Mouwasat 2023 profit up 10% to SAR 657.7M; Q4 at SAR 184.2M

Mouwasat 2023 profit up 10% to SAR 657.7M; Q4 at SAR 184.2M

24/03/2024 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit grew 10% to SAR 657.7 million for 2023, from SAR 599.3 million in 2022.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 660.14 773.06 17.1 %
Gross Income 328.64 394.57 20.1 %
Operating Income 211.45 201.69 (4.6 %)
Net Income 185.40 184.17 (0.7 %)
Average Shares 200.00 200.00 -
EPS (Riyals) 0.93 0.92 (0.7 %)

Shareholders’ equity, after minority interest, rose to SAR 3.27 billion as of Dec. 31, 2023, from SAR 2.92 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2021 534.12 8.1 % 254.30 15.3 % 158.49 28.9 %
Q2 2021 526.71 12.4 % 246.46 12.5 % 154.77 18.0 %
Q3 2021 530.98 (3.3 %) 244.40 (10.0 %) 150.10 (13.4 %)
Q4 2021 552.33 3.5 % 250.62 0.6 % 158.56 5.5 %
Q1 2022 566.97 6.1 % 267.78 5.3 % 159.68 0.8 %
Q2 2022 557.86 5.9 % 258.09 4.7 % 155.34 0.4 %
Q3 2022 549.15 3.4 % 247.06 1.1 % 139.25 (7.2 %)
Q4 2022 660.14 19.5 % 328.64 31.1 % 211.45 33.4 %
Q1 2023 664.22 17.2 % 328.39 22.6 % 192.98 20.9 %
Q2 2023 627.34 12.5 % 293.03 13.5 % 172.27 10.9 %
Q3 2023 640.89 16.7 % 298.26 20.7 % 182.40 31.0 %
Q4 2023 773.06 17.1 % 394.57 20.1 % 201.69 (4.6 %)
2023 2,705.51 15.9 % 1,313.08 19.2 % 748.18 12.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q1 2021 147.19 36.3 % 0.74 - 147.19 0.74
Q2 2021 141.35 22.1 % 0.71 - 141.35 0.71
Q3 2021 142.66 (11.4 %) 0.71 - 142.66 0.71
Q4 2021 146.97 2.6 % 0.73 - 146.97 0.73
Q1 2022 150.21 2.1 % 0.75 - 150.21 0.75
Q2 2022 141.48 0.1 % 0.71 - 141.48 0.71
Q3 2022 122.21 (14.3 %) 0.61 - 122.21 0.61
Q4 2022 185.40 26.2 % 0.93 - 185.40 0.93
Q1 2023 166.61 10.9 % 0.83 - 166.61 0.83
Q2 2023 150.54 6.4 % 0.75 - 150.54 0.75
Q3 2023 156.38 28.0 % 0.78 - 156.38 0.78
Q4 2023 184.17 (0.7 %) 0.92 - 184.17 0.92
2023 657.69 9.7 % 3.29 - 657.69 3.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q1 2021 47.67 % 36.72 % 27.21 %
Q2 2021 47.66 % 36.83 % 27.66 %
Q3 2021 46.79 % 36.14 % 27.03 %
Q4 2021 46.44 % 36.35 % 26.96 %
Q1 2022 46.36 % 35.98 % 26.70 %
Q2 2022 46.23 % 35.59 % 26.33 %
Q3 2022 45.98 % 35.37 % 25.19 %
Q4 2022 47.19 % 36.60 % 25.68 %
Q1 2023 47.80 % 37.06 % 25.32 %
Q2 2023 47.87 % 37.24 % 24.98 %
Q3 2023 48.15 % 37.76 % 25.42 %
Q4 2023 48.58 % 35.96 % 24.31 %
2023 48.53 % 35.91 % 24.31 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2021 200.00 2.84 2.84 12.13
Q2 2021 200.00 2.96 2.96 11.59
Q3 2021 200.00 2.87 2.87 12.30
Q4 2021 200.00 2.89 2.89 13.02
Q1 2022 200.00 2.91 2.91 13.77
Q2 2022 200.00 2.91 2.91 13.10
Q3 2022 200.00 2.80 2.80 13.72
Q4 2022 200.00 3.00 3.00 14.61
Q1 2023 200.00 3.08 3.08 15.45
Q2 2023 200.00 3.12 3.12 14.70
Q3 2023 200.00 3.29 3.29 15.48
Q4 2023 200.00 3.29 3.29 16.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2021 27.67 27.67 6.47
Q2 2021 30.39 30.39 7.78
Q3 2021 31.51 31.51 7.36
Q4 2021 30.06 30.06 6.67
Q1 2022 36.58 36.58 7.72
Q2 2022 36.64 36.64 8.13
Q3 2022 35.30 35.30 7.22
Q4 2022 34.87 34.87 7.15
Q1 2023 38.17 38.17 7.61
Q2 2023 38.73 38.73 8.23
Q3 2023 31.26 31.26 6.65
Q4 2023 34.00 34.00 6.82

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Administration Fees
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 -
Q1 2021 466.09 68.04 -
Q2 2021 458.49 68.21 -
Q3 2021 464.53 66.45 -
Q4 2021 477.03 75.29 -
Q1 2022 490.92 76.05 -
Q2 2022 479.56 78.30 -
Q3 2022 475.20 73.95 -
Q4 2022 568.80 91.34 -
Q1 2023 569.92 94.30 -
Q2 2023 536.21 91.12 -
Q3 2023 549.93 90.96 -
Q4 2023 656.49 116.57 -

Analysts Estimates (Million)

Item Q4 2023 (e) Q4 2023 (a) Change‬
Average 193.07 184.17 (4.6 %)

Estimates vs Actual (Million)

Item Q4 2023 (e) Q4 2023 (a) Change
OSOOL AND BAKHEET 184.81 184.17 (0.3) %
SNB Capital 186.00 184.17 (1.0) %
AlJazira Capital 182.20 184.17 1.1 %
Al Rajhi Capital 181.00 184.17 1.7 %
U-Capital 189.60 184.17 (2.9) %
Riyad Capital 203.00 184.17 (9.3) %
Sico 163.00 184.17 13.0 %
Goldman Sachs 212.00 184.17 (13.1) %
Hermes 236.00 184.17 (22.0) %

Current
Market Cap (M Riyal) 18,480.00
Enterprise Value (EV) (M) 19,300.65
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) 28.08
P/E (TTM) 28.08
Price/book 5.23
Return on Average Assets (%) (TTM) 13.0
Return on Average Equity (%) (TTM) 19.9

Share Price

Mouwasat Medical Services Co. (MOUWASAT)


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