Mouwasat reports 12% profit growth to SAR 431.2 mln in 9M 2021

31/10/2021 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit after Zakat and tax of SAR 431.2 million for the first nine months of 2021, up by 12%, from SAR 384.9 million in year-earlier period.

This profit growth was driven by 5.3% revenue growth on effective utilization of newly specialized resources and the enhancement of the contractual terms with customers.

The company also cited higher profit share from associates and lower cost of finance.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,511.44	1,591.81	5.3 %
Gross Income	711.08	745.16	4.8 %
Operating Income	427.49	463.37	8.4 %
Net Income	384.86	431.19	12.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	1.92	2.16	12.0 %

Mouwasat’s Q3 2021 net profit after Zakat and tax dropped 11% year-on-year (YoY) to SAR 142.7 million, on a 3.3% decline in revenue due to the seasonality factors, in addition to lower transfers from the ministry of health. Also, the increase in operating and general costs weighed on the three-month earnings.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	549.06	530.98	(3.3 %)
Gross Income	271.52	244.40	(10.0 %)
Operating Income	173.32	150.10	(13.4 %)
Net Income	161.10	142.66	(11.4 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.81	0.71	(11.4 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	526.71	530.98	0.8 %
Gross Income	246.46	244.40	(0.8 %)
Operating Income	154.77	150.10	(3.0 %)
Net Income	141.35	142.66	0.9 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.71	0.71	0.9 %

On a sequential basis, net profit after Zakat and tax inched up 0.926%.

Total shareholders’ equity (after deducting minority equity) rose by 14.94% YoY to SAR 2.46 billion in the nine-month period.

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