Mouwasat Medical Services Co. reported an 11% increase in Q1 2023 net profit to SAR 166.6 million, from SAR 150.2 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 566.97 | 664.22 | 17.2 % |
| Gross Income | 267.78 | 328.05 | 22.5 % |
| Operating Income | 159.68 | 194.20 | 21.6 % |
| Net Income | 150.21 | 166.61 | 10.9 % |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.75 | 0.83 | 10.9 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 660.14 | 664.22 | 0.6 % |
| Gross Income | 328.64 | 328.05 | (0.2 %) |
| Operating Income | 211.45 | 194.20 | (8.2 %) |
| Net Income | 185.40 | 166.61 | (10.1 %) |
| Average Shares | 200.00 | 200.00 | - |
| EPS (Riyals) | 0.93 | 0.83 | (10.1 %) |
The medical service provider reported a higher number of outpatient department (OPD) visits and occupancy rates in inpatient departments, supported by the start of operating new projects during the second half of 2022.
The performance of newly-introduced specialized departments continued to improve, along with continuous enhancement of the operating efficiency of existing ones.
Compared to the previous quarter, Q1 profit dropped 7.3% from SAR 179.75 million, on higher selling and distribution expenses, driven by an increase in doubtful debt provisions.
Mouwasat also recorded an uptick in general and administrative expenses, as well as Zakat charges.
Shareholders’ equity, no minority interest, rose to SAR 3.08 billion as of March 31, 2023, from SAR 2.75 billion a year earlier.
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