Mouwasat 9M 2023 profit rises 14% to SAR 473.5 mln; Q3 at SAR 156.4 mln

01/11/2023 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit rose 14% to SAR 473.5 million for the first nine months of 2023, from SAR 413.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	1,673.98	1,932.45	15.4 %
Gross Income	772.93	918.51	18.8 %
Operating Income	454.27	546.49	20.3 %
Net Income	413.90	473.52	14.4 %
Average Shares	200.00	200.00	-
EPS (Riyals)	2.07	2.37	14.4 %

The improved results were buoyed by an increase in the number of outpatient visits and higher occupancy rates in inpatient departments. The company also cited the continued improved performance of newly specialized resources, and continuous enhancement of operating efficiency of the available resources.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	549.15	640.89	16.7 %
Gross Income	247.06	298.16	20.7 %
Operating Income	139.25	182.29	30.9 %
Net Income	122.21	156.38	28.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.61	0.78	28.0 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	627.34	640.89	2.2 %
Gross Income	292.31	298.16	2.0 %
Operating Income	171.55	182.29	6.3 %
Net Income	150.54	156.38	3.9 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.75	0.78	3.9 %

In Q3 2023, net profit leapt 28% to SAR 156.4 million, from SAR 122.2 million in Q3 2022, driven mainly by an increase in the number of outpatient visits and higher occupancy rates in inpatient departments.

Compared to the previous quarter, Q3 net profit rose by 3.9% from SAR 150.5 million.

Shareholders’ equity, after minority interest, rose to SAR 3.09 billion as of Sept. 30, 2023, from SAR 2.74 billion in the year-ago period.

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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
Q2 2023	627.34	12.5 %	292.31	13.3 %	150.54	6.4 %	0.75
Q3 2023	640.89	16.7 %	298.16	20.7 %	156.38	28.0 %	0.78

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 %
Q2 2023	47.84 %	37.22 %	24.98 %
Q3 2023	48.12 %	37.73 %	25.42 %

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 %
Q2 2023	46.59 %	36.13 %	24.00 %
Q3 2023	46.52 %	37.20 %	24.40 %

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

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
Q2 2023	38.73	38.73	8.23
Q3 2023	31.26	31.26	6.65

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	-
Q2 2023	536.21	91.12	-
Q3 2023	549.93	90.96	-

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	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	146.45	156.38	6.77 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Al Rajhi Capital	154.00	156.38	1.5 %
OSOOL AND BAKHEET	149.68	156.38	4.5 %
AlJazira Capital	148.10	156.38	5.6 %
Riyad Capital	148.00	156.38	5.7 %
U-Capital	144.40	156.38	8.3 %
Sico	144.00	156.38	8.6 %
SNB Capital	137.00	156.38	14.1 %

Financial Ratios

	Current
Market Cap (M Riyal)	24,000.00
Enterprise Value (EV) (M)	24,652.78
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)	36.22
P/E (TTM)	36.22
Price/book	6.96
Return on Average Assets (%) (TTM)	13.0
Return on Average Equity (%) (TTM)	20.3

Mouwasat Medical Services Co. (MOUWASAT)

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Mouwasat 9M 2023 profit rises 14% to SAR 473.5 mln; Q3 at SAR 156.4 mln

View other reports

Financials (M)

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 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mouwasat Medical Services Co. (MOUWASAT)

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Mouwasat 9M 2023 profit rises 14% to SAR 473.5 mln; Q3 at SAR 156.4 mln

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Financials (M)

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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Mouwasat Medical Services Co. (MOUWASAT)

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Business Segments (Million)