Mouwasat H1 2023 profit rises 9% to SAR 317.2 mln; Q2 at SAR 150.5 mln

07/08/2023 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit of SAR 317.2 million for the first half of 2023, up 9% compared to SAR 291.7 million in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	1,124.83	1,291.56	14.8 %
Gross Income	525.87	621.42	18.2 %
Operating Income	315.02	365.26	15.9 %
Net Income	291.69	317.15	8.7 %
Average Shares	200.00	200.00	-
EPS (Riyals)	1.46	1.59	8.7 %

The profit increase was due to a rise in the number of outpatient visits and occupancy rates in inpatient departments. The company also cited continued performance improvement of newly specialized resources, as well as continued enhancement of operating efficiency of the available resources, along with higher other revenues.

In Q2 2023, net profit rose 6% year-on-year (YoY) to SAR 150.5 million, driven mainly by the number of outpatient visits and occupancy rates in inpatient departments.

When compared to Q1 2023, net profit saw a 9.6% decline from SAR 166.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	557.86	627.34	12.5 %
Gross Income	258.09	293.03	13.5 %
Operating Income	155.34	172.27	10.9 %
Net Income	141.48	150.54	6.4 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.71	0.75	6.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	664.22	627.34	(5.6 %)
Gross Income	328.39	293.03	(10.8 %)
Operating Income	192.98	172.27	(10.7 %)
Net Income	166.61	150.54	(9.6 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.83	0.75	(9.6 %)

Total shareholders’ equity, after minority interest, reached SAR 2.93 billion as of June 30, 2023, compared with SAR 2.62 billion a year earlier.

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