Mouwasat 2022 profit grows 4% to SAR 599 mln; Q4 at SAR 185 mln

21/03/2023 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit grew 4% to SAR 599 million for 2022, from SAR 578 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	2,144.14	2,334.11	8.9 %
Gross Income	995.78	1,101.57	10.6 %
Operating Income	621.93	665.72	7.0 %
Net Income	578.16	599.31	3.7 %
Average Shares	200.00	200.00	-
EPS (Riyals)	2.89	3.00	3.7 %

The medical services provider attributed the higher profit to an increase in operating income due to improved number of visits in the outpatient clinics and the occupancy rates in inpatient departments.

The higher operating income was also backed by continued performance improvement of new specialized departments, and continuous enhancement of operating efficiency of the available resources, along with a rise in other revenues.

On the other hand, profit margins declined on an annual basis, due to higher operating and non-operating expenses related to the operation of the Dammam Hospital Expansion Project and the new Mouwasat Hospital in Madinah.

In Q4 2022, net profit jumped 26% to SAR 185 million, from SAR 146.97 million in Q4 2021.

Compared to the previous quarter, Q4 net profit climbed 51.5% from SAR 122.21 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	552.33	660.14	19.5 %
Gross Income	250.62	328.64	31.1 %
Operating Income	158.56	211.45	33.4 %
Net Income	146.97	185.40	26.2 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.73	0.93	26.2 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	549.15	660.14	20.2 %
Gross Income	247.06	328.64	33.0 %
Operating Income	139.25	211.45	51.9 %
Net Income	122.21	185.40	51.7 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.61	0.93	51.7 %

Shareholders’ equity, after minority interest, rose to SAR 2.92 billion as of Dec. 31, 2022, from SAR 2.60 billion a year earlier.

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