Mouwasat 2023 profit up 10% to SAR 657.7M; Q4 at SAR 184.2M

24/03/2024 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit grew 10% to SAR 657.7 million for 2023, from SAR 599.3 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	2,334.11	2,705.51	15.9 %
Gross Income	1,101.57	1,313.08	19.2 %
Operating Income	665.72	748.18	12.4 %
Net Income	599.31	657.69	9.7 %
Average Shares	200.00	200.00	-
EPS (Riyals)	3.00	3.29	9.7 %

The medical services provider reported revenues of SAR 2.70 billion for 2023, up 15.9% year-on-year (YoY). This was driven by the higher number of outpatients and inpatients due to the launch of new projects during the second half of 2022.

The company also cited the continuous improvement in the performance of hospitals' newly-specialized departments and the ongoing enhancement of operating efficiency of the available resources.

The gross profit margin rose to 48.5% in 2023, compared with 47.2% a year before. Other revenues also went up YoY.

In Q4 2023, net profit fell 0.7% to SAR 184.2 million, from SAR 185.4 million in Q4 2022.

Compared to the previous quarter, Q4 net profit climbed 17.8% from SAR 156.38 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	660.14	773.06	17.1 %
Gross Income	328.64	394.57	20.1 %
Operating Income	211.45	201.69	(4.6 %)
Net Income	185.40	184.17	(0.7 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.93	0.92	(0.7 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	640.89	773.06	20.6 %
Gross Income	298.26	394.57	32.3 %
Operating Income	182.40	201.69	10.6 %
Net Income	156.38	184.17	17.8 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.78	0.92	17.8 %

Shareholders’ equity, after minority interest, rose to SAR 3.27 billion as of Dec. 31, 2023, from SAR 2.92 billion a year earlier.

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