Mouwasat 9M 2024 profit slightly up at SAR 473.9M; Q3 at SAR 149.6M

04/11/2024 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit rose marginally to SAR 473.9 million in the first nine months of 2024, from SAR 473.5 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	1,932.45	2,123.83	9.9 %
Gross Income	918.68	971.19	5.7 %
Operating Income	553.22	539.26	(2.5 %)
Net Income	473.52	473.92	0.1 %
Average Shares	200.00	200.00	-
EPS (Riyals)	2.37	2.37	0.1 %

This was supported by an increase in the number of outpatient and inpatient visits. This is in addition the improvement in some contractual terms with the company's customers.

The company also cited the ongoing strong performance of the specialized departments at its hospitals, along with continued enhancement of operating efficiency of the available resources.

Moreover, the nine-month period witnessed a year-on-year (YoY) revenue growth, amid lower financing costs as the company narrowed its loan balance by settling some installments during this period.

In Q3 2024, net profit fell 4% to SAR 149.6 million, compared with SAR 156.38 million a year ago, mainly due to the continued increase in debt provisions related to customer balances, which put pressure on the profit margins for the current quarter and for the first nine months of this year.

Net earnings also dropped 2% from SAR 152.70 million in Q2 2024, although revenues climbed by 3% on a quarterly basis.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	640.89	710.74	10.9 %
Gross Income	298.26	317.93	6.6 %
Operating Income	184.05	167.78	(8.8 %)
Net Income	156.38	149.64	(4.3 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.78	0.75	(4.3 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	690.30	710.74	3.0 %
Gross Income	307.43	317.93	3.4 %
Operating Income	176.20	167.78	(4.8 %)
Net Income	152.70	149.64	(2.0 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.76	0.75	(2.0 %)

Shareholders’ equity, after minority interest, rose to SAR 3.40 billion as of Sept. 30, 2024, from SAR 3.09 billion in the year-ago period.

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Quarterly Actuals vs Estimates 04/11/202404/11/2024

All
Above Expectations
Below Expectations

Company	Estimated	Actual	Change
SAUDI CEMENT	92.40	100.20	8.4 %
ADES	198.84	196.00	(1.4 %)
SHAKER	19.00	17.72	(6.8 %)
MOUWASAT	167.20	149.64	(10.5 %)
TCC	26.10	23.05	(11.7 %)
ALDAWAA	86.63	75.09	(13.3 %)

Company	Estimated	Actual	Change
MALATH INSURANCE	(24.00)	5.55	123.1 %
STC	3,497.38	4,643.00	32.8 %
SAUDI CEMENT	92.40	100.20	8.4 %
BUPA ARABIA	343.94	356.28	3.6 %
LUMI	39.83	40.14	0.8 %

Company	Estimated	Actual	Change
SABIC	1,544.77	1,000.00	(35.3 %)
ALDAWAA	86.63	75.09	(13.3 %)
NAJRAN CEMENT	20.50	17.93	(12.5 %)
TCC	26.10	23.05	(11.7 %)
MOUWASAT	167.20	149.64	(10.5 %)
SHAKER	19.00	17.72	(6.8 %)
SAL	166.32	155.50	(6.5 %)
ADES	198.84	196.00	(1.4 %)

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