Financial Results : Mouwasat 9M 2022 net profit declines 4% to SAR 413.9 mln; Q3 at SAR 122.2 mln

Mouwasat 9M 2022 net profit declines 4% to SAR 413.9 mln; Q3 at SAR 122.2 mln

03/11/2022 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit after Zakat and tax declined 4% to SAR 413.9 million for the first nine months of 2022, from SAR 431.2 million a year earlier.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 1,591.81 1,673.98 5.2 %
Gross Income 745.16 772.93 3.7 %
Operating Income 463.37 454.27 (2.0 %)
Net Income 431.19 413.90 (4.0 %)
Average Shares 200.00 200.00 -
EPS (Riyals) 2.16 2.07 (4.0 %)

The company recorded an increase in operating and non-operating expenses, related to the commissioning of both the expansion of Mouwasat Hospital in Dammam and the New Mouwasat Hospital in Madinah.

 

Finance costs also increased, due to the financing charges of the Dammam Hospital Expansion Project and the New Mouwasat Hospital Project in Madinah as of actual commencement of operation.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 530.98 549.15 3.4 %
Gross Income 244.40 247.06 1.1 %
Operating Income 150.10 139.25 (7.2 %)
Net Income 142.66 122.21 (14.3 %)
Average Shares 200.00 200.00 -
EPS (Riyals) 0.71 0.61 (14.3 %)

In Q3 2022, net profit after Zakat and tax fell 14% to SAR 122.2 million, from SAR 142.66 million in Q3 2021, hurt by higher operating and non-operating expenses, as well as financing costs.

 

Compared to the previous quarter, net profit decreased by 13.6% from SAR 141.48 million on a decline in revenue, due to seasonality factors. The third quarter coincided with the summer holiday season, Eid Al-Adha and the National Day holidays.  

 

Shareholders’ equity, after minority interest, rose to SAR 2.743 billion as of Sept. 30, 2022, from SAR 2.460 billion in the year-ago period.

 

 

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