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May 08, 2017

MOUWASAT MEDICAL SERVICES COMPANY ANNOUNCES THE FINANCIAL RESULTS FOR THE PERIOD ENDING ON 31-03-2017 (Three months)

 

Same Quarter Last Year

The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year due to the increase in revenue as a result of growth so contributed by Riyadh branch and with expansion in sub specialty clinics operations in particular, and due to the continuous effective utilization of available resources and the continuous development of medical systems and enhancement of contractual terms with customers generally.

 

Previous Quarter

The reason for the increase in net profit during the current quarter compared to the previous quarter due to:

 

Increase in revenue by 1%

 

Decrease in Selling and marketing expenses for the current quarter compared to the previous quarter due to revision in estimated provisions for receivables.

 

Decrease in general and administrative expenses for the current quarter compared to the previous quarter.

 

The increase in Zakat during the previous quarter compared with current quarter due to notification from Zakat and Income Tax No. 6768/16/1438 dated 5/3/1438 H, which was  suspended during the current quarter according to Ministerial Decision No (2083) dated 01/06/1438H, which amends article 1, paragraph 1, of the regulations of the Income Tax Law.

  

The decrease in non-controlling interest due to the decline in profits of Eastern Medical Services Company, Mouwasat Branch in Qatif, Eastern Province, where the revenues of this branch could not grow to the extent that achieve the expected performance result during this quarter, note that the percentages of ownership in this subsidiary company 51% by Mouwasat Medical Services and 49% of the equity by non-controlling interest.

  

Reclassifications in quarterly financial results

The interim condensed consolidated financial statements have been restated, categorized and tabulated in accordance with the accounting policies applied in the presentation and classification of the condensed consolidated interim financial statements for the current period which were prepared in accordance with International Financial Reporting Standards And other standards approved by the Saudi Organization for Certified Public Accountants.

 

Other Notes

 

Sales / revenues during the current quarter amounted to SR 363 M compared to SR 304 M for the same quarter last year with an increase of 19.4%.

 

Comprehensive income during the current quarter amounted to SR 89.3 M compared to SR 73 M for the same quarter last year with an increase of 22.3% and compared to previous quarter 81 M an increase of 10.2%.

 

The total shareholders' equity (without non-controlling interest) at the end of the current period amounted to SR 1,362 M compared to SR 1,191 M at the end of corresponding period of the previous year with an increase of 14.3%.

 

The Company has applied the IFRS effective 1 January 2017. Accordingly, some changes have been made in the measurement, recognition, presentation and disclosure method for the current and comparative periods in accordance with these standards. For further details refer Note 2 (Significant Accounting Policies) And Note 14 (Adoption of International Financial Reporting Standards for the first time) in the notes of the interim condensed consolidated financial statements for the period ended 31 March 2017.