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Higher revenues boost Saudi Mouwasat profit in Q2, H1

Higher revenues boost Saudi Mouwasat profit in Q2, H1
Mouwasat Medical Services recorded a 20.06% profit rise to SAR 193.9 million in H1-18
MOUWASAT
4002
-2.00% 98.00 -2.00

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.