Financial Results : Mouwasat Q1 2023 profit up 11% to SAR 166.6 mln

Mouwasat Q1 2023 profit up 11% to SAR 166.6 mln

11/05/2023 Argaam Exclusive

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Mouwasat Medical Services Co. reported an 11% increase in Q1 2023 net profit to SAR 166.6 million, from SAR 150.2 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 566.97 664.22 17.2 %
Gross Income 267.78 328.39 22.6 %
Operating Income 159.68 192.98 20.9 %
Net Income 150.21 166.61 10.9 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.75 0.83 10.9 %

The medical service provider reported a higher number of outpatient department (OPD) visits and occupancy rates in inpatient departments, supported by the start of operating new projects during the second half of 2022.

 

The performance of newly-introduced specialized departments continued to improve, along with continuous enhancement of the operating efficiency of existing ones.

 

Compared to the previous quarter, Q1 profit dropped 7.3% from SAR 179.75 million, on higher selling and distribution expenses, driven by an increase in doubtful debt provisions.

 

Mouwasat also recorded an uptick in general and administrative expenses, as well as Zakat charges.

 

Shareholders’ equity, no minority interest, rose to SAR 3.08 billion as of March 31, 2023, from SAR 2.75 billion a year earlier.

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