Riyadh – Mubasher: Mouwasat Medical Services Company on Sunday posted a 5.42% year-on-year increase in profits for the third quarter of 2018.

Net profits amounted to SAR 80.89 million in Q3-18, compared to SAR 76.73 million in Q3-17, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

The company attributed the third-quarter profit increase to a rise in revenue as a result of growth contributed by Riyadh branch and with an addition in specialised departments along with expansion in subspecialty clinics operations.

The continuous effective utilisation of available resources and the continuous development of medical systems and the enhancement of contractual terms with customers also pushed profits to grow.

As for the first nine months of 2018, the company’s net profits rose 15.36% to SAR 274.77 million, from SAR 238.18 million in the same period of the prior year.

By the end of Sunday’s session, Mouwasat’s stock levelled up 2.59% at SAR 75.10.