Mouwasat H1 2022 net profit rises slightly to SAR 291.7 mln, Q2 reaches SAR 141.5 mln

11/08/2022 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit after Zakat and tax of SAR 291.7 million for the first half of 2022, compared to SAR 288.5 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	1,060.83	1,124.83	6.0 %
Gross Income	500.76	525.87	5.0 %
Operating Income	313.27	315.02	0.6 %
Net Income	288.54	291.69	1.1 %
Average Shares	200.00	200.00	-
EPS (Riyals)	1.44	1.46	1.1 %

The profit increase was due to higher other revenues and reduced financing costs due to the decline in the balance of loans by the value of installments paid during the period.

This was despite an increase in operating and non-operating expenses related to the operation of the Dammam Hospital Expansion Project and the new Mouwasat Hospital in Madinah.

In Q2 2022, net profit after Zakat and tax edged up 0.1% year-on-year (YoY) to SAR 141.5 million, driven by higher revenue and decline in selling and distribution expenses.

When compared to Q1 2022, net profit after Zakat and tax saw a 5.8% decline from SAR 150.21 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	526.71	557.86	5.9 %
Gross Income	246.46	258.09	4.7 %
Operating Income	154.77	155.34	0.4 %
Net Income	141.35	141.48	0.1 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.71	0.71	0.1 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	566.97	557.86	(1.6 %)
Gross Income	267.78	258.09	(3.6 %)
Operating Income	159.68	155.34	(2.7 %)
Net Income	150.21	141.48	(5.8 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.75	0.71	(5.8 %)

Total shareholders’ equity, after minority interest, reached SAR 2.620 billion as of June 30, 2022, compared with SAR 2.317 billion a year earlier.

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