Riyadh – Mubasher: Mouwasat Medical Services Company on Tuesday announced that the board of directors had approved establishing a new branch at Yanbu Industrial City with a cost of SAR 325 million ($86.67 million).
The project will be financed by 20% from the company’s self-resources, 50% from the local banks, and the remaining 30% will be secured from the Ministry of Finance (MoF).
During the coming 18 months, Mouwasat will provide all the project’s designs, completing the final approvals, and obtaining the building licence, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).
The firm further noted that it will announce the project’s financial impact in the next period.
Mouwasat last reported a 5.42% year-on-year increase in profits for the third quarter of 2018, logging SAR 80.89 million, compared to SAR 76.73 million.
As for the first nine months of 2018, the company’s net profits rose 15.36% to SAR 274.77 million, from SAR 238.18 million in the same period of the prior year.
By 1:09 pm Saudi time, the firm’s stock shed 0.48% to SAR 82.10.
