Riyadh – Mubasher: Mouwasat Medical Services Company (Mouwasat) achieved net profits after Zakat and tax of SAR 108 million during the first quarter (Q1) of 2020, slightly up by 0.7% from SAR 107.2 million in the same period in 2019.
Revenues rose by 6.7% to stand at SAR 493.9 million in the period ending on 31 March when compared to SAR 462.6 million, according to a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The rise in net profits was helped by higher revenues as new specialised departments were added in the company’s hospitals and continuous effective use of the available resources.
Additionally, financing expenses narrowed due to a lower lending cost (SIBOR).
In 2019, Mouwasat logged a 16.94% year-on-year (YoY) profit growth.
