Mouwasat Medical Services Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

09 May 2018 03:13 PM

MOUWASAT 4002 39.18% 136.40 38.40

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	106	85.1	24.56	96.8	9.5
Gross profit (loss)	216	173.4	24.57	209.7	3
Operational profit (loss)	116.2	93.2	24.68	106.6	9.01
Earning or loss per share, Riyals	2.12	1.7	-	-	-
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, and due to the continuous effective utilization of available resources and the continuous development of medical systems and enhancement of contractual terms with customers.
Reasons of increase (decrease) for quarter compared with previous quarter	The reason for the increase in net profit during the current quarter compared to the previous quarter due to: Increase in revenue by 1.6% and decrease in general and administrative expenses for the current quarter compared to the previous quarter.
Reclassifications in quarterly financial results	The Company has adopted IFRS 9 and 15 effective January 1, 2018. Accordingly, changes in the measurement, recognition, presentation, classification and disclosure method have been made in accordance with these standards as set out in Note 2 (Significant Accounting Policies) attached to the interim condensed consolidated financial statements for the period ended 31 March 2018 as approved by the Saudi Organization for Certified Public Accountants.
Other notes	1- Sales / revenues during the current quarter amounted to SR 439 M compared to SR 363 M for the same quarter last year with an increase of 20.9%. 2- Comprehensive income during the current quarter amounted to SR 112 M compared to SR 89 M for the same quarter last year with an increase of 25.8% and compared to previous quarter 104 M an increase of 7.7 %. 3- The total shareholders' equity (without non-controlling interest) at the end of the current period amounted to SR 1,609 M compared to SR 1,362 M at the end of corresponding period of the previous year with an increase of 18.1 %. 4- The interim condensed consolidated financial statements for the period ended 31 March 2018 will be available on the company's website after being sent to the competent authorities.

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