Mouwasat Q1 2024 profit grows 3% to SAR 171.6M

13/05/2024 Argaam Exclusive

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Mouwasat Medical Services Co.’s net profit increased 3% to SAR 171.6 million for Q1 2024, from SAR 166.6 million in the prior-year period.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2023	Q1 2024	Change‬
Revenues	664.22	722.78	8.8 %
Gross Income	328.39	345.83	5.3 %
Operating Income	192.98	192.50	(0.3 %)
Net Income	166.61	171.58	3.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	0.83	0.86	3.0 %

Item	Q4 2023	Q1 2024	Change‬
Revenues	773.06	722.78	(6.5 %)
Gross Income	394.57	345.83	(12.4 %)
Operating Income	201.69	192.50	(4.6 %)
Net Income	184.17	171.58	(6.8 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.92	0.86	(6.8 %)

The rise was driven by revenue growth, due to an uptick in the number of outpatient department (OPD) visits and occupancy rates in inpatient departments. This was supported by the commencement of operations at Mouwasat Center in Madinah for rehabilitation and extended care as of January 2024.

The medical services provider also cited improved contractual terms with some clients, the continued performance improvement of new specialized departments in the company’s hospitals, and the continuous enhancement of operating resource efficiency.

This was offset by higher debt provisions related to client balances, which put pressure on the first-quarter profit margins.

Mouwasat’s net profit declined by 5% from SAR 180.69 million in Q4 2023. This came as revenue decreased by 6.5% on a sequential basis amid a relative quarterly decline in the number of OPD visits and inpatient occupancy rates amid the Ramadan seasonality.

Shareholders’ equity, after minority interest, rose to SAR 3.44 billion as of March 31, 2024, from SAR 3.08 billion a year earlier.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2023	773.06	17.1 %	394.57	20.1 %	184.17	(0.7 %)	0.92
2023	2,705.51	15.9 %	1,313.08	19.2 %	657.69	9.7 %	3.29
Q1 2024	722.78	8.8 %	345.83	5.3 %	171.58	3.0 %	0.86

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2023	2,705.51	15.9 %	1,313.08	19.2 %	657.69	9.7 %	3.29

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 %
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 %
Q4 2023	48.55 %	35.93 %	24.31 %
2023	48.53 %	35.91 %	24.31 %
Q1 2024	48.15 %	35.29 %	23.97 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	48.53 %	35.91 %	24.31 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2023	51.04 %	33.55 %	23.82 %
Q1 2024	47.85 %	34.71 %	23.74 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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 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

Period	P/E	Adjusted P/E	Price/book
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
2023	34.00	34.00	6.82

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	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	-
Q4 2023	656.49	116.57	-
Q1 2024	606.41	116.37	-

Period	Medical Services	Pharmaceutical Products	Administration Fees
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	-
2023	2,312.55	392.95	-

Analysts Estimates (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change‬
Average	204.38	171.58	(16.0 %)

Estimates vs Actual (Million)

Item	Q1 2024 (e)	Q1 2024 (a)	Change
Sico	169.00	171.58	1.5 %
OSOOL AND BAKHEET	199.70	171.58	(14.1) %
AlJazira Capital	207.60	171.58	(17.4) %
Goldman Sachs	208.00	171.58	(17.5) %
SNB Capital	209.00	171.58	(17.9) %
Riyad Capital	209.00	171.58	(17.9) %
Hermes	210.00	171.58	(18.3) %
U-Capital	213.10	171.58	(19.5) %
Al Rajhi Capital	214.00	171.58	(19.8) %

Financial Ratios

	Current
Market Cap (M Riyal)	24,080.00
Enterprise Value (EV) (M)	24,732.78
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)	36.34
P/E (TTM)	36.34
Price/book	6.98
Return on Average Assets (%) (TTM)	13.0
Return on Average Equity (%) (TTM)	20.3

Mouwasat Medical Services Co. (MOUWASAT)

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Mouwasat Q1 2024 profit grows 3% to SAR 171.6M

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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) 2024 Q1

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 Q1 2024 profit grows 3% to SAR 171.6M

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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 2024

Revenue by Business Segment (Latest) 2024 Q1

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)