Mouwasat Medical Services Company (4002) Q2 2024 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2024 reached SR 1.41 billion, up from SR 1.29 billion year-over-year.

• Net profit for the six-month period was SR 335.7 million, compared to SR 332.3 million for the same period last year.

• The company operates primarily in medical services and pharmaceutical sales, with all activities based in Saudi Arabia.

Financial highlights

• Gross profit for the six months was SR 653.3 million, up from SR 621.4 million year-over-year.

• Basic and diluted EPS for the six months was SR 1.62, compared to SR 1.59 for the prior year.

• Total assets as of June 30, 2024 were SR 5.23 billion, up from SR 4.96 billion at year-end 2023.

• Cash and cash equivalents increased to SR 170.6 million from SR 49.0 million at year-end 2023.

• Dividends of SR 350 million were paid during the period.

Outlook and guidance

• Management continues to monitor compliance with new Saudi Companies Law and will update by-laws as required.

• No significant impact expected from forthcoming IFRS amendments.