Mouwasat 2024 profits down 2% at SAR 645.8M; Q4 at SAR 171.8M

Mouwasat 2024 profits down 2% at SAR 645.8M; Q4 at SAR 171.8M

05/03/2025 Argaam Exclusive

View other reports

Mouwasat Medical Services Co.’s net profit declined 2% to SAR 645.8 million by the end of 2024, from SAR 657.7 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 2,705.51 2,879.37 6.4 %
Gross Income 1,313.08 1,288.96 (1.8 %)
Operating Income 756.86 724.27 (4.3 %)
Net Income 657.69 645.76 (1.8 %)
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items 3.29 3.23 (1.8 %)
EPS (Riyals) 3.29 3.23 (1.8 %)

Last year’s annual profit drop was attributed to higher costs and expenses compared to 2023. This came given the elevated actual operation at Mouwasat Long-Term Care Center in Madinah.

 

As a result, the gross profit margin fell to 44.8% in 2024, from 48.5% a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 773.06 755.54 (2.3 %)
Gross Income 393.40 317.77 (19.2 %)
Operating Income 203.64 185.01 (9.1 %)
Net Income 184.17 171.84 (6.7 %)
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items 0.92 0.86 (6.7 %)
EPS (Riyals) 0.92 0.86 (6.7 %)

On the other hand, revenue grew by 6.4% in 2024 to SAR 2.87 billion, up from SAR 2.70 billion in 2023. Further, the number of inpatient and outpatient visits soared for the same year, in tandem with the improved performance of new specialized departments at the company's hospitals.

 

This is besides enhancements in some contractual terms with Mouwasat’s clients, amid the ongoing increase in operating efficiency of available resources.

 

In Q4 2024, Mouwasat’s net profit also fell 7% to SAR 171.8 million, compared with SAR 184.17 million a year ago.

 

On a sequential basis, however, net earnings rose 14.8% from SAR 149.64 million in Q3 2024.

 

Total shareholders’ equity (after minority interest) grew to SAR 3.56 billion by the end of Dec. 31, 2024, versus SAR 3.27 billion in the year before.



Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q1 2024 171.58 3.0 % 0.86 - 171.58 0.86
Q2 2024 152.70 1.4 % 0.76 - 152.70 0.76
Q3 2024 149.64 (4.3 %) 0.75 - 149.64 0.75
Q4 2024 171.84 (6.7 %) 0.86 - 171.84 0.86
2024 645.76 (1.8 %) 3.23 - 645.76 3.23


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 % 393.40 19.7 % 203.64 (3.7 %)
Q1 2024 722.78 8.8 % 345.83 5.3 % 192.50 (0.3 %)
Q2 2024 690.30 10.0 % 307.43 4.9 % 175.51 1.9 %
Q3 2024 710.74 10.9 % 317.93 6.6 % 167.78 (8.0 %)
Q4 2024 755.54 (2.3 %) 317.77 (19.2 %) 185.01 (9.1 %)
2024 2,879.37 6.4 % 1,288.96 (1.8 %) 724.27 (4.3 %)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 48.53 % 36.03 % 24.31 %
Q1 2024 48.14 % 35.39 % 23.97 %
Q2 2024 47.57 % 34.85 % 23.52 %
Q3 2024 47.11 % 33.64 % 22.72 %
Q4 2024 44.77 % - 22.43 %
2024 44.77 % - 22.43 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q1 2024 200.00 3.31 3.31 17.24
Q2 2024 200.00 3.32 3.32 16.26
Q3 2024 200.00 3.29 3.29 17.00
Q4 2024 200.00 3.23 3.23 17.84

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2024 41.59 41.59 7.99
Q2 2024 36.46 36.46 7.46
Q3 2024 30.36 30.36 5.87
Q4 2024 26.36 26.36 4.77

Business Segments (Million)

Compared With The
Period Medical Services Pharmaceutical Products Administration Fees
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 -
Q1 2024 606.41 116.37 -
Q2 2024 578.15 112.14 -
Q3 2024 604.71 106.03 -

Analysts Estimates (Million)

Item Q4 2024 (e) Q4 2024 (a) Change‬
Average 208.60 171.84 (17.6 %)

Estimates vs Actual (Million)

Item Q4 2024 (e) Q4 2024 (a) Change
Sico 171.00 171.84 0.5 %
Value Capital 164.42 171.84 4.5 %
SNB Capital 192.00 171.84 (10.5) %
United Securities Company 213.00 171.84 (19.3) %
OSOOL AND BAKHEET 218.46 171.84 (21.3) %
Riyad Capital 231.00 171.84 (25.6) %
AlJazira Capital 235.90 171.84 (27.2) %
Al Rajhi Capital 243.00 171.84 (29.3) %

Current
Market Cap (M Riyal) 14,660.00
Enterprise Value (EV) (M) 15,313.31
Shares Outstanding ((M)) 200.00
EPS ( Riyal) (TTM) 3.23
Book Value (BV) ( Riyal) 17.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 22.70
P/E (TTM) 22.70
Price/book 4.11
Return on Average Assets (%) (TTM) 12.5
Return on Average Equity (%) (TTM) 15.1

Share Price

73.30
(2.40) (3.17 %)

Mouwasat Medical Services Co. (MOUWASAT)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
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.