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Mouwasat generates SAR 107m profit in Q1

Mouwasat generates SAR 107m profit in Q1
The company's profits went up 1.14% from January to March
MOUWASAT
4002
39.18% 136.40 38.40

Riyadh – Mubasher: Mouwasat Medical Services reported a 1.14% year-on-year rise in profits during the first quarter of 2019.

Profits increased to SAR 107.2 million in Q1-19 from SAR 106 million during Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The kingdom-based firm attributed the slight growth in Q1-19 profit to a rise in revenues from expansion in subspecialty clinics, along with adding new specialised departments.

“The new branch in Khobar contributed with SAR 16 million loss during Q1-19 and it is inconsistent with the operational plan prepared and approved for this branch,” the statement added.

In 2018, the Saudi healthcare provider’s profits rose 6.8% to SAR 360 million from SAR 337 million a year ago.