Mouwasat Q1 2023 profit up 11% to SAR 166.6 mln

11/05/2023 Argaam Exclusive

View other reports

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.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2022	Q1 2023	Change‬
Revenues	566.97	664.22	17.2 %
Gross Income	267.78	328.39	22.6 %
Operating Income	159.68	192.98	20.9 %
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	328.39	(0.1 %)
Operating Income	211.45	192.98	(8.7 %)
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.

View more financial results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2014	243.54	11.1 %	124.18	12.5 %	57.94	10.3 %	0.29
Q2 2014	244.25	6.8 %	124.14	6.2 %	59.44	9.8 %	0.30
Q3 2014	230.47	8.9 %	113.02	8.3 %	71.99	63.2 %	0.36
Q4 2014	247.18	1.9 %	117.49	(5.4 %)	50.75	0.7 %	0.25
2014	903.79	0.2 %	417.17	(8.5 %)	240.12	19.3 %	1.20
Q1 2015	253.41	4.1 %	118.63	(4.5 %)	55.93	(3.5 %)	0.28
Q2 2015	255.10	4.4 %	115.78	(6.7 %)	56.09	(5.6 %)	0.28
Q3 2015	231.63	0.5 %	98.68	(12.7 %)	42.99	(40.3 %)	0.21
Q4 2015	259.94	5.2 %	113.72	(3.2 %)	53.80	6.0 %	0.27
2015	1,000.08	10.7 %	446.81	7.1 %	208.80	(13.0 %)	1.04
Q1 2016	303.59	19.8 %	143.50	21.0 %	68.47	22.4 %	0.34
Q2 2016	300.21	17.7 %	139.76	20.7 %	63.70	13.6 %	0.32
Q3 2016	280.24	21.0 %	124.29	26.0 %	49.36	14.8 %	0.25
Q4 2016	359.19	38.2 %	168.91	48.5 %	75.65	40.6 %	0.38
2016	1,243.22	24.3 %	576.45	29.0 %	257.18	23.2 %	1.29
Q1 2017	362.97	19.6 %	173.37	20.8 %	85.12	24.3 %	0.43
Q2 2017	353.24	17.7 %	163.53	17.0 %	76.34	19.8 %	0.38
Q3 2017	359.47	28.3 %	164.38	32.3 %	76.73	55.4 %	0.38
Q4 2017	431.45	20.1 %	210.90	24.9 %	98.55	30.3 %	0.49
2017	1,507.14	21.2 %	712.17	23.5 %	336.73	30.9 %	1.68
Q1 2018	422.35	16.4 %	199.84	15.3 %	106.01	24.5 %	0.53
Q2 2018	394.35	11.6 %	185.90	13.7 %	87.88	15.1 %	0.44
Q3 2018	404.27	12.5 %	182.64	11.1 %	80.89	5.4 %	0.40
Q4 2018	456.04	5.7 %	205.12	(2.7 %)	85.43	(13.3 %)	0.43
2018	1,677.02	11.3 %	773.50	8.6 %	360.21	7.0 %	1.80
Q1 2019	462.62	9.5 %	211.32	5.7 %	107.22	1.1 %	0.54
Q2 2019	446.26	13.2 %	194.20	4.5 %	90.31	2.8 %	0.45
Q3 2019	443.29	9.7 %	193.64	6.0 %	93.04	15.0 %	0.47
Q4 2019	505.04	10.7 %	230.11	12.2 %	130.47	52.7 %	0.65
2019	1,857.21	10.7 %	829.27	7.2 %	421.03	16.9 %	2.11
Q1 2020	493.94	6.8 %	220.55	4.4 %	108.03	0.8 %	0.54
Q2 2020	468.43	5.0 %	219.01	12.8 %	115.73	28.2 %	0.58
Q3 2020	549.06	23.9 %	271.52	40.2 %	161.10	73.2 %	0.81
Q4 2020	533.60	5.7 %	249.21	8.3 %	143.30	9.8 %	0.72
2020	2,045.03	10.1 %	960.30	15.8 %	528.16	25.4 %	2.64
Q1 2021	534.12	8.1 %	254.30	15.3 %	147.19	36.3 %	0.74
Q2 2021	526.71	12.4 %	246.46	12.5 %	141.35	22.1 %	0.71
Q3 2021	530.98	(3.3 %)	244.40	(10.0 %)	142.66	(11.4 %)	0.71
Q4 2021	552.33	3.5 %	250.62	0.6 %	146.97	2.6 %	0.73
2021	2,144.14	4.8 %	995.78	3.7 %	578.16	9.5 %	2.89
Q1 2022	566.97	6.1 %	267.78	5.3 %	150.21	2.1 %	0.75
Q2 2022	557.86	5.9 %	258.09	4.7 %	141.48	0.1 %	0.71
Q3 2022	549.15	3.4 %	247.06	1.1 %	122.21	(14.3 %)	0.61
Q4 2022	660.14	19.5 %	328.64	31.1 %	185.40	26.2 %	0.93
2022	2,334.11	8.9 %	1,101.57	10.6 %	599.31	3.7 %	3.00
Q1 2023	664.22	17.2 %	328.39	22.6 %	166.61	10.9 %	0.83

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2013	902.24	13.3 %	455.80	22.3 %	201.20	17.3 %	1.01
2014	903.79	0.2 %	417.17	(8.5 %)	240.12	19.3 %	1.20
2015	1,000.08	10.7 %	446.81	7.1 %	208.80	(13.0 %)	1.04
2016	1,243.22	24.3 %	576.45	29.0 %	257.18	23.2 %	1.29
2017	1,507.14	21.2 %	712.17	23.5 %	336.73	30.9 %	1.68
2018	1,677.02	11.3 %	773.50	8.6 %	360.21	7.0 %	1.80
2019	1,857.21	10.7 %	829.27	7.2 %	421.03	16.9 %	2.11
2020	2,045.03	10.1 %	960.30	15.8 %	528.16	25.4 %	2.64
2021	2,144.14	4.8 %	995.78	3.7 %	578.16	9.5 %	2.89
2022	2,334.11	8.9 %	1,101.57	10.6 %	599.31	3.7 %	3.00

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 %
2014	46.16 %	30.49 %	23.92 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
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 %
2022	47.19 %	36.60 %	25.68 %
Q1 2023	47.80 %	37.06 %	25.32 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	50.52 %	29.11 %	22.30 %
2014	46.16 %	30.49 %	23.92 %
2015	44.68 %	28.92 %	20.88 %
2016	46.37 %	29.27 %	20.69 %
2017	47.25 %	30.73 %	22.34 %
2018	46.12 %	30.64 %	21.48 %
2019	44.65 %	33.14 %	22.67 %
2020	46.96 %	35.51 %	25.83 %
2021	46.44 %	36.35 %	26.96 %
2022	47.19 %	36.60 %	25.68 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	50.99 %	29.94 %	23.79 %
Q2 2014	50.83 %	30.16 %	24.34 %
Q3 2014	49.04 %	27.98 %	21.82 %
Q4 2014	47.53 %	26.09 %	19.64 %
Q1 2015	46.81 %	29.28 %	22.07 %
Q2 2015	45.38 %	29.50 %	21.99 %
Q3 2015	42.60 %	27.19 %	18.56 %
Q4 2015	43.75 %	29.55 %	20.70 %
Q1 2016	47.27 %	30.60 %	22.55 %
Q2 2016	46.55 %	30.20 %	21.22 %
Q3 2016	44.35 %	27.12 %	17.62 %
Q4 2016	47.02 %	29.03 %	21.06 %
Q1 2017	47.76 %	31.79 %	23.45 %
Q2 2017	46.29 %	30.47 %	21.61 %
Q3 2017	45.73 %	30.75 %	21.34 %
Q4 2017	48.88 %	30.03 %	22.84 %
Q1 2018	47.32 %	33.44 %	25.10 %
Q2 2018	47.14 %	31.26 %	22.28 %
Q3 2018	45.18 %	28.81 %	20.01 %
Q4 2018	44.98 %	29.14 %	18.73 %
Q1 2019	45.68 %	33.91 %	23.18 %
Q2 2019	43.52 %	31.23 %	20.24 %
Q3 2019	43.68 %	31.56 %	20.99 %
Q4 2019	45.56 %	35.50 %	25.83 %
Q1 2020	44.65 %	31.90 %	21.87 %
Q2 2020	46.75 %	36.37 %	24.71 %
Q3 2020	49.45 %	38.37 %	29.34 %
Q4 2020	46.70 %	35.14 %	26.86 %
Q1 2021	47.61 %	36.88 %	27.56 %
Q2 2021	46.79 %	36.89 %	26.84 %
Q3 2021	46.03 %	35.66 %	26.87 %
Q4 2021	45.37 %	35.98 %	26.61 %
Q1 2022	47.23 %	35.41 %	26.49 %
Q2 2022	46.26 %	35.32 %	25.36 %
Q3 2022	44.99 %	34.77 %	22.25 %
Q4 2022	49.78 %	40.22 %	28.09 %
Q1 2023	49.44 %	37.27 %	25.08 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	200.00	1.01	1.01	4.44
2014	200.00	1.20	1.08	5.14
2015	200.00	1.04	1.04	5.67
2016	200.00	1.29	1.29	6.38
2017	200.00	1.68	1.68	7.45
2018	200.00	1.80	1.80	8.56
2019	200.00	2.11	2.11	9.78
2020	200.00	2.64	2.64	11.40
2021	200.00	2.89	2.89	13.02
2022	200.00	3.00	3.00	14.61

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

Period	P/E	Adjusted P/E	Price/book
2013	22.86	22.86	5.18
2014	25.71	28.55	6.01
2015	29.17	29.17	5.37
2016	28.74	28.74	5.79
2017	22.48	22.48	5.08
2018	22.35	22.35	4.70
2019	20.90	20.90	4.50
2020	26.13	26.13	6.05
2021	30.06	30.06	6.67
2022	34.87	34.87	7.15

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	54.14	-
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	-

Period	Medical Services	Pharmaceutical Products	Administration Fees
2013	718.55	168.30	-
2014	718.55	185.23	-
2015	810.12	189.96	-
2016	1,044.39	198.83	-
2017	1,289.59	217.55	-
2018	1,441.68	235.34	-
2019	1,597.13	260.08	-
2020	1,801.07	243.96	-
2021	1,866.15	277.98	-
2022	2,014.48	319.64	-

Analysts Estimates (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change‬
Average	170.01	166.61	(2.0 %)

Estimates vs Actual (Million)

Item	Q1 2023 (e)	Q1 2023 (a)	Change
AlJazira Capital	165.60	166.61	0.6 %
Al Rajhi Capital	165.00	166.61	1.0 %
OSOOL AND BAKHEET	164.26	166.61	1.4 %
U-Capital	152.20	166.61	9.5 %
Sico	186.00	166.61	(10.4) %
Hermes	187.00	166.61	(10.9) %
Goldman Sachs	196.00	166.61	(15.0) %
SNB Capital	144.00	166.61	15.7 %

Financial Ratios

	Current
Market Cap (M Riyal)	24,400.00
Enterprise Value (EV) (M)	25,052.78
Shares Outstanding ((M))	200.00
EPS ( Riyal) (TTM)	3.31
Book Value (BV) ( Riyal)	17.24
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	36.82
P/E (TTM)	36.82
Price/book	7.08
Return on Average Assets (%) (TTM)	13.0
Return on Average Equity (%) (TTM)	20.3

Mouwasat Medical Services Co. (MOUWASAT)

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Mouwasat Q1 2023 profit up 11% to SAR 166.6 mln

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mouwasat Medical Services Co. (MOUWASAT)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Mouwasat Q1 2023 profit up 11% to SAR 166.6 mln

View other reports

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2023

Revenue by Business Segment (Latest) 2023 Q1

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mouwasat Medical Services Co. (MOUWASAT)

Comments {{getCommentCount()}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}}

Business Segments (Million)