Financial Results : Mouwasat H1 2024 profit rises 2% to SAR 324.3M; Q2 at SAR 152.7M

Mouwasat H1 2024 profit rises 2% to SAR 324.3M; Q2 at SAR 152.7M

05/08/2024 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit of SAR 324.3 million for the first half of 2024, up 2% compared to SAR 317.2 million in the prior-year period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 1,291.56 1,413.08 9.4 %
Gross Income 621.42 653.26 5.1 %
Operating Income 365.26 368.01 0.8 %
Net Income 317.15 324.28 2.2 %
Average Shares 200.00 200.00 -
EPS (Riyals) 1.59 1.62 2.2 %
Revenues increased by 9.4% year-on-year (YoY) to SAR 1.41 billion, boosted by a rise in the number of outpatient visits and occupancy rates in inpatient departments on the launch of the Mouwasat Center in Madinah as of January 2024.
 

 

The company also cited improved contractual terms with customers and continued performance improvement of specialized resources in the company’s hospitals. This is in addition to the continuous enhancement of operating efficiency of the available resources.

 

The cost of financing declined in H1 2024 due to a lower balance of loans by the amount of installments repaid during the period.

 

In Q2 2024, net profit rose 1.4% to SAR 152.7 million from SAR 150.5 million a year earlier, as revenues increased by 10% YoY to SAR 690 million due to a rise in the number of outpatient visits and occupancy rates in inpatient departments on the launch of the Mouwasat Center in Madinah as of January 2024.

 

When compared to Q1 2024, net profit saw an 11% decline from SAR 171.58 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 627.34 690.30 10.0 %
Gross Income 293.03 307.43 4.9 %
Operating Income 172.27 175.51 1.9 %
Net Income 150.54 152.70 1.4 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.75 0.76 1.4 %

Total shareholders’ equity, after minority interest, reached SAR 3.25 billion as of June 30, 2024, compared with SAR 2.93 billion a year earlier.

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