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Riyadh – Mubasher: Mouwasat Medical Services on Thursday posted a 15.2% year-on-year growth in net profits for the second quarter of 2018, recording SAR 87.9 million, compared to SAR 76.3 million in Q2-17.
Quarter-on-quarter, the firm's profits fell 17.08% in Q2-18, from SAR 106 million, according to a statement to the Saudi Stock Exchange (Tadawul).
The Saudi medical services provider attributed the second-quarter profit increase to higher revenues on the back of a continued growth in business, especially in Riyadh branch, coupled with an expansion in subspecialty clinic operations.
Sales and revenues jumped 15.6% to SAR 408 million during Q2-18, from SAR 408 million in the year-ago period.
As for the first six months of 2018, the company recorded a 20.06% profit rise to SAR 193.9 million, up from SAR 161.5 million during H1-17.
Sales and revenues rose 18.3% to SAR 847 million during the period between January and June, compared to SAR 716 million in the same six months a year earlier.
The stock inched down 0.63% to finish Thursday’s activities at SAR 95.20.