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Mouwasat completes 51% stake acquisition of Jeddah Doctors

Mouwasat completes 51% stake acquisition of Jeddah Doctors
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MOUWASAT
4002
0.54% 187.00 1.00

Riyadh – Mubasher: Mouwasat Medical Services Company has acquired 51% equity in Jeddah Doctors Company, which owns a hospital under construction at a total value of SAR 102 million.

The two entities penned the final share purchase agreement (SPA) last June, under which Jeddah Doctors was required to increase its capital for the transaction, according to a recent bourse filing.

Moreover, the Tadawul-listed firm pointed out that the acquisition will reflect on its financial results in the third quarter (Q3) of 2022.

During the first half (H1) of 2022, Mouwasat posted a 1.09% rise in net profit after Zakat and tax to SAR 291.69 million, versus SAR 288.54 million in H1-21. Revenues amounted to SAR 1.12 billion in H1-22, up 6.03% year-on-year (YoY) from SAR 1.06 billion.