Mouwasat H1 2022 net profit rises slightly to SAR 291.7 mln, Q2 reaches SAR 141.5 mln

11/08/2022 Argaam Exclusive

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Mouwasat Medical Services Co. reported a net profit after Zakat and tax of SAR 291.7 million for the first half of 2022, compared to SAR 288.5 million in the prior-year period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,060.83 1,124.83 6.0 %
Gross Income 500.76 525.87 5.0 %
Operating Income 313.27 315.02 0.6 %
Net Income 288.54 291.69 1.1 %
Average Shares 200.00 200.00 -
EPS (Riyals) 1.44 1.46 1.1 %

The profit increase was due to higher other revenues and reduced financing costs due to the decline in the balance of loans by the value of installments paid during the period.

 

This was despite an increase in operating and non-operating expenses related to the operation of the Dammam Hospital Expansion Project and the new Mouwasat Hospital in Madinah.

 

In Q2 2022, net profit after Zakat and tax edged up 0.1% year-on-year (YoY) to SAR 141.5 million, driven by higher revenue and decline in selling and distribution expenses.

 

When compared to Q1 2022, net profit after Zakat and tax saw a 5.8% decline from SAR 150.21 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 526.71 557.86 5.9 %
Gross Income 246.46 258.09 4.7 %
Operating Income 154.77 155.34 0.4 %
Net Income 141.35 141.48 0.1 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.71 0.71 0.1 %

Total shareholders’ equity, after minority interest, reached SAR 2.620 billion as of June 30, 2022, compared with SAR 2.317 billion a year earlier.

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