Mouwasat’s 2014 net profit up 19% to SAR 240.1 mln

20/01/2015 Argaam Exclusive

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Mouwasat Medical Services Company, which operates hospitals and medical centers, reported 2014 net profit of SAR 240.1 mln, a 19 percent increase compared to the last year.

 

 

 

 

 

 



Financials (M)

Item 2013 2014 Change‬
Revenues 902.24 903.79 0.2 %
Gross Income 455.80 417.17 (8.5 %)
Operating Income 222.25 233.17 4.9 %
Net Income 201.20 240.12 19.3 %
Average Shares 200.00 200.00 -
EPS (Riyals) 1.01 1.20 19.3 %

 

A net profit of SAR 50.7 mln was reported for Q4-2014 compared to SAR 72.0 mln for Q3.

 

The company attributed the increase of 2014’s net profit compared to the last year to the continual effective utilization of available resources, the continuous development of medical systems, launching new services and due to the decrease of non-controlling interest from Eastern Medical Services Co located in eastern province, the percentages of ownership in this subsidiary company is 51% by Mouwasat Medical Services and 49% of the equity by non-controlling interest, has not achieved expected revenue and due to the capital gains from sale and swapping of lands amounting to SAR 23.9 million.

 

Q4-2014’s net profit increase compared to the same period last year was attributed to the capital gain from swapping land owned by the company with a land owned by Ministry Of Justice nearby Mouwasat Hospital Dammam amounting to SAR 2.3 million, and due to the decrease of  non-controlling interest from Eastern Medical Services Co located in eastern province, the percentages of ownership of this subsidiary company 51% by Mouwasat Medical Services and 49% of the equity by non-controlling interest, has not achieved expected revenue. The decrease of the gross profits and operating income for the current quarter 

 

compared to the same quarter of the previous year due to the inability of Mouwasat hospital Qatif which owned by Eastern Medical Services Company to achieve the expected operating results during the quarter, and also due to the negative results from operations of Mouwasat Hospital Riyadh which commenced its operations, Nov. 29, 2014 amounting to SAR 3.6 million.

 

Q4-2014’s net profit decline compared to Q3-2014 was attributed to:

1.    Previous quarter net profit included capital gains of SAR 21.7 million as a result of sale of land was owned in Dhahran.

2.    The negative results from operations of Mouwasat Hospital-Riyadh which commenced its operations, Nov. 29, 2014 amounting to SAR 3.6 million.

 

The decline of operating income for the current quarter compared to the previous quarter due to negative results from operation of Mouwasat Hospital-Riyadh which commenced its operations, Nov. 29, 2014 amounting to SAR 3.6 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2013 Q4 2014 Change‬
Revenues 242.64 247.18 1.9 %
Gross Income 124.17 117.49 (5.4 %)
Operating Income 55.21 52.86 (4.3 %)
Net Income 50.42 50.75 0.7 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.25 0.25 0.7 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2005 - - - - - - -
Q2 2005 - - - - - - -
Q3 2005 - - - - - - -
Q4 2005 - - - - - - -
Q1 2006 - - - - - - -
Q2 2006 - - - - - - -
Q3 2006 - - - - - - -
Q4 2006 - - - - - - -
Q1 2007 - - - - - - -
Q2 2007 - - - - - - -
Q3 2007 - - - - - - -
Q4 2007 - - - - - - -
Q1 2008 113.83 - 52.37 - 25.90 - 0.13
Q2 2008 118.48 - 53.79 - 26.63 - 0.13
Q3 2008 104.92 - 47.23 - 20.47 - 0.10
Q4 2008 117.32 - 47.51 - 24.07 - 0.12
Q1 2009 124.60 9.5 % 56.25 7.4 % 26.55 2.5 % 0.13
Q2 2009 140.62 18.7 % 67.77 26.0 % 34.03 27.8 % 0.17
Q3 2009 115.21 9.8 % 54.05 14.4 % 21.88 6.9 % 0.11
Q4 2009 137.16 16.9 % 49.94 5.1 % 24.58 2.1 % 0.12
Q1 2010 143.79 15.4 % 68.04 21.0 % 32.37 21.9 % 0.16
Q2 2010 148.78 5.8 % 71.36 5.3 % 34.77 2.2 % 0.17
Q3 2010 134.72 16.9 % 63.30 17.1 % 23.14 5.8 % 0.12
Q4 2010 160.20 16.8 % 74.36 48.9 % 28.28 15.1 % 0.14
Q1 2011 166.82 16.0 % 84.05 23.5 % 39.14 20.9 % 0.20
Q2 2011 164.93 10.9 % 76.76 7.6 % 40.49 16.4 % 0.20
Q3 2011 156.92 16.5 % 74.10 17.1 % 33.71 45.7 % 0.17
Q4 2011 189.77 18.5 % 89.09 19.8 % 34.72 22.8 % 0.17
Q1 2012 195.57 17.2 % 94.32 12.2 % 46.34 18.4 % 0.23
Q2 2012 200.62 21.6 % 93.28 21.5 % 47.26 16.7 % 0.24
Q3 2012 187.28 19.3 % 84.01 13.4 % 35.44 5.1 % 0.18
Q4 2012 213.04 12.3 % 101.10 13.5 % 42.56 22.6 % 0.21
Q1 2013 219.23 12.1 % 110.39 17.0 % 52.52 13.3 % 0.26
Q2 2013 228.74 14.0 % 116.90 25.3 % 54.16 14.6 % 0.27
Q3 2013 211.63 13.0 % 104.34 24.2 % 44.11 24.5 % 0.22
Q4 2013 242.64 13.9 % 124.17 22.8 % 50.42 18.4 % 0.25
Q1 2014 243.54 11.1 % 124.18 12.5 % 57.94 10.3 % 0.29
Q2 2014 244.25 6.8 % 124.14 6.2 % 59.44 9.8 % 0.30
Q3 2014 230.47 8.9 % 113.02 8.3 % 71.99 63.2 % 0.36
Q4 2014 247.18 1.9 % 117.49 (5.4 %) 50.75 0.7 % 0.25
2014 903.79 0.2 % 417.17 (8.5 %) 240.12 19.3 % 1.20

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 44.20 % 30.76 % 21.36 %
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 %
2014 46.16 % 30.49 % 23.92 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 - - - -
Q2 2005 - - - -
Q3 2005 - - - -
Q4 2005 - - - -
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 200.00 - - 1.90
Q2 2008 200.00 - - 1.92
Q3 2008 200.00 - - 2.02
Q4 2008 200.00 0.49 0.49 2.05
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 - - -
Q2 2005 - - -
Q3 2005 - - -
Q4 2005 - - -
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 - - -
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

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Administration Fees
Q1 2008 86.60 26.81 0.43
Q2 2008 91.71 26.38 0.40
Q3 2008 84.21 20.23 0.47
Q4 2008 84.07 31.65 1.61
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 182.05 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 -

Analysts Estimates (Million)

Item Q4 2014 (e) Q4 2014 (a) Change‬
Average 49.40 50.75 2.73 %

Estimates vs Actual (Million)

Item Q4 2014 (e) Q4 2014 (a) Change
OSOOL AND BAKHEET 49.40 50.75 2.7 %

Current
Market Cap (M Riyal) 24,320.00
Enterprise Value (EV) (M) 24,972.78
Shares Outstanding ((M)) 200.00
EPS ( Riyal) (TTM) 3.31
Book Value (BV) ( Riyal) 17.24
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 36.70
P/E (TTM) 36.70
Price/book 7.05
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 20.3

Share Price

121.60
(0.80) (0.65 %)

Mouwasat Medical Services Co. (MOUWASAT)


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