Riyadh – Mubasher: Mouwasat Medical Services Company (Mouwasat) reported a 16.94% year-on-year profit growth during 2019.
The Saudi firm’s net profits after Zakat and taxes amounted to SAR 421 million last year from SAR 360 million in 2018, according to a bourse disclosure on Sunday.
The profit increase was attributed to a rise in revenue due to the expansion in sub-specialty clinics and the addition of new specialised departments, along with lower provisions of doubtful debts and Zakat provision.
Over the course of 2019, the company’s revenues rose to SAR 1.857 billion in 2019, compared to SAR 1.677 billion a year earlier.
It is worth mentioning that during the first nine months of 2019, the company’s net profits grew by 5.74% to SAR 290.56 million, compared to SAR 274.77 million in the year-ago period.
