Riyadh – The net profits after Zakat and tax of Mouwasat Medical Services Company increased by 8.73% to SAR 317.15 million in the first half (H1) of 2023 from SAR 291.69 million in H1-22.

The revenues hit SAR 1.29 billion in January-June 2023, higher by 14.82% year-on-year (YoY) than SAR 1.12 billion, according to the initial financial results.

Earnings per share (EPS) stood at SAR 3.17 during the first six months (6M) of 2023, an annual rise from SAR 2.92.

Income Statements for Q2-23

In the second quarter (Q2) of 2023, Mouwasat posted a 6.40% YoY growth in net profit after Zakat and tax to SAR 150.54 million, versus SAR 141.48 million.

Revenues hit SAR 627.34 million in the April-June 2023 period, up 12.45% from SAR 557.86 million in Q2-22.

On a quarterly basis, the profits in Q2-23 dropped by 9.64% from SAR 166.61 million as of 31 March 2023, while the revenues declined by 5.55% from SAR 664.22 million.

Capital Raise

The company’s shareholders agreed to raise the capital by 100% to SAR 2 billion from SAR 1 billion through the issuance of one bonus share for each owned share.

Meanwhile, the number of shares will reach 200 million shares, instead of 100 million, prior to the hike.

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