Mouwasat’s net profit falls 18%to SAR 155 mln in nine-months 2015

20/10/2015 Argaam Exclusive

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Share Price

Mouwasat Medical Services Co. (MOUWASAT)

Mouwasat Medical Services Co., one of Saudi Arabia’s largest listed healthcare firms, reported a net profit of SAR 155 million for the first nine months of 2015; marking an 18 percent year-on-year (YOY) decline it attributed to operating costs related to the opening of a new hospital in Riyadh last year and an increase in financial charges.

Financials (M)

Item	9m 2014	9m 2015	Change‬
Revenues	718.26	740.14	3.0 %
Gross Income	361.34	333.09	(7.8 %)
Operating Income	180.31	174.24	(3.4 %)
Net Income	189.37	155.00	(18.1 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.95	0.78	(18.1 %)

The company’s net profit in Q3-2015 plunged 40 percent YOY to SAR 43 million as a result of gains made from a land sale in the comparative period (Q3-2014).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2014	Q3 2015	Change‬
Revenues	230.47	231.63	0.5 %
Gross Income	113.02	98.68	(12.7 %)
Operating Income	54.13	49.14	(9.2 %)
Net Income	71.99	42.99	(40.3 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.36	0.21	(40.3 %)

Item	Q2 2015	Q3 2015	Change‬
Revenues	255.10	231.63	(9.2 %)
Gross Income	115.78	98.68	(14.8 %)
Operating Income	63.05	49.14	(22.1 %)
Net Income	56.09	42.99	(23.4 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.28	0.21	(23.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2006	-	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-	-
2006	342.93	28.3 %	135.46	24.8 %	63.23	17.9 %	0.32
Q1 2007	-	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-	-
2007	400.67	16.8 %	173.39	28.0 %	88.76	40.4 %	0.44
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
2008	454.55	13.4 %	200.90	15.9 %	97.07	9.4 %	0.49
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
2009	517.60	13.9 %	228.00	13.5 %	107.04	10.3 %	0.54
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

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2005	267.39	-	108.50	-	53.65	-	0.27
2006	342.93	28.3 %	135.46	24.8 %	63.23	17.9 %	0.32
2007	400.67	16.8 %	173.39	28.0 %	88.76	40.4 %	0.44
2008	454.55	13.4 %	200.90	15.9 %	97.07	9.4 %	0.49
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

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	39.50 %	26.05 %	18.44 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	43.28 %	31.24 %	22.15 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	44.20 %	30.76 %	21.36 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2005	40.58 %	28.06 %	20.06 %
2006	39.50 %	26.05 %	18.44 %
2007	43.28 %	31.24 %	22.15 %
2008	44.20 %	30.76 %	21.36 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	46.01 %	31.17 %	22.75 %
Q2 2008	45.40 %	31.49 %	22.48 %
Q3 2008	45.02 %	29.90 %	19.51 %
Q4 2008	40.49 %	30.38 %	20.52 %
Q1 2009	45.14 %	31.63 %	21.31 %
Q2 2009	48.19 %	35.49 %	24.20 %
Q3 2009	46.91 %	32.66 %	18.99 %
Q4 2009	36.41 %	20.87 %	17.92 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2005	200.00	0.27	0.27	1.25
2006	200.00	0.32	0.32	1.49
2007	200.00	0.44	0.44	1.77
2008	200.00	0.49	0.49	2.05
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q1 2015	27.98	31.11	6.15
Q2 2015	30.38	33.83	6.86
Q3 2015	29.89	30.21	5.68

Period	P/E	Adjusted P/E	Price/book
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
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

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	-
Q1 2015	201.34	52.07	-
Q2 2015	205.21	49.89	-
Q3 2015	189.98	41.65	-

Period	Medical Services	Pharmaceutical Products	Administration Fees
2005	218.74	46.93	1.72
2006	275.14	66.36	1.42
2007	275.14	88.92	2.32
2008	346.58	105.06	2.91
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	-

Analysts Estimates (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change‬
Average	65.20	42.99	(34.1 %)

Estimates vs Actual (Million)

Item	Q3 2015 (e)	Q3 2015 (a)	Change
SFC	52.00	42.99	(17.3) %
Albilad Capital	58.00	42.99	(25.9) %
Alistithmar Capital	70.00	42.99	(38.6) %
AlJazira Capital	80.80	42.99	(46.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	23,440.00
Enterprise Value (EV) (M)	24,206.83
Shares Outstanding ((M))	200.00
EPS ( Riyal) (TTM)	3.30
Book Value (BV) ( Riyal)	17.24
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	35.56
P/E (TTM)	35.56
Price/book	6.80
Return on Average Assets (%) (TTM)	13.5
Return on Average Equity (%) (TTM)	20.2

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Mouwasat’s net profit falls 18%to SAR 155 mln in nine-months 2015

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Share Price

Mouwasat Medical Services Co. (MOUWASAT)

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) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

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Mouwasat’s net profit falls 18%to SAR 155 mln in nine-months 2015

View other reports

Share Price

Mouwasat Medical Services Co. (MOUWASAT)

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 2015

Revenue by Business Segment (Latest) 2015 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Business Segments (Million)