Mouwasat Medical Services Co.’s net profit grew 10% to SAR 657.7 million for 2023, from SAR 599.3 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 2,334.11 | 2,705.51 | 15.9 % |
| Gross Income | 1,101.57 | 1,313.08 | 19.2 % |
| Operating Income | 665.72 | 748.18 | 12.4 % |
| Net Income | 599.31 | 657.69 | 9.7 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 3.00 | 3.29 | 9.7 % |
The medical services provider reported revenues of SAR 2.70 billion for 2023, up 15.9% year-on-year (YoY). This was driven by the higher number of outpatients and inpatients due to the launch of new projects during the second half of 2022.
The company also cited the continuous improvement in the performance of hospitals' newly-specialized departments and the ongoing enhancement of operating efficiency of the available resources.
The gross profit margin rose to 48.5% in 2023, compared with 47.2% a year before. Other revenues also went up YoY.
In Q4 2023, net profit fell 0.7% to SAR 184.2 million, from SAR 185.4 million in Q4 2022.
Compared to the previous quarter, Q4 net profit climbed 17.8% from SAR 156.38 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 660.14 | 773.06 | 17.1 % |
| Gross Income | 328.64 | 394.57 | 20.1 % |
| Operating Income | 211.45 | 210.37 | (0.5 %) |
| Net Income | 185.40 | 180.69 | (2.5 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.93 | 0.90 | (2.5 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 640.89 | 773.06 | 20.6 % |
| Gross Income | 298.16 | 394.57 | 32.3 % |
| Operating Income | 182.29 | 210.37 | 15.4 % |
| Net Income | 156.38 | 180.69 | 15.5 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.78 | 0.90 | 15.5 % |
Shareholders’ equity, after minority interest, rose to SAR 3.27 billion as of Dec. 31, 2023, from SAR 2.92 billion a year earlier.
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