Riyadh – Mubasher: Mouwasat Medical Services Company on Tuesday said its net profits surged 55.26% year-on-year in the third quarter of 2017.

Net profits stood at SAR 76.7 million in Q3-17, compared to SAR 49.4 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits edged up 0.52%.

Saudi Arabia-based medical services provider attributed the rise of its year-on-year net profits to achieving higher revenues due to continued growth of the firm’s branch in Riyadh, in addition to expansion in establishing sub specialty clinics operations.

At the level of the first nine months of 2017 net profits went up 31.24% reaching SAR 238.2 million, compared to SAR 181.5 million in the corresponding period in 2016.

Mouwasat's stock lost 1.52%, closing at SAR 155.60 on Monday.