Mouwasat 9M 2023 profit rises 14% to SAR 473.5 mln; Q3 at SAR 156.4 mln

01/11/2023 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit rose 14% to SAR 473.5 million for the first nine months of 2023, from SAR 413.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,673.98	1,932.45	15.4 %
Gross Income	772.93	919.68	19.0 %
Operating Income	454.27	547.66	20.6 %
Net Income	413.90	473.52	14.4 %
Average Shares	200.00	200.00	-
EPS (Riyals)	2.07	2.37	14.4 %

The improved results were buoyed by an increase in the number of outpatient visits and higher occupancy rates in inpatient departments. The company also cited the continued improved performance of newly specialized resources, and continuous enhancement of operating efficiency of the available resources.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	549.15	640.89	16.7 %
Gross Income	247.06	298.26	20.7 %
Operating Income	139.25	182.40	31.0 %
Net Income	122.21	156.38	28.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.61	0.78	28.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	627.34	640.89	2.2 %
Gross Income	293.03	298.26	1.8 %
Operating Income	172.27	182.40	5.9 %
Net Income	150.54	156.38	3.9 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.75	0.78	3.9 %

In Q3 2023, net profit leapt 28% to SAR 156.4 million, from SAR 122.2 million in Q3 2022, driven mainly by an increase in the number of outpatient visits and higher occupancy rates in inpatient departments.

Compared to the previous quarter, Q3 net profit rose by 3.9% from SAR 150.5 million.

Shareholders’ equity, after minority interest, rose to SAR 3.09 billion as of Sept. 30, 2023, from SAR 2.74 billion in the year-ago period.

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