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Mouwasat Medical Services Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 557.86526.75.92566.97-1.61
Gross Profit (Loss) 258.09246.464.72267.78-3.62
Operational Profit (Loss) 155.34154.770.37159.68-2.72
Net Profit (Loss) after Zakat and Tax 141.48141.350.09150.21-5.81
Total Comprehensive Income 141.48141.350.09150.21-5.81
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 1,124.831,060.836.03
Gross Profit (Loss) 525.87500.765.01
Operational Profit (Loss) 315.02313.270.56
Net Profit (Loss) after Zakat and Tax 291.69288.541.09
Total Comprehensive Income 291.69288.541.09
Total Share Holders Equity (after Deducting Minority Equity) 2,620.882,317.6813.08
Profit (Loss) per Share 2.922.89
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the slight increase in net profit during the current quarter compared to the corresponding quarter of the previous year due to: -

1- Increase in revenue resulting from: -

A. Continued performance improvement of newly specialized resources.

B. Continuous enhancement of operating efficiency of the available resources.

2- Decrease in selling and distribution expenses during the current quarter compared to the corresponding quarter of the previous year.

3- Increase in other revenues.

4- Reduced financing cost due to the decrease in balance of loans by the value of the instalments paid during the period.

It should be noted that the decrease in profit margins during the current quarter compared to the corresponding quarter of the previous year is due to the increase in operating and non-operating expenses related to the operation of the Dammam Hospital Expansion Project and the new Mouwasat Hospital in Madinah.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to decrease in revenues because of the seasonality of the current quarter, as it coincided with the holy month of Ramadan and the Eid al-Fitr holiday.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the slight increase in net profit during the current period compared to the same period of the previous year due to: -

1- Increase in revenue resulting from: -

A. Continued performance improvement of newly specialized resources.

B. Continuous enhancement of operating efficiency of the available resources.

2- Increase in other revenues.

3- Reduced financing cost due to the decrease in balance of loans by the value of the instalments paid during the period.

It is worth mentioning that the decrease in profit margins during the current period compared to the same period of the previous year is due to the increase in operating and non-operating expenses related to the operation of the Dammam Hospital Expansion Project and the new Mouwasat Hospital in Madinah.

Statement of the type of external auditor's report Unmodified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion N-A
Reclassification of Comparison Items N-A
Additional Information The company would like to indicate the possibility of sending investors and financial analysts’ inquiries via email (Shares@mouwasat.com) within 6 working days from the date of publishing the financial statements.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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