Riyadh – Mubasher: Mouwasat Medical Services Company on Monday reported a 12.6% increase in its profits for the first quarter of 2017, compared to Q1-16.
Profits stood at SAR 85.1 million ($22.66 million) in Q1-17, compared to SAR 75.6 million ($20.13 million) in the same period last year, according to a filing to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, the Saudi company’s profits grew 24.2% from SAR 68.5 million.
Mouwasat attributed its year-on-year profit growth to the increase in achieved revenues as a result of the continued upturn in revenues from the company's branch in Riyadh.
Moreover, the expansion in the operation of sub-specialty clinics also contributed to the gains, the company said in its statement.
Profit improvement can also be ascribed to the continued efficiency in operating the company’s available assets, the development of its medical systems, as well as the improvement in some contractual terms with the company's customers, Mouwasat added.
The Saudi-listed medical services company had previously reported a 22.6% growth in profits, reaching SAR 255.9 million in 2016, compared to SAR 208.8 million in 2015.
