Mouwasat net profit rises 6% in 9M 2019

30/10/2019 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit after zakat and tax of SAR 290.6 million for the first nine months of 2019, a 5.7 percent year-on-year (YoY) increase on higher revenue driven by expansion of operations, lower provision of doubtful debt, and lower zakat provision.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	1,220.98	1,352.17	10.7 %
Gross Income	568.38	599.16	5.4 %
Operating Income	305.44	330.81	8.3 %
Net Income	274.77	290.56	5.7 %
Average Shares	200.00	200.00	-
EPS (Riyals)	1.37	1.45	5.7 %

In Q3 2019, net profit rose 15 percent YoY to SAR 93.04 million due to higher revenue, as well as a decrease in zakat and doubtful debt provisions.

On a sequential basis, Q3 net profit edged up 3 percent compared to the previous quarter on lower expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	404.27	443.29	9.7 %
Gross Income	182.64	193.64	6.0 %
Operating Income	90.46	104.74	15.8 %
Net Income	80.89	93.04	15.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.40	0.47	15.0 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	446.26	443.29	(0.7 %)
Gross Income	194.20	193.64	(0.3 %)
Operating Income	104.04	104.74	0.7 %
Net Income	90.31	93.04	3.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.45	0.47	3.0 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2010	587.49	13.5 %	277.05	21.5 %	118.57	10.8 %	0.59
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
2011	678.44	15.5 %	324.00	16.9 %	148.06	24.9 %	0.74
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
2012	796.51	17.4 %	372.71	15.0 %	171.60	15.9 %	0.86
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
2013	902.24	13.3 %	455.80	22.3 %	201.20	17.3 %	1.01
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
Q1 2015	253.41	4.1 %	118.63	(4.5 %)	55.93	(3.5 %)	0.28
Q2 2015	255.10	4.4 %	115.78	(6.7 %)	56.09	(5.6 %)	0.28
Q3 2015	231.63	0.5 %	98.68	(12.7 %)	42.99	(40.3 %)	0.21
Q4 2015	259.94	5.2 %	113.72	(3.2 %)	53.80	6.0 %	0.27
2015	1,000.08	10.7 %	446.81	7.1 %	208.80	(13.0 %)	1.04
Q1 2016	303.59	19.8 %	143.50	21.0 %	68.47	22.4 %	0.34
Q2 2016	300.21	17.7 %	139.76	20.7 %	63.70	13.6 %	0.32
Q3 2016	280.24	21.0 %	124.29	26.0 %	49.36	14.8 %	0.25
Q4 2016	359.19	38.2 %	168.91	48.5 %	75.65	40.6 %	0.38
2016	1,243.22	24.3 %	576.45	29.0 %	257.18	23.2 %	1.29
Q1 2017	362.97	19.6 %	173.37	20.8 %	85.12	24.3 %	0.43
Q2 2017	353.24	17.7 %	163.53	17.0 %	76.34	19.8 %	0.38
Q3 2017	359.47	28.3 %	164.38	32.3 %	76.73	55.4 %	0.38
Q4 2017	431.45	20.1 %	210.90	24.9 %	98.55	30.3 %	0.49
2017	1,507.14	21.2 %	712.17	23.5 %	336.73	30.9 %	1.68
Q1 2018	422.35	16.4 %	199.84	15.3 %	106.01	24.5 %	0.53
Q2 2018	394.35	11.6 %	185.90	13.7 %	87.88	15.1 %	0.44
Q3 2018	404.27	12.5 %	182.64	11.1 %	80.89	5.4 %	0.40
Q4 2018	456.04	5.7 %	205.12	(2.7 %)	85.43	(13.3 %)	0.43
2018	1,677.02	11.3 %	773.50	8.6 %	360.21	7.0 %	1.80
Q1 2019	462.62	9.5 %	211.32	5.7 %	107.22	1.1 %	0.54
Q2 2019	446.26	13.2 %	194.20	4.5 %	90.31	2.8 %	0.45
Q3 2019	443.29	9.7 %	193.64	6.0 %	93.04	15.0 %	0.47

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	517.60	13.9 %	228.00	13.5 %	107.04	10.3 %	0.54
2010	587.49	13.5 %	277.05	21.5 %	118.57	10.8 %	0.59
2011	678.44	15.5 %	324.00	16.9 %	148.06	24.9 %	0.74
2012	796.51	17.4 %	372.71	15.0 %	171.60	15.9 %	0.86
2013	902.24	13.3 %	455.80	22.3 %	201.20	17.3 %	1.01
2014	903.79	0.2 %	417.17	(8.5 %)	240.12	19.3 %	1.20
2015	1,000.08	10.7 %	446.81	7.1 %	208.80	(13.0 %)	1.04
2016	1,243.22	24.3 %	576.45	29.0 %	257.18	23.2 %	1.29
2017	1,507.14	21.2 %	712.17	23.5 %	336.73	30.9 %	1.68
2018	1,677.02	11.3 %	773.50	8.6 %	360.21	7.0 %	1.80

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
2017	47.25 %	30.73 %	22.34 %
Q1 2018	47.15 %	31.21 %	22.83 %
Q2 2018	47.34 %	31.39 %	22.96 %
Q3 2018	47.16 %	30.90 %	22.59 %
Q4 2018	46.12 %	30.64 %	21.48 %
2018	46.12 %	30.64 %	21.48 %
Q1 2019	45.71 %	30.83 %	21.05 %
Q2 2019	44.84 %	30.84 %	20.57 %
Q3 2019	44.48 %	31.47 %	20.79 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	44.05 %	30.06 %	20.68 %
2010	47.16 %	30.15 %	20.18 %
2011	47.76 %	30.40 %	21.82 %
2012	46.79 %	28.28 %	21.54 %
2013	50.52 %	29.11 %	22.30 %
2014	46.16 %	30.49 %	23.92 %
2015	44.68 %	28.92 %	20.88 %
2016	46.37 %	29.27 %	20.69 %
2017	47.25 %	30.73 %	22.34 %
2018	46.12 %	30.64 %	21.48 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	47.32 %	33.89 %	22.51 %
Q2 2010	47.96 %	32.68 %	23.37 %
Q3 2010	46.98 %	27.76 %	17.18 %
Q4 2010	46.42 %	26.45 %	17.65 %
Q1 2011	50.38 %	32.72 %	23.46 %
Q2 2011	46.54 %	30.78 %	24.55 %
Q3 2011	47.22 %	31.20 %	21.48 %
Q4 2011	46.95 %	27.37 %	18.29 %
Q1 2012	48.23 %	32.08 %	23.69 %
Q2 2012	46.49 %	30.64 %	23.56 %
Q3 2012	44.86 %	25.18 %	18.92 %
Q4 2012	47.46 %	25.28 %	19.98 %
Q1 2013	50.35 %	31.12 %	23.96 %
Q2 2013	51.11 %	30.61 %	23.68 %
Q3 2013	49.30 %	27.68 %	20.84 %
Q4 2013	51.18 %	27.14 %	20.78 %
Q1 2014	50.99 %	29.94 %	23.79 %
Q2 2014	50.83 %	30.16 %	24.34 %
Q3 2014	49.04 %	27.98 %	21.82 %
Q4 2014	47.53 %	26.09 %	19.64 %
Q1 2015	46.81 %	29.28 %	22.07 %
Q2 2015	45.38 %	29.50 %	21.99 %
Q3 2015	42.60 %	27.19 %	18.56 %
Q4 2015	43.75 %	29.55 %	20.70 %
Q1 2016	47.27 %	30.60 %	22.55 %
Q2 2016	46.55 %	30.20 %	21.22 %
Q3 2016	44.35 %	27.12 %	17.62 %
Q4 2016	47.02 %	29.03 %	21.06 %
Q1 2017	47.76 %	31.79 %	23.45 %
Q2 2017	46.29 %	30.47 %	21.61 %
Q3 2017	45.73 %	30.75 %	21.34 %
Q4 2017	48.88 %	30.03 %	22.84 %
Q1 2018	47.32 %	33.44 %	25.10 %
Q2 2018	47.14 %	31.26 %	22.28 %
Q3 2018	45.18 %	28.81 %	20.01 %
Q4 2018	44.98 %	29.14 %	18.73 %
Q1 2019	45.68 %	33.91 %	23.18 %
Q2 2019	43.52 %	31.23 %	20.24 %
Q3 2019	43.68 %	31.56 %	20.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2018	200.00	1.85	1.85	7.73
Q3 2018	200.00	1.87	1.87	8.14
Q4 2018	200.00	1.80	1.80	8.56
Q1 2019	200.00	1.81	1.81	9.10
Q2 2019	200.00	1.82	1.82	8.68
Q3 2019	200.00	1.88	1.88	9.14

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	200.00	0.54	0.54	2.40
2010	200.00	0.59	0.59	2.86
2011	200.00	0.74	0.74	3.34
2012	200.00	0.86	0.86	3.82
2013	200.00	1.01	1.01	4.44
2014	200.00	1.20	1.08	5.14
2015	200.00	1.04	1.04	5.67
2016	200.00	1.29	1.29	6.38
2017	200.00	1.68	1.68	7.45
2018	200.00	1.80	1.80	8.56

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2018	25.46	25.46	6.08
Q3 2018	22.23	22.23	5.10
Q4 2018	22.35	22.35	4.70
Q1 2019	22.22	22.22	4.41
Q2 2019	24.74	24.74	5.19
Q3 2019	23.35	23.35	4.80

Period	P/E	Adjusted P/E	Price/book
2009	14.31	14.31	3.19
2010	15.18	15.18	3.15
2011	15.92	15.92	3.53
2012	15.66	15.66	3.52
2013	22.86	22.86	5.18
2014	25.71	28.55	6.01
2015	29.17	29.17	5.37
2016	28.74	28.74	5.79
2017	22.48	22.48	5.08
2018	22.35	22.35	4.70

Business Segments (Million)

Compared With The

Period	Medical Services	Pharmaceutical Products	Administration Fees
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	-
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	-
Q2 2018	341.76	52.59	-
Q3 2018	345.96	54.14	-
Q4 2018	393.17	62.87	-
Q1 2019	396.75	65.87	-
Q2 2019	385.57	60.69	-
Q3 2019	384.03	59.26	-

Period	Medical Services	Pharmaceutical Products	Administration Fees
2009	396.28	117.25	4.07
2010	445.90	139.68	1.92
2011	530.00	148.44	-
2012	632.24	164.27	-
2013	718.55	168.30	-
2014	718.55	185.23	-
2015	810.12	189.96	-
2016	1,044.39	198.83	-
2017	1,289.59	217.55	-
2018	1,441.68	235.34	-

Analysts Estimates (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change‬
Average	90.95	93.04	2.30 %

Estimates vs Actual (Million)

Item	Q3 2019 (e)	Q3 2019 (a)	Change
OSOOL AND BAKHEET	93.00	93.04	0.0 %
Al Rajhi Capital	96.00	93.04	(3.1) %
SNB Capital	90.00	93.04	3.4 %
AlJazira Capital	84.80	93.04	9.7 %

Financial Ratios

	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

Mouwasat Medical Services Co. (MOUWASAT)

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Mouwasat net profit rises 6% in 9M 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

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Mouwasat Medical Services Co. (MOUWASAT)

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Mouwasat net profit rises 6% in 9M 2019

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mouwasat Medical Services Co. (MOUWASAT)

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Business Segments (Million)