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Mouwasat inks SAR 295m contract to build new hospital

Mouwasat inks SAR 295m contract to build new hospital
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Riyadh – Mubasher: Mouwasat Medical Services Company has signed a contract with Tareg Al Jaafari Contracting Company on 23 June to construct Mouwasat Hospital project in Al Sawari neighbourhood.

A total of SAR 295 million has been pumped under the joint agreement to carry out the architectural, construction, electrical, as well as health and mechanical works for the development, according to a bourse disclosure on Sunday.

Mouwasat noted that the contract duration is 910 days from the receipt date of the site, which is located in Yanbu Industrial City. The duration could be extended upon a written agreement between the two parties.

The financial impact is forecast to reflect on the income statements for the third quarter (Q3) of 2022, beginning with an increase in non-current assets.

In Q1-22, the healthcare services provider generated SAR 150.21 million in net profit, compared to SAR 147.19 million in the corresponding three months (3M) of 2021.