Financial Results : Mouwasat’s net profit rises 25% in Q1

Mouwasat’s net profit rises 25% in Q1

09/05/2018 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit of SAR 106 million for the first quarter of 2018, a 24.56 percent year-on-year increase on higher revenue contributed by Riyadh branch and the expansion in sub specialty clinics operations.

When compared to previous quarter, net profit rose 9.5 percent due to higher revenue and lower general and administrative expenses



Current Quarter Comparison (M)

Compared With The
Item Q1 2017 Q1 2018 Change‬
Revenues 362.97 422.35 16.4 %
Gross Income 173.37 199.84 15.3 %
Operating Income 93.17 116.20 24.7 %
Net Income 85.12 106.01 24.5 %
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items (Riyals) 0.43 0.53 24.5 %
EPS (Riyals) 0.43 0.53 24.5 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2009 26.55 2.5 % 0.13 - 26.55 0.13
Q2 2009 34.03 27.8 % 0.17 - 34.03 0.17
Q3 2009 21.88 6.9 % 0.11 - 21.88 0.11
Q4 2009 24.58 2.1 % 0.12 - 24.58 0.12
Q1 2010 32.37 21.9 % 0.16 - 32.37 0.16
Q2 2010 34.77 2.2 % 0.17 - 34.77 0.17
Q3 2010 23.14 5.8 % 0.12 - 23.14 0.12
Q4 2010 28.28 15.1 % 0.14 - 28.28 0.14
Q1 2011 39.14 20.9 % 0.20 - 39.14 0.20
Q2 2011 40.49 16.4 % 0.20 - 40.49 0.20
Q3 2011 33.71 45.7 % 0.17 - 33.71 0.17
Q4 2011 34.72 22.8 % 0.17 - 34.72 0.17
Q1 2012 46.34 18.4 % 0.23 - 46.34 0.23
Q2 2012 47.26 16.7 % 0.24 - 47.26 0.24
Q3 2012 35.44 5.1 % 0.18 - 35.44 0.18
Q4 2012 42.56 22.6 % 0.21 - 42.56 0.21
Q1 2013 52.52 13.3 % 0.26 - 52.52 0.26
Q2 2013 54.16 14.6 % 0.27 - 54.16 0.27
Q3 2013 44.11 24.5 % 0.22 - 44.11 0.22
Q4 2013 50.42 18.4 % 0.25 - 50.42 0.25
Q1 2014 57.94 10.3 % 0.29 - 57.94 0.29
Q2 2014 59.44 9.8 % 0.30 - 59.44 0.30
Q3 2014 71.99 63.2 % 0.36 21.70 50.29 0.25
Q4 2014 50.75 0.7 % 0.25 2.20 48.55 0.24
Q1 2015 55.93 (3.5 %) 0.28 - 55.93 0.28
Q2 2015 56.09 (5.6 %) 0.28 - 56.09 0.28
Q3 2015 42.99 (40.3 %) 0.21 - 42.99 0.21
Q4 2015 53.80 6.0 % 0.27 - 53.80 0.27
Q1 2016 68.47 22.4 % 0.34 - 68.47 0.34
Q2 2016 63.70 13.6 % 0.32 - 63.70 0.32
Q3 2016 49.36 14.8 % 0.25 - 49.36 0.25
Q4 2016 75.65 40.6 % 0.38 - 75.65 0.38
Q1 2017 85.12 24.3 % 0.43 - 85.12 0.43
Q2 2017 76.34 19.8 % 0.38 - 76.34 0.38
Q3 2017 76.73 55.4 % 0.38 - 76.73 0.38
Q4 2017 98.55 30.3 % 0.49 - 98.55 0.49
Q1 2018 106.01 24.5 % 0.53 - 106.01 0.53


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 124.60 9.5 % 56.25 7.4 % 30.77 10.2 %
Q2 2009 140.62 18.7 % 67.77 26.0 % 41.29 40.8 %
Q3 2009 115.21 9.8 % 54.05 14.4 % 29.09 22.6 %
Q4 2009 137.16 16.9 % 49.94 5.1 % 20.05 (31.5 %)
Q1 2010 143.79 15.4 % 68.04 21.0 % 39.35 27.9 %
Q2 2010 148.78 5.8 % 71.36 5.3 % 41.41 0.3 %
Q3 2010 134.72 16.9 % 63.30 17.1 % 29.14 0.2 %
Q4 2010 160.20 16.8 % 74.36 48.9 % 32.98 64.5 %
Q1 2011 166.82 16.0 % 84.05 23.5 % 45.72 16.2 %
Q2 2011 164.93 10.9 % 76.76 7.6 % 41.80 0.9 %
Q3 2011 156.92 16.5 % 74.10 17.1 % 39.80 36.6 %
Q4 2011 189.77 18.5 % 89.09 19.8 % 41.95 27.2 %
Q1 2012 195.57 17.2 % 94.32 12.2 % 53.36 16.7 %
Q2 2012 200.62 21.6 % 93.28 21.5 % 51.87 24.1 %
Q3 2012 187.28 19.3 % 84.01 13.4 % 37.08 (6.8 %)
Q4 2012 213.04 12.3 % 101.10 13.5 % 43.73 4.3 %
Q1 2013 219.23 12.1 % 110.39 17.0 % 58.25 9.2 %
Q2 2013 228.74 14.0 % 116.90 25.3 % 59.96 15.6 %
Q3 2013 211.63 13.0 % 104.34 24.2 % 48.82 31.7 %
Q4 2013 242.64 13.9 % 124.17 22.8 % 55.21 26.3 %
Q1 2014 243.54 11.1 % 124.18 12.5 % 62.97 8.1 %
Q2 2014 244.25 6.8 % 124.14 6.2 % 63.22 5.4 %
Q3 2014 230.47 8.9 % 113.02 8.3 % 54.13 10.9 %
Q4 2014 247.18 1.9 % 117.49 (5.4 %) 52.86 (4.3 %)
Q1 2015 253.41 4.1 % 118.63 (4.5 %) 62.06 (1.4 %)
Q2 2015 255.10 4.4 % 115.78 (6.7 %) 63.05 (0.3 %)
Q3 2015 231.63 0.5 % 98.68 (12.7 %) 49.14 (9.2 %)
Q4 2015 259.94 5.2 % 113.72 (3.2 %) 60.66 14.8 %
Q1 2016 303.59 19.8 % 143.50 21.0 % 75.66 21.9 %
Q2 2016 300.21 17.7 % 139.76 20.7 % 71.70 13.7 %
Q3 2016 280.24 21.0 % 124.29 26.0 % 56.32 14.6 %
Q4 2016 359.19 38.2 % 168.91 48.5 % 84.39 39.1 %
Q1 2017 362.97 19.6 % 173.37 20.8 % 93.17 23.1 %
Q2 2017 353.24 17.7 % 163.53 17.0 % 84.18 17.4 %
Q3 2017 359.47 28.3 % 164.38 32.3 % 85.84 52.4 %
Q4 2017 431.45 20.1 % 210.90 24.9 % 108.35 28.4 %
Q1 2018 422.35 16.4 % 199.84 15.3 % 116.20 24.7 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 44.01 % 30.89 % 21.00 %
Q2 2009 44.88 % 32.07 % 21.57 %
Q3 2009 45.32 % 32.67 % 21.40 %
Q4 2009 44.05 % 30.06 % 20.68 %
Q1 2010 44.67 % 30.72 % 21.03 %
Q2 2010 44.66 % 30.02 % 20.85 %
Q3 2010 44.76 % 28.94 % 20.35 %
Q4 2010 47.16 % 30.15 % 20.18 %
Q1 2011 48.00 % 29.97 % 20.53 %
Q2 2011 47.63 % 29.54 % 20.91 %
Q3 2011 47.66 % 30.31 % 21.83 %
Q4 2011 47.76 % 30.40 % 21.82 %
Q1 2012 47.27 % 30.32 % 21.95 %
Q2 2012 47.22 % 30.30 % 21.81 %
Q3 2012 46.65 % 28.88 % 21.18 %
Q4 2012 46.79 % 28.28 % 21.54 %
Q1 2013 47.40 % 28.13 % 21.68 %
Q2 2013 48.62 % 28.20 % 21.77 %
Q3 2013 49.59 % 28.72 % 22.16 %
Q4 2013 50.52 % 29.11 % 22.30 %
Q1 2014 50.68 % 28.86 % 22.30 %
Q2 2014 50.62 % 28.77 % 22.49 %
Q3 2014 50.53 % 28.82 % 22.70 %
Q4 2014 49.60 % 28.54 % 22.40 %
Q1 2015 48.53 % 28.38 % 21.96 %
Q2 2015 47.14 % 28.23 % 21.38 %
Q3 2015 45.64 % 28.05 % 20.62 %
Q4 2015 44.68 % 28.92 % 20.88 %
Q1 2016 44.91 % 29.32 % 21.08 %
Q2 2016 45.25 % 29.52 % 20.90 %
Q3 2016 45.57 % 29.40 % 20.57 %
Q4 2016 46.37 % 29.27 % 20.69 %
Q1 2017 46.55 % 29.66 % 21.02 %
Q2 2017 46.48 % 29.75 % 21.13 %
Q3 2017 46.71 % 30.51 % 21.87 %
Q4 2017 47.25 % 30.73 % 22.34 %
Q1 2018 47.15 % 31.21 % 22.83 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2009 200.00 0.49 0.49 2.18
Q2 2009 200.00 0.53 0.53 2.27
Q3 2009 200.00 0.53 0.53 2.28
Q4 2009 200.00 0.54 0.54 2.40
Q1 2010 200.00 0.56 0.56 2.56
Q2 2010 200.00 0.57 0.57 2.61
Q3 2010 200.00 0.57 0.57 2.72
Q4 2010 200.00 0.59 0.59 2.86
Q1 2011 200.00 0.63 0.63 3.06
Q2 2011 200.00 0.66 0.66 3.01
Q3 2011 200.00 0.71 0.71 3.18
Q4 2011 200.00 0.74 0.74 3.34
Q1 2012 200.00 0.78 0.78 3.57
Q2 2012 200.00 0.81 0.81 3.44
Q3 2012 200.00 0.82 0.82 3.61
Q4 2012 200.00 0.86 0.86 3.82
Q1 2013 200.00 0.89 0.89 4.08
Q2 2013 200.00 0.92 0.92 3.98
Q3 2013 200.00 0.97 0.97 4.20
Q4 2013 200.00 1.01 1.01 4.44
Q1 2014 200.00 1.03 1.03 4.73
Q2 2014 200.00 1.06 1.06 4.53
Q3 2014 200.00 1.20 1.09 4.89
Q4 2014 200.00 1.20 1.08 5.14
Q1 2015 200.00 1.19 1.07 5.42
Q2 2015 200.00 1.17 1.05 5.20
Q3 2015 200.00 1.03 1.02 5.41
Q4 2015 200.00 1.04 1.04 5.67
Q1 2016 200.00 1.11 1.11 5.96
Q2 2016 200.00 1.14 1.14 5.84
Q3 2016 200.00 1.18 1.18 6.09
Q4 2016 200.00 1.29 1.29 6.38
Q1 2017 200.00 1.37 1.37 6.81
Q2 2017 200.00 1.43 1.43 6.57
Q3 2017 200.00 1.57 1.57 6.95
Q4 2017 200.00 1.68 1.68 7.45
Q1 2018 200.00 1.79 1.79 8.04

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 - - -
Q2 2009 - - -
Q3 2009 14.20 14.20 3.31
Q4 2009 14.31 14.31 3.19
Q1 2010 13.68 13.68 3.02
Q2 2010 14.64 14.64 3.19
Q3 2010 14.75 14.75 3.11
Q4 2010 15.18 15.18 3.15
Q1 2011 13.52 13.52 2.77
Q2 2011 16.08 16.08 3.50
Q3 2011 13.29 13.29 2.96
Q4 2011 15.92 15.92 3.53
Q1 2012 16.83 16.83 3.66
Q2 2012 13.89 13.89 3.27
Q3 2012 15.57 15.57 3.53
Q4 2012 15.66 15.66 3.52
Q1 2013 18.00 18.00 3.92
Q2 2013 18.62 18.62 4.32
Q3 2013 21.21 21.21 4.88
Q4 2013 22.86 22.86 5.18
Q1 2014 21.78 21.78 4.75
Q2 2014 24.19 24.19 5.66
Q3 2014 26.21 28.82 6.43
Q4 2014 25.71 28.55 6.01
Q1 2015 27.98 31.11 6.15
Q2 2015 30.38 33.83 6.86
Q3 2015 29.89 30.21 5.68
Q4 2015 29.17 29.17 5.37
Q1 2016 25.75 25.75 4.78
Q2 2016 28.12 28.12 5.51
Q3 2016 25.07 25.07 4.84
Q4 2016 28.74 28.74 5.79
Q1 2017 26.02 26.02 5.23
Q2 2017 27.61 27.61 6.02
Q3 2017 25.29 25.29 5.71
Q4 2017 22.48 22.48 5.08
Q1 2018 24.64 24.64 5.48

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Administration Fees
Q1 2009 94.61 29.63 0.36
Q2 2009 105.22 28.44 6.97
Q3 2009 92.73 26.15 (3.67)
Q4 2009 103.72 33.04 0.40
Q1 2010 109.41 32.47 1.92
Q2 2010 114.73 34.05 -
Q3 2010 102.85 31.87 -
Q4 2010 118.91 41.29 -
Q1 2011 129.63 37.19 -
Q2 2011 128.04 36.89 -
Q3 2011 123.09 33.84 -
Q4 2011 149.24 40.52 -
Q1 2012 155.38 40.19 -
Q2 2012 159.24 41.38 -
Q3 2012 149.51 37.77 -
Q4 2012 168.11 44.93 -
Q1 2013 177.18 42.05 -
Q2 2013 186.71 42.02 -
Q3 2013 172.61 39.02 -
Q4 2013 197.43 45.21 -
Q1 2014 196.67 46.87 -
Q2 2014 198.14 46.10 -
Q3 2014 186.70 43.78 -
Q4 2014 137.05 48.48 -
Q1 2015 201.34 52.07 -
Q2 2015 205.21 49.89 -
Q3 2015 189.98 41.65 -
Q4 2015 213.59 46.36 -
Q1 2016 251.45 52.14 -
Q2 2016 250.70 49.51 -
Q3 2016 235.92 44.32 -
Q4 2016 306.32 52.87 -
Q1 2017 310.82 52.15 -
Q2 2017 301.62 51.62 -
Q3 2017 308.40 51.07 -
Q4 2017 368.74 62.71 -
Q1 2018 360.78 61.57 -

Analysts Estimates (Million)

Item Q1 2018 (e) Q1 2018 (net income) Change‬ Q1 2018 (before unusual items) Change‬
Average 100.13 106.01 5.87 % 106.01 5.87 %

Estimates vs Actual (Million)

Item Q1 2018 (e) Q1 2018 (net income) Change Q1 2018 (before unusual items) Change‬
Albilad Capital 104.00 106.01 1.9 % 106.01 1.9 %
OSOOL AND BAKHEET 102.70 106.01 3.2 % 106.01 3.2 %
AlJazira Capital 102.50 106.01 3.4 % 106.01 3.4 %
Al Rajhi Capital 112.00 106.01 (5.4) % 106.01 (5.4) %
SNB Capital 100.00 106.01 6.0 % 106.01 6.0 %
Sico 93.00 106.01 14.0 % 106.01 14.0 %
Arbah Capital 86.70 106.01 22.3 % 106.01 22.3 %


Financial Ratios
Current
Market Cap (M Riyal) 14,460.00
Enterprise Value (EV) (M) 14,832.04
Shares Outstanding ((M)) 200.00
EPS ( Riyal) (TTM) 3.23
Book Value (BV) ( Riyal) 17.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.39
P/E (TTM) 22.39
Price/book 4.05
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 15.1
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Share Price

Mouwasat Medical Services Co.
72.30
(0.20) (0.28 %)

Mouwasat Medical Services Co. (MOUWASAT)

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