Mouwasat Medical Services Co. reported net profit after Zakat and tax of SAR 288.5 million for the first half of 2021, up 29% from SAR 223.8 million in the prior-year period.
This profit increase was driven by a 10% revenue growth year-on-year (YoY), due to the continuous effective utilization of newly specialized departments, enhancement of contractual terms with customers, and continuous enhancement of operating efficiency of the available resources.
The medical services provider also cited a decline in selling and distribution expenses as well as lower financing costs.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 962.37 | 1,060.83 | 10.2 % |
| Gross Income | 439.57 | 500.76 | 13.9 % |
| Operating Income | 254.17 | 313.27 | 23.3 % |
| Net Income | 223.76 | 288.54 | 29.0 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 1.12 | 1.44 | 29.0 % |
In Q2 2021, net profit after Zakat and tax jumped 22% YoY to SAR 141.4 million. The medical services provider cited a 12% YoY revenue increase, due to the continuous effective utilization of newly specialized resources, enhancement of contractual terms with customers, along with lower selling and distribution expenses, and finance costs.
When compared to Q1 2021, net profit after Zakat and tax saw a 4% decline from SAR 147.1 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 468.43 | 526.71 | 12.4 % |
| Gross Income | 219.01 | 246.46 | 12.5 % |
| Operating Income | 131.19 | 154.77 | 18.0 % |
| Net Income | 115.73 | 141.35 | 22.1 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.58 | 0.71 | 22.1 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 534.12 | 526.71 | (1.4 %) |
| Gross Income | 254.30 | 246.46 | (3.1 %) |
| Operating Income | 158.49 | 154.77 | (2.3 %) |
| Net Income | 147.19 | 141.35 | (4.0 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.74 | 0.71 | (4.0 %) |
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