Mouwasat posts 25% profit growth to SAR 528 mln in 2020

Mouwasat posts 25% profit growth to SAR 528 mln in 2020

14/03/2021 Argaam Exclusive

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Mouwasat Medical Services Co. reported net profit after Zakat and tax of SAR 528 million in 2020, up 25%, from SAR 421 million in 2019.

 

This profit increase was driven by 10% revenue growth due to the addition of new specialized segments and efficient utilization of available resources.

 

The medical services provider also cited higher revenue from the medical services segment on higher occupancy rates, and the positive contribution from Khobar branch, in addition to lower financing costs.



Financials (M)

Item 2019 2020 Change‬
Revenues 1,857.21 2,045.03 10.1 %
Gross Income 829.27 960.30 15.8 %
Operating Income 470.49 577.84 22.8 %
Net Income 421.03 528.16 25.4 %
Average Shares 200.00 200.00 -
EPS (Riyals) 2.11 2.64 25.4 %

Q4 2020 net profit rose 10% year-on-year (YoY) to SAR 143.1 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 505.04 533.60 5.7 %
Gross Income 230.11 249.21 8.3 %
Operating Income 139.67 150.35 7.6 %
Net Income 130.47 143.30 9.8 %
Average Shares 200.00 200.00 -
EPS (Riyals) 0.65 0.72 9.8 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2011 166.82 16.0 % 84.05 23.5 % 45.72 16.2 %
Q2 2011 164.93 10.9 % 76.76 7.6 % 41.80 0.9 %
Q3 2011 156.92 16.5 % 74.10 17.1 % 39.80 36.6 %
Q4 2011 189.77 18.5 % 89.09 19.8 % 41.95 27.2 %
Q1 2012 195.57 17.2 % 94.32 12.2 % 53.36 16.7 %
Q2 2012 200.62 21.6 % 93.28 21.5 % 51.87 24.1 %
Q3 2012 187.28 19.3 % 84.01 13.4 % 37.08 (6.8 %)
Q4 2012 213.04 12.3 % 101.10 13.5 % 43.73 4.3 %
Q1 2013 219.23 12.1 % 110.39 17.0 % 58.25 9.2 %
Q2 2013 228.74 14.0 % 116.90 25.3 % 59.96 15.6 %
Q3 2013 211.63 13.0 % 104.34 24.2 % 48.82 31.7 %
Q4 2013 242.64 13.9 % 124.17 22.8 % 55.21 26.3 %
Q1 2014 243.54 11.1 % 124.18 12.5 % 62.97 8.1 %
Q2 2014 244.25 6.8 % 124.14 6.2 % 63.22 5.4 %
Q3 2014 230.47 8.9 % 113.02 8.3 % 54.13 10.9 %
Q4 2014 247.18 1.9 % 117.49 (5.4 %) 52.86 (4.3 %)
Q1 2015 253.41 4.1 % 118.63 (4.5 %) 62.06 (1.4 %)
Q2 2015 255.10 4.4 % 115.78 (6.7 %) 63.05 (0.3 %)
Q3 2015 231.63 0.5 % 98.68 (12.7 %) 49.14 (9.2 %)
Q4 2015 259.94 5.2 % 113.72 (3.2 %) 60.66 14.8 %
Q1 2016 303.59 19.8 % 143.50 21.0 % 75.66 21.9 %
Q2 2016 300.21 17.7 % 139.76 20.7 % 71.70 13.7 %
Q3 2016 280.24 21.0 % 124.29 26.0 % 56.32 14.6 %
Q4 2016 359.19 38.2 % 168.91 48.5 % 84.39 39.1 %
Q1 2017 362.97 19.6 % 173.37 20.8 % 93.17 23.1 %
Q2 2017 353.24 17.7 % 163.53 17.0 % 84.18 17.4 %
Q3 2017 359.47 28.3 % 164.38 32.3 % 85.84 52.4 %
Q4 2017 431.45 20.1 % 210.90 24.9 % 108.35 28.4 %
Q1 2018 422.35 16.4 % 199.84 15.3 % 116.20 24.7 %
Q2 2018 394.35 11.6 % 185.90 13.7 % 98.77 17.3 %
Q3 2018 404.27 12.5 % 182.64 11.1 % 90.46 5.4 %
Q4 2018 456.04 5.7 % 205.12 (2.7 %) 98.62 (9.0 %)
Q1 2019 462.62 9.5 % 211.32 5.7 % 122.04 5.0 %
Q2 2019 446.26 13.2 % 194.20 4.5 % 104.04 5.3 %
Q3 2019 443.29 9.7 % 193.64 6.0 % 104.74 15.8 %
Q4 2019 505.04 10.7 % 230.11 12.2 % 139.67 41.6 %
Q1 2020 493.94 6.8 % 220.55 4.4 % 122.98 0.8 %
Q2 2020 468.43 5.0 % 219.01 12.8 % 131.19 26.1 %
Q3 2020 549.06 23.9 % 271.52 40.2 % 173.32 65.5 %
Q4 2020 533.60 5.7 % 249.21 8.3 % 150.35 7.6 %
2020 2,045.03 10.1 % 960.30 15.8 % 577.84 22.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2011 39.14 20.9 % 0.20 - 39.14 0.20
Q2 2011 40.49 16.4 % 0.20 - 40.49 0.20
Q3 2011 33.71 45.7 % 0.17 - 33.71 0.17
Q4 2011 34.72 22.8 % 0.17 - 34.72 0.17
Q1 2012 46.34 18.4 % 0.23 - 46.34 0.23
Q2 2012 47.26 16.7 % 0.24 - 47.26 0.24
Q3 2012 35.44 5.1 % 0.18 - 35.44 0.18
Q4 2012 42.56 22.6 % 0.21 - 42.56 0.21
Q1 2013 52.52 13.3 % 0.26 - 52.52 0.26
Q2 2013 54.16 14.6 % 0.27 - 54.16 0.27
Q3 2013 44.11 24.5 % 0.22 - 44.11 0.22
Q4 2013 50.42 18.4 % 0.25 - 50.42 0.25
Q1 2014 57.94 10.3 % 0.29 - 57.94 0.29
Q2 2014 59.44 9.8 % 0.30 - 59.44 0.30
Q3 2014 71.99 63.2 % 0.36 21.70 50.29 0.25
Q4 2014 50.75 0.7 % 0.25 2.20 48.55 0.24
Q1 2015 55.93 (3.5 %) 0.28 - 55.93 0.28
Q2 2015 56.09 (5.6 %) 0.28 - 56.09 0.28
Q3 2015 42.99 (40.3 %) 0.21 - 42.99 0.21
Q4 2015 53.80 6.0 % 0.27 - 53.80 0.27
Q1 2016 68.47 22.4 % 0.34 - 68.47 0.34
Q2 2016 63.70 13.6 % 0.32 - 63.70 0.32
Q3 2016 49.36 14.8 % 0.25 - 49.36 0.25
Q4 2016 75.65 40.6 % 0.38 - 75.65 0.38
Q1 2017 85.12 24.3 % 0.43 - 85.12 0.43
Q2 2017 76.34 19.8 % 0.38 - 76.34 0.38
Q3 2017 76.73 55.4 % 0.38 - 76.73 0.38
Q4 2017 98.55 30.3 % 0.49 - 98.55 0.49
Q1 2018 106.01 24.5 % 0.53 - 106.01 0.53
Q2 2018 87.88 15.1 % 0.44 - 87.88 0.44
Q3 2018 80.89 5.4 % 0.40 - 80.89 0.40
Q4 2018 85.43 (13.3 %) 0.43 - 85.43 0.43
Q1 2019 107.22 1.1 % 0.54 - 107.22 0.54
Q2 2019 90.31 2.8 % 0.45 - 90.31 0.45
Q3 2019 93.04 15.0 % 0.47 - 93.04 0.47
Q4 2019 130.47 52.7 % 0.65 - 130.47 0.65
Q1 2020 108.03 0.8 % 0.54 - 108.03 0.54
Q2 2020 115.73 28.2 % 0.58 - 115.73 0.58
Q3 2020 161.10 73.2 % 0.81 - 161.10 0.81
Q4 2020 143.30 9.8 % 0.72 - 143.30 0.72
2020 528.16 25.4 % 2.64 - 528.16 2.64

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
Q1 2015 48.53 % 28.38 % 21.96 %
Q2 2015 47.14 % 28.23 % 21.38 %
Q3 2015 45.64 % 28.05 % 20.62 %
Q4 2015 44.68 % 28.92 % 20.88 %
Q1 2016 44.91 % 29.32 % 21.08 %
Q2 2016 45.25 % 29.52 % 20.90 %
Q3 2016 45.57 % 29.40 % 20.57 %
Q4 2016 46.37 % 29.27 % 20.69 %
Q1 2017 46.55 % 29.66 % 21.02 %
Q2 2017 46.48 % 29.75 % 21.13 %
Q3 2017 46.71 % 30.51 % 21.87 %
Q4 2017 47.25 % 30.73 % 22.34 %
Q1 2018 47.15 % 31.21 % 22.83 %
Q2 2018 47.34 % 31.39 % 22.96 %
Q3 2018 47.16 % 30.90 % 22.59 %
Q4 2018 46.12 % 30.64 % 21.48 %
Q1 2019 45.71 % 30.83 % 21.05 %
Q2 2019 44.84 % 30.84 % 20.57 %
Q3 2019 44.48 % 31.47 % 20.79 %
Q4 2019 44.65 % 33.14 % 22.67 %
Q1 2020 44.40 % 32.62 % 22.34 %
Q2 2020 45.18 % 33.87 % 23.41 %
Q3 2020 46.68 % 35.60 % 25.56 %
Q4 2020 46.96 % 35.51 % 25.83 %
2020 46.96 % 35.51 % 25.83 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2015 200.00 1.04 1.04 5.67
Q1 2016 200.00 1.11 1.11 5.96
Q2 2016 200.00 1.14 1.14 5.84
Q3 2016 200.00 1.18 1.18 6.09
Q4 2016 200.00 1.29 1.29 6.38
Q1 2017 200.00 1.37 1.37 6.81
Q2 2017 200.00 1.43 1.43 6.57
Q3 2017 200.00 1.57 1.57 6.95
Q4 2017 200.00 1.68 1.68 7.45
Q1 2018 200.00 1.79 1.79 8.04
Q2 2018 200.00 1.85 1.85 7.73
Q3 2018 200.00 1.87 1.87 8.14
Q4 2018 200.00 1.80 1.80 8.56
Q1 2019 200.00 1.81 1.81 9.10
Q2 2019 200.00 1.82 1.82 8.68
Q3 2019 200.00 1.88 1.88 9.14
Q4 2019 200.00 2.11 2.11 9.78
Q1 2020 200.00 2.11 2.11 10.32
Q2 2020 200.00 2.24 2.24 9.90
Q3 2020 200.00 2.58 2.58 10.70
Q4 2020 200.00 2.64 2.64 11.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 29.17 29.17 5.37
Q1 2016 25.75 25.75 4.78
Q2 2016 28.12 28.12 5.51
Q3 2016 25.07 25.07 4.84
Q4 2016 28.74 28.74 5.79
Q1 2017 26.02 26.02 5.23
Q2 2017 27.61 27.61 6.02
Q3 2017 25.29 25.29 5.71
Q4 2017 22.48 22.48 5.08
Q1 2018 24.64 24.64 5.48
Q2 2018 25.46 25.46 6.08
Q3 2018 22.23 22.23 5.10
Q4 2018 22.35 22.35 4.70
Q1 2019 22.22 22.22 4.41
Q2 2019 24.74 24.74 5.19
Q3 2019 23.35 23.35 4.80
Q4 2019 20.90 20.90 4.50
Q1 2020 19.79 19.79 4.05
Q2 2020 20.19 20.19 4.56
Q3 2020 24.26 24.26 5.84
Q4 2020 26.13 26.13 6.05

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Administration Fees
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 197.43 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 -
Q4 2015 213.59 46.36 -
Q1 2016 251.45 52.14 -
Q2 2016 250.70 49.51 -
Q3 2016 235.92 44.32 -
Q4 2016 306.32 52.87 -
Q1 2017 310.82 52.15 -
Q2 2017 301.62 51.62 -
Q3 2017 308.40 51.07 -
Q4 2017 368.74 62.71 -
Q1 2018 360.78 61.57 -
Q2 2018 341.76 52.59 -
Q3 2018 345.96 58.31 -
Q4 2018 393.17 62.87 -
Q1 2019 396.75 65.87 -
Q2 2019 385.57 60.69 -
Q3 2019 384.03 59.26 -
Q4 2019 430.78 74.26 -
Q1 2020 425.64 68.31 -
Q2 2020 418.91 49.52 -
Q3 2020 490.26 58.80 -
Q4 2020 466.26 67.33 -

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average 155.03 143.30 (7.6 %)

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
AlJazira Capital 148.70 143.30 (3.6) %
SNB Capital 151.00 143.30 (5.1) %
OSOOL AND BAKHEET 159.40 143.30 (10.1) %
Al Rajhi Capital 161.00 143.30 (11.0) %


Financial Ratios
Current
Market Cap (M Riyal) 18,880.00
Enterprise Value (EV) (M) 19,700.65
Shares Outstanding ((M)) 200.00
EPS ( Riyal) (TTM) 3.29
Book Value (BV) ( Riyal) 17.66
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 28.69
P/E (TTM) 28.69
Price/book 5.34
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 19.9
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Share Price

Mouwasat Medical Services Co.
94.40
2.00 2.16 %

Mouwasat Medical Services Co. (MOUWASAT)

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