAR 288.5 million for the first half of 2021, up 29% from SAR 223.8 million in the prior-year period.

This profit increase was driven by a 10% revenue growth year-on-year (YoY), due to the continuous effective utilization of newly specialized departments, enhancement of contractual terms with customers, and continuous enhancement of operating efficiency of the available resources.

The medical services provider also cited a decline in selling and distribution expenses as well as lower financing costs.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	962.37	1,060.83	10.2 %
Gross Income	439.57	500.76	13.9 %
Operating Income	254.17	313.27	23.3 %
Net Income	223.76	288.54	29.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	1.12	1.44	29.0 %

In Q2 2021, net profit after Zakat and tax jumped 22% YoY to SAR 141.4 million. The medical services provider cited a 12% YoY revenue increase, due to the continuous effective utilization of newly specialized resources, enhancement of contractual terms with customers, along with lower selling and distribution expenses, and finance costs.

When compared to Q1 2021, net profit after Zakat and tax saw a 4% decline from SAR 147.1 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	468.43	526.71	12.4 %
Gross Income	219.01	246.46	12.5 %
Operating Income	131.19	154.77	18.0 %
Net Income	115.73	141.35	22.1 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.58	0.71	22.1 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	534.12	526.71	(1.4 %)
Gross Income	254.30	246.46	(3.1 %)
Operating Income	158.49	154.77	(2.3 %)
Net Income	147.19	141.35	(4.0 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.74	0.71	(4.0 %)

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