Mouwasat Medical Services Co. reported a net profit after Zakat and tax of SAR 431.2 million for the first nine months of 2021, up by 12%, from SAR 384.9 million in year-earlier period.
This profit growth was driven by 5.3% revenue growth on effective utilization of newly specialized resources and the enhancement of the contractual terms with customers.
The company also cited higher profit share from associates and lower cost of finance.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 1,511.44 | 1,591.81 | 5.3 % |
| Gross Income | 711.08 | 745.16 | 4.8 % |
| Operating Income | 427.49 | 463.37 | 8.4 % |
| Net Income | 384.86 | 431.19 | 12.0 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 1.92 | 2.16 | 12.0 % |
Mouwasat’s Q3 2021 net profit after Zakat and tax dropped 11% year-on-year (YoY) to SAR 142.7 million, on a 3.3% decline in revenue due to the seasonality factors, in addition to lower transfers from the ministry of health. Also, the increase in operating and general costs weighed on the three-month earnings.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 549.06 | 530.98 | (3.3 %) |
| Gross Income | 271.52 | 244.40 | (10.0 %) |
| Operating Income | 173.32 | 150.10 | (13.4 %) |
| Net Income | 161.10 | 142.66 | (11.4 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.81 | 0.71 | (11.4 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 526.71 | 530.98 | 0.8 % |
| Gross Income | 246.46 | 244.40 | (0.8 %) |
| Operating Income | 154.77 | 150.10 | (3.0 %) |
| Net Income | 141.35 | 142.66 | 0.9 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.71 | 0.71 | 0.9 % |
On a sequential basis, net profit after Zakat and tax inched up 0.926%.
Total shareholders’ equity (after deducting minority equity) rose by 14.94% YoY to SAR 2.46 billion in the nine-month period.
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