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Mouwasat Medical Services Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

MOUWASAT 4002 -2.00% 98.00 -2.00
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 76.7 49.4 55.26 76.3 0.52
Gross profit (loss) 164.4 124.3 32.26 163.5 0.55
Operational profit (loss) 85.8 56.3 52.4 84.2 1.9
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 238.2 181.5 31.24
Gross profit (loss) 501.3 407.5 23.02
Operational profit (loss) 263.2 203.7 29.21
Earning or loss per share, Riyals 4.76 3.63 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year due to the increase in revenue as a result of growth so contributed by Riyadh branch and with expansion in sub specialty clinics operations in particular, and due to the continuous effective utilization of available resources and the continuous development of medical systems and enhancement of contractual terms with customers generally.
Reasons of increase (decrease) for period compared with same period last year The reason for the increase in net profit during the current period compared to the same period of the previous year due to increase in revenue as a result of growth so contributed by Riyadh branch and with expansion in sub specialty clinics operations in particular, and due to the continuous effective utilization of available resources and the continuous development of medical systems and enhancement of contractual terms with customers generally.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for marginal increase in net profit during the current quarter compared to the previous quarter due to the continuous effective utilization of available resources and the continuous development of medical systems beside the previous quarter of the current year coincide with the holy month of Ramadan and the holiday of Eid al-Fitr, resulting in a marginal decrease in operations of resources available during the quarter referred to.
Reclassifications in quarterly financial results The interim condensed consolidated financial statements have been restated, categorized and tabulated in accordance with the accounting policies applied in the presentation and classification of the condensed consolidated interim financial statements for the current period which were prepared in accordance with International Financial Reporting Standards And other standards approved by the Saudi Organization for Certified Public Accountants.
Other notes -Sales / revenues during the current quarter amounted to SR 359 M compared to SR 280 M for the same quarter last year with an increase of 28.2% and SR 1076 M for the period ended 30 Sep 2017 compared to SR 884 M for the corresponding period of the previous year with an increase of 21.7%.

- Comprehensive income during the current quarter amounted to SR 81 M compared to SR 53 M for the same quarter last year with an increase of 52.8% and compared to previous quarter SR 80 M an increase of 1% and SR 251 M for the period ended 30 Sep 2017 compared to SR 194 M for the corresponding period of the previous year with an increase of 29.4%.

-The total shareholders' equity (without non-controlling interest) at the end of the current period amounted to SR 1390 M compared to SR 1204 M at the end of corresponding period of the previous year with an increase of 15.4%.

-The Company has applied the IFRS effective 1 January 2017. Accordingly, some changes have been made in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with these standards. For further details refer Note 2 (Significant Accounting Policies) And Note 16 (Adoption of International Financial Reporting Standards for the first time) in the notes of the interim condensed consolidated financial statements for the period ended 30 Sep 2017.

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