Mouwasat to open 66 clinics this year, says CEO

Mouwasat Medical Services Co. is set to open 66 clinics this year, Mohammed Al-Saleem, the company’s managing director told Argaam.

The medical services provider, which has opened 31 new clinics year-to-date (YTD), generated SAR 312 million in revenue from the out-patient clinics in H1 2017--including SAR 147 million in Q2, he said.

The Mouwasat Khobar hospital project is proceeding as scheduled, Al-Saleem said, adding that the company signed a memorandum of understanding (MoU) with Projects Build Co. Ltd. (PBC) to implement construction work for the expansion of Dammam Hospital, for a total value of SAR 150 million.

The Saudi medical services provider is set to start its new hospital project in Al Madinah.

Al-Saleem attributed the company’s profitability during Q2 to a 6 percent rise quarter-on-quarter (QoQ) in revenue from the Riyadh branch in Q2 2017, as well as the start of operations in sub-specialty clinics, effective utilization of resources and improved contract terms with third parties.

Mouwasat reported a net profit of SAR 161.5 million for the first half of 2017, a 22.2 percent rise year-on-year (YoY).

As part of the Saudi Vision 2030 commitments, the private sector is being encouraged to play an increasing role in meeting the healthcare demand, whereas the public sector is expected to focus on promoting preventive care, reducing infectious diseases and encouraging citizens to make use of primary care as a first step, according to earlier news reports.